Thomas Cook profits halve November 28, 2012 Thomas Cook this morning said operating profit for the year to 30 September fell by 49 per cent to £156m. The company largely blamed the slump on higher fuel costs. Despite this the venerable travel group said it was optimistic about its performance in recent months. “These results reflect the major issues that Thomas Cook [...]
MegaFon prices London IPO at bottom of range November 28, 2012 Russian telephone network MegaFon this morning priced its London flotation at the bottom of a $20-$25 range, valuing the firm at $11.1bn (£6.9bn). The business is controlled by Russia’s richest man Alisher Usmanov, the part-owner of Arsenal football club. The float will raise $1.7bn with an initial free float of 15.2 per cent of shares. [...]
Tech boss sparks new row with HP November 27, 2012 THE founder of the British technology firm at the centre of a multi-billion pound accounting scandal yesterday went on the offensive against computing giant Hewlett-Packard (HP), challenging the US company to answer questions over the allegations it made against his firm. Mike Lynch, the founder and former chief executive of Autonomy, said he found it [...]
Entrepreneur swoops in to bid for 180 Comet stores November 27, 2012 BUSINESS angel and entrepreneur Clive Coombes has emerged as a surprise bidder for around 180 Comet stores. Comet’s administrator Deloitte confirmed yesterday it is in talks with 43-year-old Coombes over a bid for the crisis-hit electronics retailer but said it was too early to say if it would result in a sale. The little-known entrepreneur [...]
King warns Carney of his tough future November 27, 2012 OUTGOING Bank of England governor Sir Mervyn King yesterday welcomed the appointment of Mark Carney as his successor, describing the Canadian central banker as “outstanding”. But Sir Mervyn also warned that Carney is coming to the role at a tough time, as the economy is in poor shape and the Bank is taking on new [...]
King denies stamping on dissent in reign at Bank November 27, 2012 BANK of England governor Sir Mervyn King yesterday denied claims he crushes dissent at the central bank, insisting he has fostered an open, intellectual culture in his time in the top job. The outgoing governor also tried to defend his decision to let the Treasury take £37bn from the asset purchase programme, although he apologised [...]
What the other papers say this morning November 27, 2012 FINANCIAL TIMES Moody’s faces curbs on Buffett links Moody’s faces a ban on rating products issued by Warren Buffett’s Berkshire Hathaway in an EU clampdown on alleged conflicts of interest at credit rating agencies. Last night the European parliament and EU member states agreed a draft plan to impose limited curbs on the sector that [...]
Tory minister plans massive building drive November 27, 2012 THE GOVERNMENT’S planning minister is calling for an enormous increase in housing levels in Britain in order to meet rising demand. Nick Boles, a Tory who was appointed to his role in David Cameron’s September reshuffle, will today reveal a plan to expand the area that property can be built on by up to a [...]
Green investment bank launched November 27, 2012 The UK’s Green Investment Bank (GIB) was launched today, announcing multi-million pound investments in waste management and energy saving projects. The GIB is backed by £3bn of taxpayer money to invest in “green” projects which private investors are unwilling to fund alone. Business secretary Vince Cable said the GIB “will place the green economy at the [...]
Government to hammer pensions November 27, 2012 George Osborne could slap pensions with any one of a welter of taxes in the Autumn Statement, tax experts told City A.M. yesterday, as part of the government’s plan to put more of the burden of austerity on the wealthiest people in the UK. The most likely measure the chancellor might adopt was lowering the [...]