Hexagon readjusts its forecasts downwards December 2, 2009 HEXAGON Human Capital reported yesterday that it has been over-optimistic in its cash flow forecasts and that the group now expects its full-year earnings to be below market expectations. Hexagon, which saw a stabilisation in its trading in recent months, announced that it was in default on previously arranged payments with the tax authorities as [...]
Aer Lingus to cut more jobs December 2, 2009 AER LINGUS’ new boss stamped his mark on the ailing airline yesterday, announcing another round of job cuts after talks with unions to reduce the airline’s wage bill collapsed. Ex-package holidays executive Christoph Mueller, who took up the post at Aer Lingus on 1 September, is trying to overhaul a carrier which has resisted two [...]
CITY MOVES WHO’S SWITCHING JOBS December 2, 2009 Deutsche BankDeutsche Bank’s private wealth management division said yesterday it had appointed Kwong Kin Mun as head of private banking for its South East Asian arm. He will take up the position from 21 December. Prior to this, Kin Mun had been the head of private banking for South Asia at DBS Private Bank in [...]
Informa drops Springer bid December 2, 2009 MEDIA group Informa has abandoned a bid for Springer Science & Business Media, saying it was unable to do a deal in the time set by the debt-laden firm’s private equity owners. Informa was planning to buy Springer after its owners, Candover and Cinven, put it on the market earlier this year. Springer was valued [...]
Moller-Maersk agrees to sale of plastics division December 2, 2009 DENMARK’S shipping group Moller-Maersk said yesterday it has agreed to sell its Rosti Technical Plastics (RTP) Holding unit to the privately-owned Swedish firm Nordstjernan for an undisclosed fee. RTP, which produces injection-moulded plastic products for various industries, had sales of €112m (£103m) in the last 12 months, Nordstjernan said in a statement yesterday. Nordstjernan said [...]
Minerva hits back at rebel shareholder December 2, 2009 PROPERTY FIRM Minerva yesterday published a hard-hitting rebuttal to South African entrepreneur Nathan Kirsh’s £84.5m takeover bid, urging its shareholders to reject the “woeful” offer. Minerva chief executive Salmaan Hasan said the timing of the 50p per share bid from Kirsh’s vehicle KiFin, launched on 17 November was “opportunistic” and a “wholly inadequate” attempt to [...]
DOES KIRSH’S BID UNDERVALUE MINERVA? December 2, 2009 AARON GUY COLLINS STEWART“Minerva was a heavily indebted developer and had its struggles, but the value of its portfolio has now increased by ten per cent. The share price has bounced significantly recently making this bid seem low. There is a lot of equity chasing commercial property ahead of the recovery.” JOHN CAHILL KBC PEEL [...]
Top businesses urge Gordon Brown to fight for emissions cut in Copenhagen December 2, 2009 SOME of Britain’s biggest businesses are today urging the Prime Minister to fight for a global cut in carbon emissions at next week’s climate change negotiations in Copenhagen. The Prince of Wales’s Corporate Leaders Group on Climate Change – which includes firms such as Shell, Tesco and Unilever – will tonight present a communiqué endorsed [...]
Ex-banker buys Folio Hotels December 2, 2009 Former global head of real estate at Citi’s investment bank James Brent yesterday announced he had snapped up the core Folio hotel business to launch a newly formed company, the Akkeron Group. Brent plans to build a portfolio of up to 150 regional hotels across the UK. Akkeron Hotels reported that it has established its [...]
Jump in cosmetic surgery December 2, 2009 The Harley Medical Group yesterday reported a surge in non-surgical cosmetic treatments in the run up to Christmas with bookings for the most popular treatments up by 14 per cent. Botox remains the most popular, accounting for 73 per cent of non surgical injectable treatments carried out during November.
