Wolseley boss to step down June 30, 2009 BRITISH building supplies company Wolseley said yesterday that chief executive Chip Hornsby would step down with immediate effect, lifting its shares. The plumbers and builders merchant said Ian Meakins would succeed Hornsby on 13 July. Meakins has held positions as chief executive of Travelex Holdings and Alliance Unichem until its merger with Boots. “The management [...]
Santander pushes on with rebranding June 30, 2009 SPANISH banking giant Santander is dropping the Abbey UK Corporate Banking and Alliance & Leicester Commercial Bank brands, as it pushes ahead with its assimilation of the UK lenders. The banks’ 20 regional corporate banking centres yesterday began converting to the Santander Corporate Banking name. Santander head of corporate banking Steve Pateman said he wants [...]
Sylvania and Ruukki merge June 30, 2009 FINNISH metal components group Ruukki yesterday announced plans to snap up Australian platinum group metals (PGM) producer Sylvania Resources under a €268m (£228.3m) merger implementation agreement. Under the terms of the deal, each Sylvania shareholder will receive one Ruukki share for every 1.81 Sylvania shares held. Current Ruukki chief executive Alwyn Smit is to continue [...]
MySpace axes 100 jobs in UK June 30, 2009 SOCIAL networking site MySpace is thought to have decided to axe two thirds of its UK workers, after it said last week it would cut its global workforce from 450 to 150 staff. At the time, the company did not give any details as to where the jobs would be lost. But it is understood [...]
BP and CNPC in cut-price Iraq oil deal June 30, 2009 AN ALLIANCE led by UK oil giant BP yesterday secured a six-year contract to develop Iraq’s biggest oil field, but had to agree to a fifty per cent cut in the fees it had been asking for. In a consortium with China National Petroleum Corporation (CNPC), BP accepted a fee of $2 (£1.20) for each [...]
Michael Jackson’s death gives boost to YouTube June 30, 2009 FOLLOWING the untimely death of Michael Jackson, fans of the pop sensation were brought together by one man’s music. Whereas in a previous age people might have rushed to buy re-issued records or CDs, in the internet age it translated into a surge of people looking online for Jackson’s music. As well as music retailers, [...]
Capital Pub Company shrugs off the gloom as sales lift in London boozers June 30, 2009 CAPITAL Pub Company, which runs a chain of non-branded pubs in London, yesterday provided a glimmer of hope for the pubs sector by reporting a seven per cent lift in pre-tax profits to £2.1m. The group, which owns a portfolio including the Anglesea Arms in South Kensington and The Marquis of Granby on Shaftesbury Avenue, [...]
BG Group spends $1.3bn on Exco shale gas stake June 30, 2009 BG GROUP said yesterday it would pay Dallas-based Exco Resources $1.3bn (£789m) for an interest in shale gas resources, as oil and gas firms continue to snap up assets before an economic recovery drives prices higher. The companies said that each would own 50 per cent of a venture to which Exco is contributing 120,000 [...]
PwC: Six companies eyeing LDV June 30, 2009 Administrators for van maker LDV said yesterday at least six companies are still considering investing in the company. PricewaterhouseCoopers said an announcement was likely at the end of July over the future of the firm and what suppliers would receive. LDV went into administration last month after white knights WestStar pulled out, saying they couldn’t [...]
IHG reshuffle will save money June 30, 2009 InterContinental Hotels said yesterday its planned reorganisation of its Asian operations would mean cost savings for the group – but declined to say howmuch much. The world’s largest hotel operator said 115 Chinese operations would now be managed separately from the rest of its Asia Pacific operations as part of a regional revamp.