Fresh probe for Strauss-Kahn March 26, 2012 Former IMF chief Dominique Strauss-Kahn was placed under formal investigation yesterday by authorities looking into a suspected prostitution ring in the French city of Lille, his lawyer said, following a day of questioning by judges in a closed courtroom. The investigation on suspicion of complicity in a pimping operation is the latest judicial headache for [...]
Bumi to unveil board shake-up March 26, 2012 Nat Rothschild is today set to stand down from the chairmanship of Bumi, the coal miner he helped bring to market in London last year, at the request of investors. Indonesian coal entrepreneur Samin Tan, who became a major investor in London-listed Bumi alongside the Bakrie family last year, is to become chairman as part [...]
Game in final battle to find white knight March 26, 2012 MORE THAN 2,000 Game Group staff will be made redundant this week after the video games retailer collapsed into administration yesterday. PwC, the appointed administrator, said 277 stores would be shut with immediate effect, leaving 2,119 employees without jobs including 15 head office staff. The remaining 332 stores employing 2,814 people will stay open as [...]
Treasury met Abu Dhabi to discuss start of RBS sell-off March 26, 2012 THE Treasury has held talks about selling a stake in Royal Bank of Scotland to Abu Dhabi, it emerged last night. Officials have spoken to the emirate’s sovereign wealth funds over the course of several months. Sources said, however, that talks have not reached an advanced stage and a deal is not imminent. The government [...]
MEET THE ADMINISTRATORS March 26, 2012 PwC partners Mike Jervis and Stuart Maddison have been appointed as joint administrators to Game Group’s UK operations after the retailer formally went into administration yesterday. Mike Jervis oversees PwC’s middle market practice in London and works both in an advisory capacity and takes appointment roles, assisting in the reconstruction or sale of businesses. He [...]
Donor dinners: who’s been supping with the PM March 26, 2012 THE CONSERVATIVES yesterday published a list of large donors who have attended dinners at the Prime Minister’s official residences since the coalition was elected in 2010. Tory co-treasurer Peter Cruddas resigned on Sunday after being caught suggesting that big donors could influence Number 10 policy. Meetings between large donors and leaders of political parties are [...]
BMW recalls 109,000 UK cars in battery fire scare March 26, 2012 BMW, the world’s largest premium carmaker, is recalling about 1.3m cars for repair worldwide due to a possible problem with a battery cable cover in the trunk. The recall, announced yesterday, affects about 109,000 cars in Britain, BMW said. It concerns 5 and 6-Series BMWs built between 2003 and 2010. BMW said it was writing [...]
IFS: Minimum price will hurt moderate drinkers March 26, 2012 NEW RULES pushing up the price of alcohol will affect almost half of drinks sold at off-licences and hit moderate drinkers, a study by the Institute for Fiscal Studies claims. Home secretary Theresa May announced the government is looking into a minimum price of 40p per unit, arguing last week that higher prices will crack [...]
Monitise buys US rival firm March 26, 2012 MONITISE has made its first acquisition in its almost ten-year history with Clairmail, the US-based mobile banking software firm. The British financial services technology company forked out $173m (£108.5m) to buy its rival, which will account for 26.5 per cent of the combined group, worth almost £400m. The acquisition of Clairmail, which grew revenues by [...]
Return to calm in the market aids Aberdeen March 26, 2012 ABERDEEN Asset Management was one of the biggest risers on the FTSE 100 yesterday after it pulled in more money amid calmer global markets. It posted a six per cent rise in funds under management to £184.4bn in the two months to the end of February as investors rediscovered their appetite for risk. Chief executive [...]