Former Morgan Crucible chief to face US officials March 22, 2010 FORMER Morgan Crucible boss Ian Norris, who has been charged with price fixing and obstruction of justice, will be extradited to the US after a last ditch application to the European Court of Human Rights was turned down. The decision means that Norris will now face the US Department of Justice on the charges. Norris’ [...]
Legal sector faces change in fees structure March 22, 2010 COMMERCIAL law firms are facing a period of dramatic change that will force the sector to rethink fee structures and see more power handed to clients, said new research. A survey of general counsel and private practice partners commissioned by law firm Eversheds found that 78 per cent believe the recession will have a lasting [...]
Wolseley sees profits plunge by 34 per cent March 22, 2010 HOUSEBUILDER supplier Wolseley yesterday warned that the economic environment remained volatile, as it posted a sharp drop in half-yearly trading profit. The FTSE 100 group’s trading profit slipped 33.5 per cent to £167m in the six months ended 31 January 2010, compared with £251m in the same period of the previous year. First-half revenue was [...]
OH, FOR THE DAYS BEFORE PURITANS WIELDED THE BUDGET BRIEFCASE… March 22, 2010 BUDGET Days, under New Labour, have become a decidedly austere affair in recent years – and not just because the public finances are spiralling out of control. Alongside bringing a battered red briefcase to the House of Commons, the incumbent chancellor is traditionally allowed to drink from a glass of his favourite tipple while presenting [...]
HOW SERIOUS IS THE FALL IN PROFITS AT WOLSELEY ? March 22, 2010 MICK GILIGAN | KILLIK & CO The financial position of the business improved at the last full year stage in July, with net debt down to £959m. This has improved further to £910m. ALAN CLARKE | BNP PARIBAS There are definitely signs that the housing market is cooling off. After an initial sugar rush of [...]
iSoft man lands eight-year ban March 22, 2010 IAN Storey, a former iSoft employee, was banned from practising as an accountant for eight years yesterday after providing false information to auditors. The financial controller of the UK-based healthcare software company admitted he had given “false and misleading information to iSoft’s former auditors over a two-year period in relation to a purported iSoft contract” [...]
King warns of slow recovery and says growth won’t return to pre-crisis levels March 22, 2010 BANK of England governor Mervyn King yesterday poured cold water on hopes of a sunny economic recovery, warning that the environment will feel “far from normal” for some time. In a speech about the difficulties of communicating economic forecasts, King reiterated that economic activity would remain well below pre-credit crunch levels, despite the strong bounce [...]
Feinberg to review pay at US bailed out companies March 22, 2010 OBAMA pay tsar Kenneth Feinberg is planning to review past compensation at 419 firms that received bailout funds, including JP Morgan and Goldman Sachs, according to a source close to the US Treasury Department. Feinberg will “look back” at any pay for the top 25 earners that totaled more than $500,000 (£331,218) from October 2008, [...]
Kentz posts 9pc jump in earnings March 22, 2010 IRISH engineering group Kentz posted a nine per cent rise in full-year pre-tax profit, boosted by a higher backlog of orders and increased revenue from its construction segment, and said it was comfortable with market expectations for 2010. The company, which raised its total dividend by five per cent to six cents a share, said [...]
General Dynamics wins armoured vehicles deal March 22, 2010 THE UK government has awarded US firm General Dynamics the contract to build new armoured vehicles for Britain’s army, a significant blow to UK bidder BAE Systems which had hoped to win the deal. The contract is the first phase of the £4bn contract to build armoured reconnaissance vehicles to replace Britain’s ageing Scimitar scout [...]