Banks await new tax guidelines June 28, 2009 The Treasury will announce a new framework of guidelines on tax avoidance tomorrow, with the publication of its code of practice for banks. The code, which will be voluntary, will see banks agree to abide by the “spirit” of the code, or face being named and then investigated by HM Revenue and Customs (HMRC). Lenders [...]
BA braced for cabin crew uproar June 28, 2009 British Airways is braced for contentious talks with its unions today, over cost cutting and redundancies at the company. The company set a deadline for tomorrow to reach a deal with its unions.
Energy groups must modernise June 28, 2009 Executives from top UK companies including Tesco, Rolls Royce and BT have warned the big six energy groups that their draconian contract terms will lead to more job losses unless they are massively overhauled. The Major Energy Users’ Council will hold a crisis meeting tomorrow.
ITV woos Elizabeth Murdoch June 28, 2009 Elizabeth Murdoch, tycoon Rupert Murdoch’s daughter, is on the shortlist to be the next ITV chief executive. Murdoch, who founded Shine Entertainment, is in the running despite a family connection to BSkyB, which was founded by her father. Its chairman is Elizabeth Murdoch’s brother, and it is fighting to keep its stake in ITV.
Lord Davies to turn down Lloyds top job June 28, 2009 THE RACE for the chairmanship of Lloyds Banking Group is set to narrow, with trade minister Lord Davies likely to pull out of the running in favour of staying in the parliamentary role he was given by Gordon Brown earlier this year. Davies, who stepped down as chairman of Standard Chartered to join the government, [...]
Usmanov offers Arsenal backing June 28, 2009 RUSSIAN oligarch Alisher Usmanov has written to the board of Arsenal Football Club, offering to backstop a £100m rights issue. Usmanov, Arsenal’s second largest shareholder with 25 per cent, has said he wants to help the club clear its debt and raise a summer transfer kitty. The club’s board will discuss the letter at a [...]
Ineos interest payments soar June 28, 2009 INEOS, the largest private company in the UK, will see interest payments on its £6.4bn debt soar after it restructured its financing arrangements. The world’s third-largest chemicals group, run by chief executive and chairman Jim Ratcliffe, will now pay annual interest of £666m on its debt, up from £534m. The company’s earnings are forecast to [...]
New GM to be liable for old car defects June 28, 2009 BANKRUPT US carmaker General Motors (GM) has agreed to accept liability for legal claims over defects on products it has sold over the years, in a key concession to US officials and consumer groups. As part of its Chapter 11 bankruptcy plans the group is to split into a “New GM” of healthy assets being [...]
Marston’s ploughing on with 176m rights issue June 28, 2009 MARSTON’S, which brews Pedigree and Banks’s ales, believes it has the support of investors over its plans for a rights issue to raise £176m, following reports leading shareholders were gearing up to vote the plans down. Sources close to chief executive Ralph Findlay’s plan, designed to fund new pub acquisitions, said it will go ahead [...]
Nat Express rejects bid from rival FirstGroup June 28, 2009 THE BOARD of coach and train operator National Express, which recently renegotiated restrictions on its £1.2bn debt pile, has rejected an unsolicited takeover bid from larger rival FirstGroup. Ahead of a Wednesday trading update which is expected to disappoint investors, it has emerged National Express is now being circled by potential buyers. And talks with [...]