Deal nears on trains to Germany May 17, 2009 German transport operator Deutsche Bahn is nearing a deal with Eurotunnel, that would enable the German national railway to offer direct services from Germany to St Pancras. Safety regulations – which specify that only trains with a special Eurostar configuration can use the channel tunnel leg of the journey – have so far thwarted the [...]
Qinetiq workers vote on action May 17, 2009 Key British military equipment programmes could be disrupted as workers at Qinetiq move a step closer to strike action today. Unions representing almost half of the defence research company’s 8,000 employees will send out ballot papers, after discussions over pay broke down last week. Unions are condemning an “autocratic” decision by management to freeze basic [...]
West Brom denies it is in loans crisis May 17, 2009 WEST Bromwich Building Society yesterday denied that it is on the brink of failure after reports emerged that the Financial Services Authority (FSA) was seeking a “white-knight” bidder in a last-ditch effort to save the 160-year-old mutual. The regulator was said yesterday to have been so alarmed after seeing an early version of the lender’s [...]
FOCUS ON HBOS: HOW A LANDMARK DEAL WENT BAD May 17, 2009 OctoberBlank and Lloyds chief executive Eric Daniels call HBOS chief executive Andy Hornby to discuss the possibility of a takeover, as HBOS struggles with its burdensome property assets. 15 September 08Gordon Brown approaches Blank at a cocktail party and assures him that competition law will not be an obstacle to any potential takeover of HBOS. [...]
SIR VICTOR BLANK May 17, 2009 SIR VICTOR BLANKCHAIR, LLOYDS BANKING GROUP EDUCATED at Stockport Grammar School and Oxford, Blank began his career with Clifford-Turner (now Clifford Chance), where he became an expert in takeover law and was made partner in 1969, at the age of 26. Blank joined Charterhouse in 1981 as head of corporate finance, rising to serve as [...]
M&S set for dividend cut as slump bites May 17, 2009 STUART Rose, executive chairman of Marks and Spencer, will today meet with the rest of the board to discuss an expected dividend cut, a decision that could propel the group into a battle with its investors. Analysts expect M&S’ total dividend payout to be slashed to just 17.4p, a reduction of 23 per cent, just 12 months [...]
Potential bidders eye ITV’s Friends May 17, 2009 STRUGGLING broadcaster ITV has received considerable interest in its social networking business Friends Reunited, which it has put on the market in an attempt to save cash. A string of potential bidders are understood to have approached the company, including US-based The Generation Network, which owns Ancestry.com and Genealogy.com – highlighting the appeal of the [...]
VW axes talks with Porsche May 17, 2009 GERMAN carmaker Volkswagen (VW) said yesterday it was abandoning talks with its major shareholder, Porsche, which were scheduled for today. A spokesperson for the company said there was “currently no atmosphere for constructive talks.” The meeting had been called to discuss the possibility of a planned integration by VW into Porsche. But VW put a dampener [...]
Crossrail gets City backing May 17, 2009 INFRASTRUCTURE investments such as the long-awaited Crossrail project, for which construction began last Friday, have a positive impact on the City, a survey out today will show. The data from City law firm Pinsent Masons shows that 77 per cent of the City think such investments will enhance London’s competitiveness and attractiveness as a business [...]
London retail sales ahead of rest of UK May 17, 2009 RETAIL sales in central London were up 5.4 per cent in April, compared with the previous year – beating the 4.6 per cent increase in the UK as a whole – according to data released by the British Retail Consortium today. “April was a good month for retail, with Easter falling in the month and [...]