State Street plans $1.5bn share sale as moves to repay TARP funds May 18, 2009 STATE Street yesterday revealed plans to sell $1.5bn of stock and will also sell notes to help repay government bailout funds, as it took a $3.7bn charge to move some assets onto its balance sheet at a loss. The Boston-based custodial bank and asset manager said it will use proceeds from the securities sales to help [...]
New World Resources shares plunge after massive losses May 18, 2009 COAL producer New World Resources (NWR) saw its shares plummet yesterday, after the Czech firm reported net losses of €2.14m (£1.89m) for the first quarter, down from a profit of €117.8m in the same period last year. It also slashed its full year 2009 production targets of coal and coke. In February, the company said [...]
Boots slashes staff by 1,500 May 18, 2009 ALLIANCE Boots, the chemist, said yesterday it will slash 1,500 jobs at its pharmaceutical wholesale arm, in a bid to save £55m a year to brace itself for “the most difficult market conditions” ever seen at the division. The group pledged to cut the division’s staff by 10 per cent, even though its underlying profits [...]
Lloyds faces 70,000 claim in tribunal of sacked single mother May 18, 2009 LLOYDS is fighting a £70,000 employment tribunal suit after a former City-based audit manager launched a claim, saying she was fired for being a black single mother. Alison Weekes, 39, is accusing the bank of firing her after saying she was not “truly committed” to the job compared to single male colleagues. Weekes, the mother [...]
Aegis insists it’s resilient as revenues fall May 18, 2009 SHARES in marketing and communications group Aegis fell 4.6 per cent yesterday, after it said that its core revenue was down 11.6 per cent in the first quarter due to client losses and tough market conditions. But the group said it is well-positioned to “produce a resilient performance in difficult market conditions” – with $1.05bn [...]
IS THE PERFORMANCE OF AEGIS SURPRISING GIVEN THE CURRENT CLIMATE? May 18, 2009 STEVE LIECHTI INVESTEC“The (Aegis) statement implies disappointing organic sales declines against its larger agency peers, though Havas’ statement on Friday was also poor. This is to some extent a result of strong comparatives in better times, but cannot help near-term sentiment. Comment on costs is more positive with interim chief executive John Napier clearly focusing [...]
CBI president elect tells firms to hire women May 18, 2009 FORMER Economist editor Helen Alexander has told firms to hire more women for boardroom roles, just hours after being nominated as the next president of industry union the CBI. Alexander warned yesterday there is a risk of “group think” at firms that only put white men in senior roles, arguing the benefits of diversity justify [...]
Investor backlash expected at Shell over top pay scales May 18, 2009 OIL giant Shell is braced for angry shareholder reaction when investors meet at its AGM today. The Anglo-Dutch company has come under pressure from its investors to review the pay structure of its executives. Fresh opposition came from institutional investor Co-operative Asset Management (The Co-op) yesterday, which disapproved of the oil giant’s decision to give [...]
Cash-for-banger scheme dealt opening day blow May 18, 2009 BUSINESS secretary Lord Mandelson’s scrappage scheme was dealt a blow at its launch yesterday, as two of the scheme’s backers delayed registration of their new vehicles at the eleventh hour. The cash-for-bangers programme, designed to kickstart the ailing auto industry, gives motorists a £2,000 incentive when they trade in their old car for a new, [...]
CITY VIEWS: WILL THE SCRAPPAGE SCHEME BOOST CAR SALES? May 18, 2009 PETER HUGHES STANDARD BANK “When we went into the crisis, many people stopped spending but now that it’s clear the world isn’t going to end, they are loosening their purse strings and many will be looking to buy a car. This might well give the car industry a much-needed boost.” KATIE CAYZER SUMITOMO CORP“It would persuade me [...]