Candover in possible sell off June 2, 2009 CANDOVER, the cash-poor private equity group, is considering selling off assets one by one after interest in a rescue bid for the group appears to have waned. The group was considering a possible “run-off” of assets yesterday following speculation that French investment group Eurazeo had walked away from a possible buyout. Candover’s shares plummeted by [...]
UKFI backs Lloyds ahead of crucial annual meeting June 2, 2009 UK FINANCIAL Investments (UKFI) – the body which manages the government’s 43 per cent stake in Lloyds Banking Group – has confirmed it will not oppose resolutions at Lloyds’ annual meeting on Friday. The bank is likely to face significant shareholder ire over the takeover of HBOS, with some expected to vote against the re-election [...]
CITY VIEWS: HAS THE CREDIT CRUNCH AFFECTED YOUR SUMMER HOLIDAY PLANS? June 2, 2009 KEVIN ARCHIBALD BLACK ROCK“I’m taking off the same amount of time that I did last year – two weeks in June, as well as a week in Spain in September. It’s mandatory for us to take two weeks off. I’m staying at my parents’ place in Spain, so that will be on the cheap. But [...]
First Property plots UK return June 2, 2009 AIM-listed First Property Group yesterday announced its financial results for the fiscal year ended 31 March 2009, reporting pre-tax profit of £3.22m in comparison with profit of £4.66m in the previous year. The central and east European property fund said it was sizing up a return to the UK market as confidence returns to the [...]
Cheap booze risks overstated June 2, 2009 The impact of cheap alcohol on heavy and hazardous drinkers has been overestimated according to a report out today by the Centre for Economics and Business Research (CEBR). The report claims that moderate drinkers are seriously overpaying for the government’s policy on alcohol where the benefits of increased prices such as reductions in health, crime, [...]
Acer to launch a Google laptop June 2, 2009 Acer, the world’s third-biggest PC brand, said yesterday it plans to sell netbook PCs that run on Google’s Android operating software in the third quarter of this year. The announcement is a major coup for Google, which is pushing into software and services, to complement its online advertising revenues. But the news will come as [...]
Omega in Names offer June 2, 2009 OMEGA Insurance plans to boost its exposure to Lloyds of London, spending up to £125m buying out Names who are members of the insurance market’s successful Syndicate 958. Omega already has a 16 per cent stake in Syndicate 958, which has turned a profit every year since 1980. It is offering to pay private investors [...]
Premium food brands are staging a comeback June 2, 2009 AFTER the extensive coverage that the ascent of the discounter retailers received throughout 2008, it may come as a surprise to hear that the trend has been reversing for the past six months. From the beginning of January 2008 through to mid-November, the value-brand supermarkets of Aldi, Lidl, Netto and Somerfield achieved an average uplift [...]
SEC creates new senior position in bid to improve its reputation June 2, 2009 THE US Securities and Exchange Commission (SEC) is to create a position of chief operating officer to help manage the regulator and improve internal operations, its chairman Mary Schapiro said yesterday. Schapiro said she was in the process of reviewing the SEC’s operations, including how it manages its records and call centres, to ensure it [...]
Intermediate Capital sinks to first loss June 2, 2009 INTERMEDIATE Capital Group (ICG), which lends money to buyout firms, has fallen to the first loss in its history as bad debts mounted amid the financial crisis. The specialist financier suffered a pre-tax loss of £67m in the year ending 31 March, a dramatic reversal from the £230m profit it booked in the previous year. [...]