GM agrees union deal as losses soar October 18, 2005 General Motors, the world’s biggest automaker yesterday said that it had agreed a deal with the United Auto workers union to slash its healthcare costs. The announcement came as GM revealed widening losses for the third quarter of $1.6bn (£910m), or the equivalent of $2.89 per share. Chief executive of the embattled group, Rick Wagoner, [...]
Refco: who else was to blame? October 18, 2005 Embattled American hedge fund Refco has widened its investigation into who was at fault for the $430m (£243m) black hole in its books. In addition to the suspended former CEO Phillip Bennett and implicated senior executive Santo Maggio, the fund is believed to be looking at workers in data entry or finance departments who may [...]
More shots fired in Rentokil battle October 18, 2005 Sir Gerry Robinson’s attempt to seize control of Rentokil’s board descended into a war of words yesterday as the two sides traded statements. Five minutes before the Takeover Panel’s “put up or shut up” order expired, Robinson’s takeover vehicle Raphoe Management announced that it had decided it was not necessary to make a takeover offer. [...]
Women need a helping hand October 17, 2005 Mentoring could be the key to success for female entrepreneurs. More women than ever before are cracking the glass ceiling. New research by women’s business support group Everywoman and IBM reveals that 900,000 women today own British enterprises, with a further 1.5m employed in successful leadership roles within larger companies. But while women are becoming [...]
MONEY MOVER October 17, 2005 The creator of the world’s first online currency trader wants the site to become as big as eBay. Vijay Kumar has set up a business that he claims could prove to be the eBay of foreign exchange. Fx Auctions, which is based in Canary Wharf, is believed to be the first online site in the [...]
Partygaming winners are the founders October 17, 2005 PartyGaming, the online poker company, reveals its hand on Friday and investors in this summer’s flotation will be able to see the cause of their losses. The company came to market on the back of rapid growth: this week it will reveal that growth has ground to a halt. Do not compare this week’s revenue [...]
BSkyB makes its move into broadband October 17, 2005 Satellite broadcaster BSkyB is getting ready to make its play against cable rivals by acquiring high-speed internet provider Easynet this week for around £150m. The purchase will allow the broadcaster to offer what observers call the “triple play” of services into the home: broadband, video-ondemand and telephony, setting it in direct competition against rivals such [...]
Brown’s luck has ‘run out’ October 17, 2005 Gordon Brown cannot hide behind high oil prices, according to Ernst & Young’s influential ITEM Club. The group — which uses the same economic modelling system as the Treasury — said that the chancellor’s luck has run out and that the poor shape of the British economy is solely down to domestic failings. Chief economic [...]
Prettejohn leaves Lloyd’s for Prudential October 17, 2005 Nick Prettejohn, the chief executive of Lloyd’s of London, is set to join Prudential as its boss in Britain. Confirmation of the appointment, due today, comes as the Pru prepares to reveal the outcome of a root and branch strategy review later this month to be published alongside third quarter results. Prudential’s chief executive Mark [...]
‘Tiny’ brothers facing investigation October 17, 2005 The Mohsan Brothers face a possible claim from Grant Thornton following the accountant’s investigation into the Asian entrepreneurs’ insolvent IT company, Granville Technology. The brothers, who were once worth an estimated £175m, could also be barred from acting as directors of British companies if the Department of Trade and Industry (DTI) decides to bring a [...]