Partygaming winners are the founders October 17, 2005 PartyGaming, the online poker company, reveals its hand on Friday and investors in this summer’s flotation will be able to see the cause of their losses. The company came to market on the back of rapid growth: this week it will reveal that growth has ground to a halt. Do not compare this week’s revenue [...]
BSkyB makes its move into broadband October 17, 2005 Satellite broadcaster BSkyB is getting ready to make its play against cable rivals by acquiring high-speed internet provider Easynet this week for around £150m. The purchase will allow the broadcaster to offer what observers call the “triple play” of services into the home: broadband, video-ondemand and telephony, setting it in direct competition against rivals such [...]
Brown’s luck has ‘run out’ October 17, 2005 Gordon Brown cannot hide behind high oil prices, according to Ernst & Young’s influential ITEM Club. The group — which uses the same economic modelling system as the Treasury — said that the chancellor’s luck has run out and that the poor shape of the British economy is solely down to domestic failings. Chief economic [...]
Prettejohn leaves Lloyd’s for Prudential October 17, 2005 Nick Prettejohn, the chief executive of Lloyd’s of London, is set to join Prudential as its boss in Britain. Confirmation of the appointment, due today, comes as the Pru prepares to reveal the outcome of a root and branch strategy review later this month to be published alongside third quarter results. Prudential’s chief executive Mark [...]
‘Tiny’ brothers facing investigation October 17, 2005 The Mohsan Brothers face a possible claim from Grant Thornton following the accountant’s investigation into the Asian entrepreneurs’ insolvent IT company, Granville Technology. The brothers, who were once worth an estimated £175m, could also be barred from acting as directors of British companies if the Department of Trade and Industry (DTI) decides to bring a [...]
New Star set for float next month October 17, 2005 Renegade fund manager John Duffield is set to create 40 millionaires when he embarks on the £600m float of New Star Asset Management next month. The company will confirm its long expected float this morning alongside what analysts expect to be a sparkling set of results. The IPO is expected to take place next month [...]
Oil giants compete for Bengal find October 17, 2005 Three of the world’s biggest oil companies – BP, Chevron and ExxonMobil – are fighting it out for a new natural gas find in India’s Bay of Bengal, according to news agency reports late last night. British oil giant BP and America’s Chevron and ExxonMobil are said to be talks with India’s largest private sector [...]
Advisers in all night Refco talks October 17, 2005 Refco held a second day of weekend meetings yesterday as a group of about 50 advisers gathered in New York in an effort to salvage the disgraced group’s regulated futures brokerage arm and determine the fate of its ailing operations. The advisers had begun emergency meetings on Saturday that stretched late into the night to [...]
BCC slams Brown’s ‘alarming’ trade figures October 14, 2005 The British Chamber of Commerce (BCC) piled the pressure on Chancellor Gordon Brown yesterday, calling Britain’s manufacturing figures “alarming”. Even worse, the struggling manufacturing sector missed out on a much-needed boost from Britain’s bigger service sector, which simply failed to materialise. Manufacturing’s domestic balance fell from 19 per cent in the second quarter to 3 [...]
WH Smith posts £73m profit October 14, 2005 Stationer WH Smith was the second high street institution to surprise the market this week with its turnaround progress. Chief executive Kate Swann followed Marks & Spencer boss Stuart Rose’s example as pre-tax profits came in at £73m for the year to 31 August. Although like-for-like sales fell 2 per cent during the past six [...]