Police uncover 80m City Ponzi fraud with 600 victims falling prey to scam July 19, 2009 CITY of London Police have uncovered an £80m “Ponzi” scheme that has more than 600 victims, with some now said to be bankrupt, homeless or suicidal as a result. The City police held a meeting for the victims last week at its Wood Street headquarters, after many refused to believe their investments in the scheme [...]
MANDELSON: GET A MOVE ON, TATA July 19, 2009 BUSINESS secretary Lord Mandelson has said Tata Motors has yet to respond to a government offer of aid for its stricken UK-based automaker Jaguar Land Rover. “I am simply saying that if this situation is so urgent, I think that Tata need to quicken the pace of their response,” he said.
Cowdery bid thunders on July 19, 2009 RESOLUTION, the buyout vehicle headed by Clive Cowdery, is pressing ahead with its audacious bid to buy out life insurer Friends Provident and restructure the group to unlock value, despite opposition from the Friends board. Resolution is hoping to start talks with Friends this week that would lead to a buyout of the firm. Cowdery [...]
Duchy Originals facing a right royal takeover by Waitrose July 19, 2009 DUCHY Originals, Prince Charles’s organic food group, is thought likely to be sold to upmarket supermarket chain Waitrose after drastic measures have been required just to stay afloat. The firm, which focuses on running a sustainable farm and making charitable donations, may be sold to the supermarket giant as early as this week. Its profits [...]
RBS pay restrictions lead to loss of talented staff to competitors July 19, 2009 ROYAL Bank of Scotland has lost more than 700 of its top investment bankers to rivals as it labours under government restrictions on compensation policy. The bank cannot pay cash bonuses this year as a result of the government bailout which has left it 70 per cent owned by the Treasury. Rivals are understood to [...]
FULL STEAM AHEAD July 19, 2009 VIRGIN Trains, 51 per cent owned by Sir Richard Branson’s Virgin Group, has reported a 32 per cent surge in the number of bookings so far this year – a 256,000 gain. The West Coast Main Line operator says the pull of designer shopping in Chester had seen the city register a 300 per cent [...]
Sandler new candidate for Lloyds chair July 19, 2009 RON Sandler, the man parachuted in to Northern Rock by the government to turn the stricken mortage lender around, has emerged as a surprise candidate to succeed Sir Victor Blank as chairman of Lloyds Banking Group. The bank, which is 43 per cent owned by the taxpayer, has drawn up a shortlist of names for [...]
Green dreams: a Moon Race for the 21st Century July 19, 2009 FORTY years ago today Neil Armstrong jumped off the ladder of his Eagle landing module as the US finally won the decade long battle with Russia to put the first man on the moon. NASA won, not by luck, but because it put in place a countrywide programme costing over $100bn (£61bn) in today’s money [...]
Bank of Ireland eyes rights issue July 19, 2009 BANK of Ireland is understood to be planning a rights issue in November to buy out some of the government’s indirect 25 per cent stake in the lender. The move could raise the €1.5bn (£1.3bn) necessary to limit the Irish government’s preference shares at 15 per cent, minimising the possibility of majority stake ownership after [...]
One in five jobs cut at Hit firm July 19, 2009 HIT Entertainment, the group that owns the rights to Thomas the Tank Engine and other children cartoon characters, has cut one in five jobs in an attempt to avoid breaching its banking covenants this September. Private equity firm Apax bought the children’s entertainment producer and rights owner in 2005 for around £489m. But the group [...]
