KOREAN MOVE FOR HSBC TOWER September 28, 2009 THE HSBC Tower could be sold to South Korea’s National Pension Service (NPS) after it expressed an interest in buying the Canary Wharf building. No detailed talks have yet taken place, but NPS is believed to be in competition with a consortium of Malaysian investors to purchase the tower for up to £800m.
Virgin Media heads for UK share listing September 28, 2009 CABLE operator Virgin Media said yesterday it would launch a secondary listing on the London Stock Exchange to widen its appeal to British and European investors. The move, which will allow investors to buy the stock in sterling, sent its shares up 5.8 per cent at $13.12 (£8.26) on the Nasdaq exchange in New York. [...]
ITV told to broaden search for new chair September 28, 2009 SOME shareholders in ITV, the beleaguered commercial television station, have told the board they want it to consider people from outside the media sector when it comes to the hiring of a new chairman. The media group has been thrown into disarray by a public squabble over its attempts to hire a new chairman and [...]
Farepak starts to send cheques out, three years after its collapse September 28, 2009 Administrators acting for the collapsed Christmas hamper firm Farepak yesterday said they have started sending out cheques to customers who were left out of pocket by the group’s demise. BDO Stoy Hayward, which is acting as liquidator, said cheques worth a total £240,000 have been sent to 6,000 customers who placed orders in the company’s [...]
Arsenal’s profits rise as property is snapped up September 28, 2009 PROPERTY entrepreneurs Raymond Mould and Patrick Vaughan yesterday swooped on Highbury Square, the residential property project being developed by Arsenal football club. The duo, who head up Aim-listed property group London & Stamford, have purchased 146 apartments plus 98 garage spaces for £41.4m. The deal comes to the aid of Arsenal, which has been struggling [...]
Xerox shares plummet on ACS takeover September 28, 2009 SHARES in photocopying giant Xerox fell by more than 14 per cent yesterday after it said it would buy Affiliated Computer Services (ACS) in a cash and stock deal worth $6.4bn (£4bn). The group said it was looking to diversify and move into data management and IToutsourcing. Xerox, which is the biggest supplier of digital [...]
The day I felt like I was spying for the other side September 28, 2009 I was at the Labour Party conference in Brighton on Sunday at what they call a “fringe” event called “Tomorrow’s City Economies: where will the new jobs come from?” I’m always amazed at how our MPs want to spend our money, sometimes not even realising that what they are calling for already exists. For example: “We should [...]
Aviva’s Delta Lloyd unit eyes IPO this year or next, says its chief September 28, 2009 INSURER Aviva’s Dutch unit Delta Lloyd plans to list in the fourth quarter of this year or early next year, the chief executive of Delta Lloyd said yesterday. “We are working on it. If there is additional information to give, we will let the market know,” Niek Hoek said on the sidelines of a Holland [...]
Mandelson extends scrappage scheme September 28, 2009 CAR industry bodies have welcomed the government’s decision to extend the cash-for-bangers scheme, saying it will help the ailing automotive sector achieve a lasting recovery. Business secretary Lord Mandelson announced at the Labour party conference yesterday a £100m extension to the scheme, which equates to 100,000 vehicles. He also widened the cut-off period to trade [...]
Shares in Wolseley rocket as trading outpaces forecasts September 28, 2009 WOLSELEY, the building supplies group, saw its shares surge yesterday, despite reporting a loss, as headline numbers for the first half of the year beat expectations. The company, which is fighting a massive slump in the housing market, reported pre-tax losses for the year to 31 July of £766m, down from a profit of £399m [...]