M&C predicts worst is over in hotel slump November 5, 2009 HOTELIER Millennium & Copthorne yesterday said the worst of the recession may be over as its rate of revenue decline slowed but warned it could take more than two years for trading to recover to the levels seen in 2007. M&C, which operates 120 hotels across the world, said revenue per available room (Revpar), a [...]
Deutsche Telekom and France Telecom in deal to become UK’s biggest operator November 5, 2009 DEUTSCHE Telekom and France Telecom last night signed the final agreement to combine T-Mobile and Orange to create the UK’s largest mobile operator. The two parent companies had been carrying out due diligence on the 50-50 venture, which was first announced on 8 September. It will now have to go to the regulators for approval, [...]
BURNS TO HEAD CHANNEL FOUR November 5, 2009 Former Treasury adviser Lord Burns was yesterday confirmed as the new chairman of Channel Four, replacing Luke Johnson. Burns, the former permanent secretary to the Treasury, carried out a review of the BBC for the then culture secretary Tessa Jowell in 2006.
BTG profits take a dip after buy November 5, 2009 SPECIALITY pharmaceuticals firm BTG yesterday reported a fall in first half pre-tax profits to £2.4m from £3.4m the previous year, following an £11.3m loss stemming from its acquisition of Protherics. BTG saw a jump from £30.2m to £47.9m in revenue for the six months ending September 2009. It plans to establish a US sales force [...]
Barclays bank staff revamp gathers pace November 5, 2009 FORMER Citigroup banker Tom King – due to join Barclays Capital next month – is set to become head of investment banking for Europe, the MiddleEast, and Africa. In the latest move in Barclays’ recent management shake-up, King will report to Barclays Capital’s head of global investment banking, Hugh “Skip” McGee. The role is currently [...]
Hammerson preserves Light Bar November 5, 2009 Developer Hammerson yesterday reported it had gained planning permission for its Bishops Place Regeneration Project – after it agreed to preserve the 19th century drinking hole The Light Bar. Hammerson has been faced with protests from Hackney Borough Council, who fought to keep the bar there as part of the area. Under the revised proposals [...]
London office take-up jumps November 5, 2009 In the three months to the end of September, take-up of office space across the capital’s main West End, City and Docklands markets has increased by 64 per cent on the second quarter to 1.86m sq ft, according to latest figures by Cushman & Wakefield. This figure is more than double the take-up seen in [...]
Wincanton pre-tax profits dip November 5, 2009 Logistics firm Wincanton reported yesterday that its pre-tax profits for the six months to September fell to £18m from £21.4m the previous year. The firm also reported a 10.4 per cent drop in revenue to £663.4m from last year's £740.8m, driven by a transfer of its chilled consolidation business to a new joint venture as [...]
Hardy Oil & Gas fall on oil drop November 5, 2009 India focused oil group Hardy Oil & Gas saw its shares fall 2.96 per cent to 262p yesterday after the company reported a drop in third quarter oil sales. The figures tumbled to 28,165 barrels for the three months to September 30, down from 53,182 barrels in the same period last year.
Big Four faces auditing probe November 5, 2009 THE big four accountancy firms have been put on notice over possible conflicts of interest stemming from the growing overlap of internal and external audit services. The Financial Reporting Council (FRC) has launched a three-month inquiry after details of a deal between KPMG and Rentokil were made public. The controversial contract provides a “deeper” service [...]
