More jobs go as DMGT falls into the red May 21, 2009 DAILY Mail and General Trust (DMGT) said yesterday that had fallen into the red, posting a pre-tax loss of £239m for the six months to 29 March – forcing it to cut more jobs. The owner of the Daily Mail and the Mail on Sunday said that it had been hit by a £188m non-cash [...]
Eurozone data brings cheer May 21, 2009 THE eurozone’s services and manufacturing sectors contracted less than expected in May as firms saw the pace of decline in new orders ease, hinting the worst of a deep recession may be over, surveys showed yesterday. Markit’s Eurozone Flash Services Purchasing Managers Index (PMI) rose to 44.7 in May from 43.8 last month, beating the [...]
ACS raises 43.75m to fund further acquisitions May 21, 2009 ADVANCED Computer Software, the healthcare IT services provider, said yesterday it had conditionally raised £43.75m in a share placing to provide funding for future acquisitions. The placing of 145.25m shares at a price of 30p a share was handled by Seymour Pierce and Mirabaud Securities. ACS said it now has over £55m in the bank [...]
Sony halves suppliers on cost-cutting May 21, 2009 Sony will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 per cent this year, the consumer electronics giant said yesterday, stepping up restructuring efforts amid mounting losses. Analysts saw the move as positive. It comes on top of a plan to cut fixed costs [...]
NOT SO HAPPY BIRTHDAYS May 21, 2009 GREETING cards retailer Clinton Cards placed its Birthdays chain of 332 stores into administration, putting over 2,000 jobs at risk, after the unit was hit by the economic downturn and dire trading. The company, which also operates 692 Clinton Cards stores, said Zolfo Cooper, the turnaround specialist, has been appointed as administrator to the Birthdays chain.
CITY MOVES WHO’S SWITCHING JOBS May 21, 2009 AltiumThe investment banking group has appointed a number of new hires to its London team. Steve Medlicott, pictured, a top-rated capital goods analyst, joins from Singer Capital Markets, while Andrew Burdis joins the institutional sales team from Numis. Ian Williams joins the economics and strategy team from Blue Oar Securities, Clare Banham joins the equity [...]
EXPENSES IN CITY CAN’T HALF GET EXPENSIVE May 20, 2009 ALL THIS palaver over outrageous Parliamentary expenses has got Square Milers reminiscing about the good old days in the City, when sky-high monthly expense bills were de rigueur. Of course, there are the usual tales of drink, drugs and girls, as well as a few quirkier ones – one gentleman who went to Ascot to [...]
RESOLUTION EYES UP LLOYDS ASSETS May 20, 2009 CLIVE Cowdery’s Resolution was put on high alert yesterday after Lloyds Banking Group signalled it may be forced by the European Commission to dispose of assets, reopening the possibility of the buyout vehicle purchasing part or all of Scottish Widows and Clerical Medical. A source familiar with the situation said yesterday that Resolution could be [...]
Brown in 50p tax row May 20, 2009 PRIME Minister Gordon Brown and outgoing CBI president Martin Broughton were last night at loggerheads over the new 50p top tax rate. Broughton launched a scathing attack on the policy, accusing Brown of “economic vandalism”. But Brown hit back, saying that while he had no “desire or wish” to raise tax, he needed to lower [...]