Pearl overhaul to get green light July 23, 2009 Pearl Group is expected to get the go-ahead for its capital restructuring from investors in Liberty Acquisition, the vehicle which is putting around ¤600m (£519m) into the company. Liberty, a special purpose acquisition firm in Amsterdam, will count votes on the deal at an extraordinary meeting today. Liberty fell into difficulty after overstretching itself by [...]
Five slashes budget by a quarter July 23, 2009 Terrestrial TV broadcaster Five has slashed its programming budget by 25 per cent in a reaction to the slide in advertising. In what is to be the biggest reduction of any big British station, Five has cut the budget by £55m to £165m this year. Dawn Airey, the executive chairman, said yesterday that consolidation among [...]
First drop in revenue for Microsoft July 23, 2009 SOFTWARE giant Microsoft yesterday posted its first drop in revenue since it went public in 1986, after it was hit by the global downturn and falling sales of its key products. The world’s biggest software firm said revenue for the three months to the end of March was $13.65bn (£8.3bn), a drop of six per [...]
Banks warn against protectionist reform July 23, 2009 GOVERNMENTS and regulators across the world are risking a push towards protectionism in their efforts to shore up the banking system and financial markets, a group of bankers warned yesterday. A report from the Institute of International Finance, which was written by officials from Deutsche Bank and JP Morgan Chase said that governments must develop [...]
TORIES SET TO WIN NORWICH NORTH July 23, 2009 BUSINESSWOMAN Chloe Smith, pictured left with shadow chancellor George Osborne, is expected to become the country’s youngest MP today. The 27-year old Conservative candidate is tipped to win yesterday’s by-election in Norwich North, which was forced after the former MP, Ian Gibson, resigned in the wake of the expenses scandal.
BoE under fire for gilt sell-off July 23, 2009 The Bank of England was under fire yesterday from investors when it initiated a sell-off in the gilt market after a £5bn bond deal – one of the biggest government bond offerings of the year. Andrew Sentence, an external member of the Bank’s interest rate-setting monetary policy committee, said that there were possibilities there might [...]
News Corp’s Asian shake up July 23, 2009 James Murdoch is planning to shake-up News Corporation’s Star Asian television operations in a move which will mean sharp job cuts in Hong Kong and the rest of the region. Star’s Indian operation, which generates the most profits for the group in Asia, will become independent and start reporting directly to James Murdoch’s base in [...]
Landlords oppose Allied rent cuts July 23, 2009 A group of the UK’s largest commercial landlords is objecting to dropping rental payments for the company that bought collapsed retail firm Allied Carpets out of administration. The consortium, led by heavyweight property company British Land, is believed to be rejecting calls to cut rents by half for a year as part of a raft [...]
Credit Suisse sees recovery July 23, 2009 CREDIT Suisse added its name to the series of banks reporting improved results yesterday, as it unveiled a second-quarter profit of Sfr1.57bn (£890m) on the back of a barnstorming period for investment banking. The Swiss bank reported a second successive profitable quarter, up 29 per cent from the same quarter in 2008, a year in [...]
EC moves closer to break-up of banks rescued by state aid July 23, 2009 THE prospect of a break-up of Lloyds Banking Group and Royal Bank of Scotland (RBS) moved closer yesterday, after the European Commission (EC) called on banks to present plans to restructure themselves. EC competition commissioner Neelie Kroes said bailed out banks would have to detail their plans to the EC within six months, to prove [...]