S&P chops Irish rating June 8, 2009 STANDARD and Poor’s (S&P) yesterday cut Ireland’s sovereign credit rating for the second time in three months and warned it could fall further because of concern about the soaring cost of bailing out the country’s banking sector. Ireland is now rated at “AA” with a negative outlook, S&P said. It was previously “AA+” and the [...]
Entrepreneurs must show an appetite for risk June 8, 2009 Fresh from a weekend of filming for Dragon’s Den, to appear on BBC2 this September, I have been reflecting on the entrepreneurs who were pitching, and what it is that makes them backable. I’m looking for the killer instinct. I saw a lot of passion, enthusiasm and even drive this past weekend, but the difference [...]
Relax given a boost as consumers struggle to manage personal debt June 8, 2009 CONSUMER debt management firm Relax Group yesterday said the economic outlook continues to favour the firm’s activities as it updated the market on an “extremely satisfying” set of results. Relax, which acquired PB Recovery in February and Relax Finance in May last year, said pre-tax profit rose to £668,000 for the five months to December, [...]
Wigley named as new Yell chairman June 8, 2009 DIRECTORIES publisher Yell said yesterday it had appointed Bob Wigley, ex-chairman of Merrill Lynch’s Europe, Middle East and Africa operations, as its new group chairman. The appointment of the veteran banker comes as the Yellow Pages owner seeks to reassure investors over the stability of its heavily-leveraged balance sheet. The group – which took a [...]
EDF launches offer for EcoSecurities as bid war hots up June 8, 2009 CARBON credits firm EcoSecurities yesterday rejected a takeover bid from French utility giant Electricité de France (EDF), the second it has received in June so far, sparking hopes that a bidding war will soon break out for the company. EDF Trading, a subsidiary of EDF, said it was considering a cash offer of at least [...]
BEST OF THE BROKERS June 8, 2009 RIO TINTOCitigroup said that Rio Tinto’s growth projects will come back onto the agenda now that the miner has pulled out of the Chinalco deal and confirmed a rights issue. to reduce its debt burden. The broker notes that dilution from the cash call will be less than if the Chinalco deal went ahead, and [...]
Bingo resilient in the downturn June 8, 2009 The recession will have only a muted effect on the UK’s bingo halls after the industry already absorbed the negative impact of the smoking ban and changes to machine regulation, accountancy firm PricewaterhouseCoopers has predicted. The firm forecasts that bingo revenues will remain relatively static over 2009, falling between zero and three per cent. But [...]
Shareholders positive, says IMA June 8, 2009 Rebounding markets finally pushed investors into confident territory last month, according to the Investment Management Association (IMA). The association said its GB Investor Confidence index – which ranges from 0 to 200 where 100 is “neutral” – hit 106 last month. This compares to 99 at the start of May, and 71 six months ago.
Analysts: investors are irrational June 8, 2009 More than two thirds of financial professionals believe there is no rhyme or reason to market movements, according to research released yesterday. Of 438 surveyed members of the CFA (Chartered Financial Analyst) Society of the UK, the member association for investment professionals, 77 per cent said they did not agree that market prices fully reflect [...]
CITY MOVES WHO’S SWITCHING JOBS June 8, 2009 DeloitteThe business advisory firm has appointed risk management specialist Philipp Keller to its European Solvency II team. Keller, who joins the Zurich office as head of insurance risk management, was previously head of research and development and a board member of the Federal Office of Private Insurance in Switzerland. He is also an adviser on [...]
