Yell chair to go over Goodwin pension row May 20, 2009 YELL chairman Bob Scott – who as a Royal Bank of Scotland director rubber-stamped Sir Fred Goodwin’s £17m pension – said yesterday that he will not stand for re-election to the directory publisher’s board. Scott, who had been chairman of the Yellow Pages publisher since June 2002, bowed out after shareholders expressed their concern over [...]
Julius Baer splits private banking and asset arms in a bid to unlock value May 20, 2009 SWISS bank Julius Baer is separating its private banking and asset management arms into two “independent entities”, in a bid to unlock value for shareholders. The group said the split will create two groups with a “clear focus”. GAM, which sells funds to London investors from Julius Baer’s St James’s Street office, and Julius Baer [...]
FACEBOOK TO POKE THE MARKET May 20, 2009 FACEBOOK chief executive Mark Zuckerberg said yesterday he hopes to float his company on the stock market, but that the online social network is “still a few years out from that”. The 25-year old said the company is in no immediate need of fresh capital – despite numerous media reports that it has had talks [...]
Sir Alan gives bluster boy Ben his marching orders May 20, 2009 IF there’s one place you really don’t want to see Sir Alan Sugar (other than in the role of London mayor), it’s a maternity ward – he’s not famed for his bedside manner. But for this week’s task, he called the teams to University College Hospital to discuss babies, or how to flog stuff to [...]
Fiat confirms bid for Opel as GM splits up May 20, 2009 FIAT, one of the three bidders eyeing German carmaker Opel, confirmed it had submitted an offer for the General Motors’ (GM) owned firm ahead of yesterday’s deadline. Two other firms; Canadian-Austrian car parts group Magna and investment firm RHJ International have also entered formal bids for Opel, which ailing GM has put up for sale [...]
S Korean banks downgraded May 20, 2009 RATINGS agency Moody’s yesterday downgraded four of South Korea’s major banks in a move that signals worsening economic strife for the country. Moody’s pointed to rising bad loans and weak capital positions as the reason for the change. It said the banks had “numerous and severe strains on their operating performances compared to other Asian [...]
Panmure still mulling offers May 20, 2009 BROKER Panmure Gordon has again adjourned a meeting originally called to canvass shareholder approval for a stakebuilding proposal from private equity firm BlueGem, as it continues to mull over two rival offers. BlueGem had originally planned to buy a 40 per cent stake in the firm for 24p a share, until hedge fund SPQR Capital [...]
De La Rue profits up on surge in demand May 20, 2009 DE LA RUE, the world’s largest non-government printer of banknotes, yesterday reported higher full year profit and reiterated its confidence on its prospects for 2009-10, when it expects the euro and dollar to remain strong. De La Rue, which produces over 150 national currencies, posted pre-tax profit of £105m, up 19 per cent, on revenue [...]
BoE ready to pump more money into economy if needed May 20, 2009 FRESH money will be pumped into the economy if the outlook deterioriates further, the minutes from the Bank of England’s May policy meeting indicated yesterday. At the meeting, all nine members of the Monetary Policy Committee (MPC) voted in favour of extending the central bank’s quantitative easing programme by £50bn, taking the total to £125bn. [...]
Baby boom for Mothercare as its ELC purchase pays off May 20, 2009 MOTHERCARE said yesterday its profits for the year to the end of March had rocketed almost 10-fold, following the acquisition of children’s retailer Early Learning Centre (ELC). But the company warned the weakness in sterling could cause problems later in the year. Pre-tax profits for 2008-2009 at Mothercare were £42.2m, a huge increase on last year’s [...]
