Bankers win bonuses back August 2, 2009 FOUR former Dresdner Kleinwort bankers have won a €12.6m (£10.8m) legal battle against Commerzbank after claiming the German bank reneged on guaranteed bonuses after it bought Dresdner last year. Commerzbank acquired Dresdner Kleinwort in January, but the investment-bank posted a €6.3bn loss for 2008. Commerzbank was then forced to take taxpayers’ money in a state [...]
Waitrose flexes its muscle in John Lewis online tie-up deal August 2, 2009 WAITROSE, the upmarket grocer, yesterday announced it plans to sell kitchen and homeware products online in a commercial tie-up with John Lewis, in the hope it can pinch market share from rival retailers. Under the deal Waitrose will sell thousands of its own and John Lewis’s products online from 4 August, placing more pressure on [...]
Toon nightmare for Ashley August 2, 2009 The fate of Newcastle United FC remains in the balance as a buyer is still to be found for the club, despite time running out before the football transfer window closes. Club owner Mike Ashley – the Sports Direct boss – is desperate to dump the embattled club, but remains reluctant to sell for less [...]
Ryanair shirks responsibility August 2, 2009 Ryanair passed the buck back to its customers yesterday, after a shambolic scene at Stansted airport left passengers stranded at the airport when the budget airline failed to open enough check-in desks. Only 11 “bag drops” were opened on one of the busiest holiday days of the year, leaving customers watching their flights depart as [...]
ODDS ON EXODUS August 2, 2009 BOOKMAKER William Hill is set to announce tomorrow it is moving its online sports and phone betting operations from the UK to the tax haven of Gibraltar. Chief executive Ralph Topping has spoken out about his dislike of paying 15 per cent betting tax while offshore rivals like Paddy Power pay nearer 1.5 per cent.
DICK FULD LIVES UP TO KING KONG REPUTATION August 2, 2009 BOY, when all those ex-Lehmanites said Dick Fuld used to rule the roost with an iron fist, they really weren’t kidding. Nicknamed “the Gorilla” for his aggressive manner, the Lehman Brothers boss was always renowned for taking a hard line when it came to business. But according to an article on the collapsed bank in [...]
BILL OF THE WEEK August 2, 2009 PERHAPS it’s just me, but there seem to have been an awful lot of City types eschewing their fine dining venues recently for local Indian and Chinese haunts where they can splash out, safe in the knowledge it won’t cost the earth. At £1,229.85, a curry for four people might sound like a pricey night [...]
All eyes on Anglo update ahead of Xstrata report August 2, 2009 MINING giant Xstrata is braced to post disappointing results at its interims tomorrow, but the focus will be on its nil-premium merger with rival Anglo American. Xstrata made the approach for a “merger of equals” back in June, but was met with hostility by Anglo, which last week reported a 69 per cent drop in [...]
KICK OFF AT ESPN UK August 2, 2009 ESPN will today become the first non-UK channel to show Premier League football in the UK, as it launches its ESPN UK channel on Sky and Virgin Media. The channel will show 46 live Barclays Premier League matches – which it bought the rights to after Setanta UK went into administration – plus a selection [...]
ITV mulls new chief August 2, 2009 ITV’s board is today due to discuss the candidates short-listed to replace Michael Grade as chief executive, with some analysts expecting an announcement at its interim results on Thursday. HMV chief executive Simon Fox was last week the City’s new favourite to step into Grade’s shoes when he steps down at the end of the [...]