Search for BP chair nears end June 14, 2009 OIL giant BP’s tortuous two-year slog to find a new chairman is finally drawing to a close, and mining and energy heavyweight Paul Anderson is tipped to be the man to end it. While BP refused to comment on who might fill the post – one of the most prestigious in corporate Britain – Anderson [...]
Segro to launch second cash call June 14, 2009 Property company Segro is considering launching a second rights issue this year to enable it to buy its debt-burdened rival Brixton. The industrial real estate group, which three weeks ago made a bid approach to Brixton, is thought to be weighing up a two-step bid, comprising a share-swap offer and a minimum £300m equity raising [...]
Reuben bros launch bid for bars June 14, 2009 The billionaire Reuben brothers have launched a bid for troubled bar operator Premium Bars & Restaurants (PBR), which owns the Living Room and Prohibition chains. David and Simon Reuben have tabled an offer of up to £40m for the group, to include senior debt, and one of £30m with no debt. It is believed the [...]
AB Inbev to sell down in Europe June 14, 2009 The world’s largest brewer Anheuser-Busch InBev is considering divesting its central European operations involving 11 breweries in seven countries. AB InBev sold its South Korean subsidiary Oriental Brewery to private equity firm Kohlberg Kravis Roberts. last month for $1.8 bn, as part of a move to repay debt incurred in the $52bn purchase of Anheuser-Busch. [...]
Lloyds loses rich US clients in rules blow June 14, 2009 LLOYDS Banking Group has told a group of UK-based, high-net worth American clients at one of its investment management arms it can no longer run money for them, due to a regulatory hitch. The bank last week contacted around 30 wealthy clients of its Bank of Scotland Portfolio Management Service by letter informing them it [...]
UK investors prove least likely to shy from taking risks June 14, 2009 INVESTORS in the UK are significantly more likely to increase the level of risk in their portfolios than their foreign counterparts, a new survey has shown. Among British investors, 37 per cent said they were likely to increase the level of risk in their portfolios in the next 12 months, according to the report by [...]
Greater London property dives June 14, 2009 The capital value of industrial properties in Greater London has fallen over 22 per cent more than the average for industrial property across the UK over the last year, according to research out today from NB Real Estate. The capital value of industrial properties in the capital has plummeted by 24 per cent over the [...]
Staff swap holidays for cash June 14, 2009 Employees are increasingly selling off their holiday allowance to boost their salary according to research out today by employee risk and benefits management firm, Aon Consulting. So-called “holiday trading”, whereby employees either buy or sell their allotted holiday allowance has nearly doubled to 35 per cent in 2009, as employees seek more ways to boost [...]
WORST CITY FIRMS TO JOIN ROLL OF HONOUR June 14, 2009 FANCY awards dinners have a reputation for being duller than dishwater, so it’s refreshing to hear of an upcoming ceremony that aims to break the mould. That’s right: the Sharecrazy Worst Company of the Year awards are back by popular demand, having gone down a treat with frazzled City folk last time around at a [...]
5.2m hours wasted in the strike June 14, 2009 Strikes on the underground last week lead to 5.2m wasted hours, a survey will say today. The data, from Citrix Online, says that London’s workers spent an extra 1.3m hours – or 188,000 working days – getting into work last Wednesday, the first day of the strike. A third of London-based employees were disrupted by [...]
