EMI trustee head leaves firm August 19, 2009 The chairman of the trustees of EMI Ian Smellie left the music label’s £1bn UK pension fund as a result of a row with Guy Hands, whose private equity firm Terra Firma owns the business. Smellie wanted a £170m top up to the pension pot, but Hands refused.
UBS releases client details in US tax row August 19, 2009 IN AN unprecedented deal Swiss bank UBS has agreed to surrender 4,450 client names to US investigators after a year-long probe by the Internal Revenue Service (IRS). The accounts, some of which have since been closed, held an estimated $18bn (£11bn) at one point. The agreement follows a battle by the IRS to prosecute suspected [...]
Gold loses its shine as the demand for jewellery falls August 19, 2009 GOLD demand fell to its lowest in six years in the second quarter, the World Gold Council said yesterday, as the global downturn hit jewellery consumption and electronics producers’ buying demand. Demand worldwide fell nine per cent in the period to 720 tonnes, the lowest since the first quarter of 2003. Consumption of jewellery dropped [...]
Strike resolved, RMT union says August 19, 2009 The Rail, Maritime and Transport Union (RMT) said yesterday the issue of job cuts on London Underground (LU), which led to a 48-hour strike in June, has been resolved. The RMT said it was a “major victory” as the strike action had saved its members from compulsory redundancies. LU disputed RMT’s claims, saying it had [...]
Venture eyes up acquisitions August 19, 2009 Oil company Venture Production touted the possibility of launching a field buying spree yesterday, as it fights off a $2bn (£1.6bn) hostile takeover bid from Centrica, as it announced a one per cent drop in first-half profits. Venture said that “large asset packages” may come onto the market in the coming year as the international [...]
Seven arrested in tax fraud case August 19, 2009 The British tax office arrested seven people in London yesterday in a suspected £38m value-added tax fraud in the European market in carbon allowances, it said. Officers from HM Revenues and Customs (HMRC) searched 27 properties around London and arrested six men and one woman in early morning raids, the HMRC said in a statement. [...]
KPMG warns Tories over plans for FSA August 19, 2009 BIG FOUR accountancy firm KPMG yesterday hit out at Tory shadow chancellor George Osborne’s plans to reform financial regulation, suggesting his pledge to scrap the Financial Services Authority (FSA) could be disastrous. KPMG’s head of regulatory services Marcus Sephton said the change could lead to the City treading water for 15 months as the transition [...]
Investor optimism rises despite mixed economic outlook August 19, 2009 INVESTOR optimism about the global economy has leapt to its highest level in nearly six years as asset managers pile their cash back into the equity markets. According to the Merrill Lynch fund managers survey for August, 75 per cent of respondents believe the world economy will strengthen in the coming 12 months – the [...]
FirstGroup unveils new Greyhound buses August 19, 2009 FIRSTGROUP yesterday unveiled the iconic Greyhound buses it plans to use for journeys between London, Portsmouth and Southampton. The buses, which are named after women from American songs like “Peggy Sue”, will run hourly from Victoria to the south coast. They offer free Wi-Fi, power sockets for each passenger, air conditioning, free newspapers and leather [...]
Shore Capital boosts profits August 19, 2009 BOUTIQUE investment bank Shore Capital signalled a cautious return to the good times yesterday, posting a 13.4 per cent rise in first half profit and adding it was on the lookout for acquisitions. Shore reported a pre-tax profit of £2.3m for the six months to end of June. Sales also rose 13 per cent to [...]