Co-op shutting up shop October 18, 2005 The Co-op is in talks to sell two thirds of its loss-making department stores to Anglia Regional Co-operative Society as it prepares to exit the business. The food to funerals business intends to dispose of its 36-strong regional department store division within two years. It will close the 10 worst performing stores in February with [...]
Terra Firma bid goes on October 18, 2005 The Takeover Panel told financier Guy Hands yesterday that his investment vehicle Terra Firma could not back out of a £453m bid to buy power business East Surrey Holdings. Kellen Acquisitions, which is wholly owned by Terra Firma, had been trying to back out of an offer that it made on 8 April to buy [...]
Alstom tube contract under threat October 18, 2005 Transport for London, the body responsible for public transport in the capital, will seek legal advice this week in a bid to break the French company Alstom’s 20-year, £429m contract to build and maintain trains on the Northern Line. The Northern Line was suspended last Thursday after unions raised safety concerns about the emergency braking [...]
Hawkish deputy governor quits October 18, 2005 Bank of England deputy governor Sir Andrew Large has resigned. He will be replaced by career civil servant Sir John Gieve. Large, who is leaving for the private sector, is commonly regarded as one of the more hawkish members of the all important Monetary Policy Committee. He voted against August’s 25 basis points rate cut [...]
New storm fears stoke up oil prices October 18, 2005 Oil prices leapt by more than $1 a barrel as tropical storm Wilma threatened to move into the oil-rich Gulf of Mexico by the end of the week. American crude was up by $1.27 to $64.05 by late afternoon yesterday. The storm has winds of 45 mph and s forecast to strengthen in the next [...]
GM agrees union deal as losses soar October 18, 2005 General Motors, the world’s biggest automaker yesterday said that it had agreed a deal with the United Auto workers union to slash its healthcare costs. The announcement came as GM revealed widening losses for the third quarter of $1.6bn (£910m), or the equivalent of $2.89 per share. Chief executive of the embattled group, Rick Wagoner, [...]
Refco: who else was to blame? October 18, 2005 Embattled American hedge fund Refco has widened its investigation into who was at fault for the $430m (£243m) black hole in its books. In addition to the suspended former CEO Phillip Bennett and implicated senior executive Santo Maggio, the fund is believed to be looking at workers in data entry or finance departments who may [...]
More shots fired in Rentokil battle October 18, 2005 Sir Gerry Robinson’s attempt to seize control of Rentokil’s board descended into a war of words yesterday as the two sides traded statements. Five minutes before the Takeover Panel’s “put up or shut up” order expired, Robinson’s takeover vehicle Raphoe Management announced that it had decided it was not necessary to make a takeover offer. [...]
Women need a helping hand October 17, 2005 Mentoring could be the key to success for female entrepreneurs. More women than ever before are cracking the glass ceiling. New research by women’s business support group Everywoman and IBM reveals that 900,000 women today own British enterprises, with a further 1.5m employed in successful leadership roles within larger companies. But while women are becoming [...]
MONEY MOVER October 17, 2005 The creator of the world’s first online currency trader wants the site to become as big as eBay. Vijay Kumar has set up a business that he claims could prove to be the eBay of foreign exchange. Fx Auctions, which is based in Canary Wharf, is believed to be the first online site in the [...]