Building businesses is like a highly addictive drug June 1, 2009 YOU had me at “hello”, says Renée Zellweger’s character to Tom Cruise after he proclaims his love for her in Jerry Maguire. Love at first sight should be savoured; I fall in love once decade and relish it. But, like most entrepreneurs, I fall in love with my business too – only every day. Like Zellweger, I [...]
Berlin set to buy out HRE June 1, 2009 The Germany government is set to buy out property lender Hypo Real Estate, in a move seen as a big step towards resloving its banking crisis. Berlin insists that HRE – which is said by by authorities to pose a systemic risk to the banking system – needs to be taken into state control.
TNT denies bidding for Royal Mail but insists it remains interested June 1, 2009 DUTCH mail company TNT yesterday said it had not yet made a bid for Royal Mail, but said it was interested in the company and would consult shareholders if it does make an offer. Private equity group CVC Partners is thought to have offered just under £2bn for a 30 per cent stake in state-owned [...]
New dawn at Chrysler and GM in the US June 1, 2009 CAR giant General Motors (GM) finally filed for Chapter 11 yesterday, as President Barack Obama said his government’s plan for the carmaker was viable and would see the business rise out of bankruptcy quickly. When GM emerges from the largest-ever bankruptcy filing in US manufacturing history, the debt-heavy company will be majority owned by the [...]
CITY VIEWS: IS ENOUGH BEING DONE TO HELP VAUXHALL WORKERS? June 1, 2009 ROY SUDEEPTO INDEPENDENT BANKING ANALYST“This had to come, but its unfortunate that the industry didn’t see it coming. It’s really a natural reorganisation of supply and demand, a restructuring of the economy. I do feel for the workers who have lost their jobs but the car industry didn’t have a sustainable model. It has been [...]
Lloyds seeks Insight bids June 1, 2009 LLOYDS Banking Group is understood to be seeking bidders for Insight, the asset management group it acquired as part of the takeover of HBOS, as it continues efforts to rid itself of troublesome assets. Deutsche Bank, which advises HBOS, has been sounding out fund managers about the possibility of buying the unit, sources said yesterday, [...]
BBC fights back on local news sharing June 1, 2009 TALKS between the BBC and ITV to create a cost-cutting regional news partnership have hit a stumbling block, with the BBC disputing operating cost estimates provided by the broadcasting regulator, Ofcom. Ofcom has said that a basic schedule for the service would cost between £40m and £60m a year, with a fuller service costing up [...]
Lookers agrees refinancing deal to cut debt by 30m as car dealers struggle June 1, 2009 CAR dealer Lookers said yesterday it agreed a refinancing deal to slash its debt by around £30m, as it reported a slump in profits. Lenders agreed to the £210m refinancing deal on the condition that Lookers suspended its dividend payouts until June 2010. It added it would only return to a progressive dividend policy when [...]
KKR in $1.2bn loss as investments dive June 1, 2009 KOHLBERG Kravis Roberts (KKR), the US private equity giant founded by “buyout king” Henry Kravis, yesterday reported a $1.2bn (£729m) loss for last year, blaming the effects of the economic downturn on its investments. In its annual update to investors, the New York-based group said total annual fee income fell 27 per cent to $640m [...]
Asda’s staff cash in on shares June 1, 2009 Supermarket retailer Asda today has announced that over 16,500 colleagues will share in a £43m payout thanks to the company’s Sharesave plan. This years plan will be the largest ever payout since Wal-Mart acquired Asda in 1999. The current stock price means all investors will receive a 150 per cent return on their monthly investments. [...]