Feud over scrap scheme ends after UK carmakers commit May 19, 2009 CARMAKERS ended their dispute with the government over the new cash-for-bangers scheme yesterday, and confirmed they will take part in the programme. Ford and Honda delayed their involvement in the scheme at the eleventh hour over concerns about how their financial contribution to the scheme would be structured. Both wanted clarification of VAT arrangements and [...]
BEST OF THE BROKERS May 19, 2009 ROLLS-ROYCEUBS downgraded Rolls-Royce to a “sell” rating, and cut its earnings per share estimates by seven per cent in 2010, to factor in a weaker A380 delivery outlook, a downward revision to the pension finance charge and the impact of the US dollar weakening. The broker expects two years of falling profits and cash out-flows. [...]
Dixon the risk-taker changes his tactics to thrive in the recession May 19, 2009 You could almost be mistaken for thinking Mark Dixon, the founder and chief executive of office space provider Regus, is enjoying this recession. Perhaps it is because Regus’ share price has bounced 50 per cent since March. What is clear is that the short, fair-haired, serial entrepreneur who is sitting in one of his flagship [...]
CITY GRANDEES UNITED IN FOOTBALLING LOVE May 19, 2009 SURELY it’s a sign of the times when even the guest speaker at a City awards bash isn’t quite certain why he’s been invited? Last night saw 300 business world luminaries pack the ballroom at the Hilton hotel on Park Lane for the 2009 M&A Awards, where sports television presenter Ray Stubbs, pictured below, had [...]
BANK OF ENGLAND IN RECORD PROFIT May 18, 2009 THE Bank of England (BoE) last year made its highest profit since its 1694 creation as it ramped up its activities as a result of the financial crisis. The £995m pre-tax profit for the year to February, revealed last night in its annual report, resulted from its decision to provide financing of up to nine [...]
UKFI mulls options on bank stakes May 18, 2009 UK Financial Investments, which manages the government’s 43.5 per cent stake in Lloyds Banking Group and 70 per cent stake in Royal Bank of Scotland, last night confirmed it was sounding out options over the sale of its stakes in the part-nationalised banks. UKFI is believed to have contacted a number of parties including mainstream UK [...]
KKR could yet pull off huge Boots coup May 18, 2009 TOGETHER with Guy Hands’ purchase of EMI, the creation and buy-out of Alliance Boots, the pharmacy-led health and beauty group, was one of the symbolic deals of the boom years. The firm was created when Alliance UniChem merged with Boots in 2006, before becoming the first FTSE 100 member to be taken private by a [...]
Shock exit for WestLB boss May 18, 2009 WESTLB chief executive Heinz Hilgert resigned yesterday following a disagreement with the German bank’s owners over how to restructure the stricken lender. The bank did not name an immediate successor for Hilgert, who had been in office since May 2008 and whose resignation was unexpected. His departure came with the bank in the midst of [...]
Martin’s future in doubt May 18, 2009 HOUSE of Commons speaker Michael Martin yesterday fought for his survival by apologising yesterday for the expenses scandal which he conceded had done terrible damage to the reputation of parliament. Martin, who faces a motion of no confidence brought by an opposition Conservative politician, sidestepped questions about his own future. But last night he appeared [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2009 FINANCIAL TIMESCASH-STRAPPED TOURISTS AVOID SPANISH SUNBritish tourists impoverished by the weak pound, German holiday makers worried about recession and a domestic market laid low by the sharpest economic contraction for 40 years: it would be hard to imagine a worse combination for Spain’s tourism industry as bookings in many places are down by at least [...]