Increase in firms on edge easing July 14, 2009 ALMOST 200,000 British companies are in serious financial trouble, according to the Red Flag Alert report issued by Begbies Traynor. The business rescue specialist said that while the number of companies in trouble has slowed in the last two quarters, it has risen 43 per cent from a year ago. The report, which gives figures [...]
GRIPE VAN MAN July 14, 2009 RUSSSIAN billionaire Oleg Deripaska said last night he is considering cutting ties with Britain after the collapse of his van-making company LDV. He had appealed to the UK government for financial assistance but a bail out was not forthcoming.
GAS LEAK CLOSES L&G OFFICE FOR THE DAY July 13, 2009 LEGAL & General had the opportunity to test its contingency plans yesterday, after a gas leak forced the firm to close its Moorgate mother-ship. City types said that the road outside L&G’s Coleman Street corporate headquarters was in a state of disarray in the morning as workers frantically fought to deal with the leak, which [...]
Philips hit by cartel claims July 13, 2009 PHILIPS, the Dutch electrical goods manufacturer, and South Korea’s LG Display yesterday said they had received a charge sheet from the EU’s executive arm about suspected price-fixing on LCD panels. The European Commission said it had sent a “statement of objections” – a formal step in ECcompetition probes – for suspected violation of cartel rules, [...]
Emerald Energy gets takeover approach July 13, 2009 EMERALD ENERGY, the oil and gas explorer, became the latest company in the energy sector to receive a takeover approach yesterday, but refused to give the identity of the would-be buyer. The group, which has assets in Syria, Colombia and Peru, said talks on the potential cash offer are at an early stage, but would [...]
Geronimo snaps up six pubs from Punch Taverns July 13, 2009 LONDON pub operator Geronimo Inns yesterday snapped up six sites from heavily indebted Punch Taverns for an undisclosed sum. Geronimo Inns, backed by private equity firm Penta Capital, said it plans “a significant capital expenditure programme of £1.5m,” and around 70 jobs would be created as a result of the deal. The six pubs, currently [...]
BEST OF THE BROKERS July 13, 2009 AUTONOMYAnalysts at UBS said that they felt Autonomy’s recent underperformance has been undeserved. The broker sees likely earnings upside and thinks that the bar has been set low enough for Interwoven for guidance to be lifted at some point. It upgraded the stock to “buy: with a target price of 1,475p. SEGROEvolution Securities said that [...]
CITY MOVES WHO’S SWITCHING JOBS July 13, 2009 RBC Capital MarketsRBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, yesterday announced the appointment of Dr John Roberts as non-executive chairman of Royal Bank of Canada Europe Ltd (RBCEL), the main European subsidiary of RBC, headquartered in London. Roberts has been with RBC since September 2005, when he joined [...]
German banks pressed to lend July 13, 2009 Germany’s finance minister Peer Steinbrueck has written to the country’s banks to urge them to increase their lending to businesses. Steinbrueck is keen to ensure that a lack of lending does not hamper Germany’s recovery. “Credit institutions in Germany today face a particular responsibility for the overall economy,” he said. “You are, and remain, urged [...]
Retirement review fast-tracked July 13, 2009 The government is to bring forward to next year a review of the retirement age originally scheduled for 2011 due to “changing demographic and economic circumstances”. Pensions minister Angela Eagle said she wanted to give older people “flexible retirement options”. She said many older people would work past 65 if they were allowed to do [...]