MELT DOWN May 13, 2009 Speaking of Gordon Brown, there’s got to come a point when you have to feel a bit sorry for the man. Not only has Opposition leader David Cameron put him to shame with a ruthless response to the MPs expenses scandal, but even puddings named after him are proving unpopular in the extreme. Searcys 40/30, [...]
Intel to contest record fine May 13, 2009 INTEL president and chief executive Paul Otellini said yesterday that the company will appeal against the record fine of €1.06bn (£1bn) that has been imposed by the European Commission for illegal rebates and other practices it used to squeeze out its rival, AMD. “Intel takes exception to this decision. We believe the decision is wrong and [...]
Loss for Land Securities as sales mooted May 13, 2009 LAND Securities, Britain’s largest property company, reported a record £4.77bn loss yesterday, signalling the extent to which the UK property market has imploded. The firm saw the value of its investment portfolio plummet by 34.2 per cent to £7.93bn, amid what the company described as “unprecedented” market conditions. Chief executive Francis Salway said: “This has [...]
PETRA BEATS DIAMOND INDUSTRY BLUES May 13, 2009 A MAGNIFICENT blue diamond from Aim-listed Petra Diamonds’ Cullinan mine broke records at a Sotheby’s auction in Geneva on Tuesday evening when it was sold for $9.5m (£6.3m), bucking the industry’s recent woes. The 7.03 carat diamond fetched the highest price per carat for any gemstone ever sold at auction, as well as a record [...]
Latin America boosts profits at Telefonica May 13, 2009 TELEFONICA yesterday revealed the benefits of its a long-time investment in still-booming Latin America. The emerging region helped drive forecast-beating first quarter profit at Europe’s largest telecoms company, offsetting weakness in its home market of Spain. Telefonica beat market expectations with a 9.8 per cent rise in net profit, as growth in Latin America– and [...]
FirstGroup hit by rail slump May 13, 2009 Transport giant FirstGroup said yesterday annual profits at its rail division fell 21 per cent due to the impact of the recession on its London franchises The group said the UK’s economic woes meant rail revenues growth slowed to 9.5 per cent in the year. Across the whole group, which has bus operations in the [...]
LCH.Clearnet seeks deal May 13, 2009 The management of clearing house LCH.Clearnet wants to combine its own restructuring plan with a €813m takeover offer from a consortium of 11 banks and interdealer broker ICAP. LCH.Clearnet management has proposed buying out the firm’s 123 shareholders who would then be invited to reinvest on an equal basis. The firm’s management hopes offering board [...]
Playtech posts dip in revenue May 13, 2009 Shares in Aim-listed gambling software developer Playtech dipped sharply yesterday after a first quarter trading update revealed the firm’s underlying growth fell by one per cent on a like for like basis compared to the fourth quarter of 2008. Broker Evolution Securities reiterated its “sell” rating, saying it was “something of a surprise” that underlying [...]
How comics can teach you to be a better communicator May 13, 2009 WHAT’S the difference between a pizza and a banker? Now, you might say that now is not the time for joking in the City, and indeed some might argue that the Square Mile already has more than its fair share of comedians. But I say that there are not enough. One of the keys for [...]
VT is building a great warchest so get ready for a spending spree May 13, 2009 For a man with cash burning a hole in his back pocket, VT Group’s chief executive Paul Lester looks surprisingly unruffled. He sits in the airy second floor boardroom of the defence and support services firm’s London offices in the Blue Fin Building and is happy to tell City A.M. what he plans to do [...]