Tide of business bankruptcies to halt next year October 18, 2009 THE tide of businesses sinking into bankruptcy over the financial crisis will be stemmed by early next year, a new report shows today. The report, by accountancy firm BDO, said the rise in the number of firms going bust – over one in 60 businesses this year – would end next year as the UK [...]
Nat Express attracts bid October 18, 2009 STAGECOACH, the bus and rail group, has made an approach for its ailing rival National Express. The £1.65bn all-share merger proposal was made in a letter from Stagecoach’s chief executive Brian Souter, and chairman Robert Speirs to John Devaney, chairman at National Express. A tie-up between the two would leave Stagecoach, which is due to [...]
Earnings season is like X Factor for the City stars October 18, 2009 TWO important events have collided this autumn: X Factor and earnings season. So I’ve cast myself as CNBC’s Cheryl Cole. I’m not half as glam as Mrs Cole. I’m a foot taller and decidedly more pregnant, but I’m going to roll with it and leave my colleagues to argue over who wants to be Dannii, [...]
US authorities bail out 99th struggling bank October 18, 2009 REGULATORS have shut down San Joaquin Bank in California, marking the 99th failure this year of a federally insured bank. The Federal Deposit Insurance Corporation (FDIC) was appointed receiver of San Joaquin Bank, based in Bakersfield, California. It had $775m (£474m) in assets and $631m in deposits as of September 29. The FDIC said the [...]
SHELL?TALKS October 18, 2009 IRAQI oil officials are in talks with Royal Dutch Shell once more, over revising its offer to operate the Kirkuk oilfield.Talks have resumed after Europe’s biggest oil company failed to win the licence in Iraq’s first bidding round in June. Meanwhile, Iraq’s cabinet yesterday ratified a contract with BP and China’s CNPC to develop the [...]
West End delivers boost for London sales growth October 18, 2009 LONDON retail sales in September had their strongest growth since August last year due to a wave of renewed consumer confidence, according to figures out today from the London Retail Consortium. Retail sales in central London were 7.5 per cent higher on a like-for-like basis in September than a year ago, when sales nosedived to [...]
DINING OUT ON THE DOWNTURN October 18, 2009 CAPRICE Holdings, the restaurant empire behind celebrity haunts The Ivy and J Sheekey has defied the consumer downturn by posting a 20 per cent lift in underlying profits. The group, owned by rag trade millionaire Richard Caring (pictured), has grown earnings before interest, tax, depreciation and amortisation to £16.7m in the financial year to the [...]
Lupus faces pay backlash October 18, 2009 LUPUS shareholders were up in arms last night after it emerged that the group’s temporary chief executive was on a much higher pay package than they had been led to believe. Turnaround specialist Keith Taylor was parachuted into the group as chief executive after chairman Greg Hutchings, a former Tomkins boss, was ousted in July. [...]
Post strikes will do most damage to Royal Mail October 18, 2009 IF THIS week’s postal strike goes ahead from Thursday, as expected, the Square Mile will not come to a grinding halt. The rise of the internet, email and electronic trading platforms mean that the Royal Mail’s integral role of facilitating business between City firms are long gone. I suspect that more damage will be caused [...]
City Moves for 19 October 2009 | Who’s switching jobs October 18, 2009 AvivaThe insurer has appointed Marie Sigsworth as its new corporate responsibility director. Sigsworth, who will be responsible for all aspects of corporate responsibility, including diversity, environment and community programmes and the global employee satisfaction survey, originally joined Aviva in 1986. Clifford ChanceThe law firm’s partners have elected Cliff McAuley to serve a further term as [...]