Entrepreneurs see confidence upturn May 17, 2009 CONFIDENCE among UK entrepreneurs is returning as demand for their goods and services stabilises, a survey by a leading entrepreneurial advisory firm has shown. One in four entrepreneurs polled by Tenon said they expect demand to increase by at least 10 per cent over the next quarter, while around half expect it to stay the [...]
Watchdog to bare teeth with PwC audit of RBS May 17, 2009 THE Financial Services Authority has hired PricewaterhouseCoopers (PwC) to investigate former board members of Royal Bank of Scotland as part of its inquiry into the banking crisis. The FSA has asked PwC to look into whether the bank’s board gave sufficient information to the stock market in and around the period of its £12bn rights [...]
BGI suitors aim to scupper CVC iShares deal May 17, 2009 FUND management firm Blackrock and Bank of New York Mellon are believed to have tabled bids for Barclays’ BGI unit, valued at around $10bn (£6.6bn). The division is up for sale as part of a “go-shop” clause within an already agreed deal for BGI subsidiary iShares, due to be sold to private equity house CVC [...]
Weaker firms bulk up Aim exodus May 17, 2009 Over half of the firms which have delisted from Aim since the start of last year have been tiddlers with a market cap of under £3m, research from Baker Tilly has shown, boosting hopes that the exodus will prove to be a valuable readjustment. Around 190 of the 361 firms which delisted between January 2008 [...]
Peterson faces 313m claim May 17, 2009 Administrators of collapsed hedge fund group Weavering Capital are pursuing its disgraced former manager, Magnus Peterson, for £313m. The massive size of the claim has been revealed after Peterson’s home was raided by investigators from the Serious Fraud Office last Friday. His flagship Macro Fixed Income fund was liquidated in February.
Diageo firm on late payments May 17, 2009 Drinks company Diageo has imposed harsher payment terms on its suppliers, risking a backlash from business secretary Lord Mandelson who had appealed for better treatment of small businesses. The Smirnoff owner has increased the number of days in which it commits to pay its suppliers to 30 days, from 45, saying the changes are necessary [...]
Carluccio’s bidder outed May 17, 2009 THE mystery bidder for the Italian restaurant and retail chain Carluccio’s is believed to be investment firm Hutton Collins. At the beginning of May, the group founded by chef Antonio Carluccio confirmed that it had received a preliminary approach but did not provide any details on the possible bidder. The group’s shares have recently jumped 25 [...]
We don’t know whether the equity rally is over May 17, 2009 IS the equity rally over? It’s the question on everybody’s lips and one we still don’t have the answer to. However, the balance of probability is that we may have already seen the best from this push higher. Indeed, I would go as far to suggest that this was just the warm up and that [...]
Strong results expected at SSL May 17, 2009 Condom maker SSL is expected to announce a strong set of full year results tomorrow. Analysts expect a 20 per cent increase in revenue to £636m and a 33 per cent jump in profit before tax to £76m. Shareholders are waiting with interest to hear how the company’s £90m investment last month into two eastern [...]
OMV and MOL in Iraqi fuel deal May 17, 2009 Two European energy companies helping build a pipeline which will cut the continent’s dependence on Russian gas said yesterday they will team up with Mideast producers to feed the route with Iraqi fuel. In a consortium announced in the United Arab Emirates, Austria’s OMV AG and Hungary’s MOL Nyrt said they will each take a [...]