From stamp duty to the triple lock, Andy Haldane says bold Burnham leadership can usher ‘vibe change’ for UK economy
Morgan Stanley seals $300m deal for stake in Chinese chemicals firm March 21, 2012 THE Asian private equity arm of Morgan Stanley has invested $300m (£189.4m) in a Chinese chemical firm which is plotting an expansion into the West. The bank will take a minority stake in Tianhe Chemicals Group, which has a dominant market share in lubricant oil additives in China and is the fifth largest globally in [...]
Johnson & Johnson and GSK launch £125m fund March 21, 2012 GLAXOSMITHKLINE (GSK) and Johnson & Johnson are taking a creative new tack in the hunt for tomorrow’s drugs by linking with venture capital firm Index Ventures in an unusual tie-up. The two pharmaceutical manufacturers will together contribute half the funding for a €150m (£125m) fund being launched by Index to invest in early-stage life sciences [...]
Debt-ridden Kingfisher to cut its flights March 21, 2012 STRUGGLING airline Kingfisher will scrap all overseas flights from this Sunday, as the Indian authorities consider stripping the company of its aviation licence. The debt-laden carrier, run by liquor baron Vijay Mallya, has not paid staff since December and the tax authorities have frozen its bank accounts. It owes $1.3bn (£820m) to its banks. Indian [...]
Nissan brings back Datsun March 21, 2012 NISSAN, Japan’s second largest carmaker, is bringing back the Datsun brand – but British motorists hoping to drive the discontinued range will be disappointed. The firm said it is looking to increase sales in Indonesia, India, and Russia by reviving the brand for these emerging markets, and has no plans to roll out the vehicles in [...]
CITY MOVES | WHO’S SWITCHING JOBS March 21, 2012 Ashurst The leading international law firm has announced that James Collins has been appointed as managing partner, with effect from 1 May 2012. Collins trained at Ashurst and became partner in 2005. He is currently a banking partner in Paris, with particular expertise in cross-border acquisition finance and restructuring transactions. He succeeds Simon Bromwich, who [...]
Intertek expands in America March 21, 2012 Testing group Intertek has snapped up a North American product quality and benchmarking group for £4.1m. The firm, 4th Strand, was previously owned by management and is used by retailers to test their product lines. Intertek chief Wolfhart Hauser said: “Their services will increase our consulting capability to existing North American and global clients who [...]
High speed freight trial starts March 21, 2012 The first high speed Channel Tunnel freight train arrived in St Pancras station yesterday morning, a trial that Eurotunnel said could herald next-day delivery from continental Europe. Euro Carex, a group of transport firms and hauliers, said the 120 tonne delivery “clearly shows the interest of strategic players in the logistics field… in linking their [...]
G4S and Serco sign asylum deal March 21, 2012 G4S and Serco signed contracts with the UK Border Agency yesterday to deliver services such as accommodation and transport to asylum seekers. The five-year deal with G4S, the world’s largest security firm, is worth £203m in centres in the Midlands and across the north. Meanwhile Serco will provide services in the north west, Scotland, and [...]
KEEPING THE FIGURES IN THE CHOTE FAMILY March 21, 2012 CHANCELLOR George Osborne makes much of the endorsement given to his Budget by an independent quango he set up to monitor Treasury number fudging, the Office of Budget Responsibility. “These days the direct costing the Treasury applies to every Budget measure is independently assessed and certified by the OBR,” he yesterday declared pointedly to shadow [...]
POLO AT THE 02 March 21, 2012 POLO ponies took to the 02 Arena last night for the second staging of the hugely popular City A.M.-sponsored Gaucho International polo event. The Dome welcomed teams from Ireland, Scotland, England and Argentina for a celebration of the South American country’s sporting and cultural heritage. Guests including Katie Price were treated to a nail-biting headline [...]