M&S readies for investor protest vote July 4, 2008 Four large investors in Marks & Spencers are planning to vote against the retailer’s annual report and accounts at its annual meeting next week over concerns about Sir Stuart Rose’s dual role as executive chairman and chief executive. Three pension schemes – The Universities Superannuation Scheme, Railpen and APG, and the Co-operative Insurance Society, who [...]
Debts boost for Galliford helps shares July 4, 2008 Housebuilder and construction firm Galliford Try surprised the City yesterday, saying it had been able to slash its debt to less than £5m, sending its shares up 14 per cent by the close of trading. The figure fell well below analyst expectations, with predictions that the firm, which operates in the public and private sector, [...]
City rides to the £400m rescue of B&B July 4, 2008 Bradford & Bingley said last night its underwriters and other City institutions will back its £400m fundraising despite a dramatic decision by American private equity firm TPG to walk away from a deal after rating agency Moody’s cut the bank’s credit status. The move comes after Moody’s cut the cash-strapped bank’s rating to Baa1, giving [...]
McFall in oil probe July 4, 2008 Concern over the rising price of oil – which yesterday hit a new record of $146 a barrel – has prompted the powerful Treasury select committee to hold its first ever hearing into the regulation of the oil markets. The committee, which is chaired by Labour MP John McFall, will hold the hearing in mid-July [...]
Rights issue flop knocks housebuilder July 3, 2008 The future of housebuilder Taylor Wimpey was in doubt yesterday as the beleaguered group failed to raise £500m of capital from investors, causing the value of the company to halve. Britain’s largest builder issued an intensely gloomy statement, saying it was slashing 900 jobs, it was not buying any more land, and admitted it was [...]
Rose’s future on the line as sales decline July 3, 2008 Marks & Spencer boss Sir Stuart Rose faces the battle of his life next week as he explains to shareholders, already angry about his cavalier approach to corporate governance, the reasons for its rapid sales decline. M&S shares crashed more than 24 per cent as stunned City analysts slashed their forecasts after the retailer said [...]
Double dose of corporate woe leaves City investors reeling July 3, 2008 The city was left reeling yesterday after retail giant Marks & Spencer issued a shock profits warning and Britain’s largest housebuilder Taylor Wimpey admitted it had been unable to secure £500m in funding. The bleak news from M&S, an industry bellwether, that the consumer downturn was likely to be “longer and harder fought” than previously [...]
Buying off-plan means that you have control over your investment July 3, 2008 You can land a bargain if you are prepared to do your research, writes Timothy Barber Buying a property can be pretty much the most stressful process you can put yourself through. You can multiply that by ten when it comes to buying abroad. Whether looking for a holiday home or a simple investment, a [...]
Federer routs Ancic to march into semis July 3, 2008 Defending champion Roger Federer continued his serene progress towards a sixth successive Wimbledon title with a quarterfinal stroll against Mario Ancic. Croatia’s Ancic, the last player to beat Federer on grass, in 2002, failed to earn a single break point as the world No1 cruised into the last four, 6-1, 7-5, 6-4. It was another [...]
Villa order captain Barry not to come back as Liverpool transfer row deepens July 3, 2008 Liverpool target Gareth Barry looks to have played his last game for Aston Villa after the club disciplined their captain and ordered him not to report for pre-season training. Villa took action after Barry criticised manager Martin O’Neill during a newspaper interview in which the England midfielder reaffirmed his desire to leave the club for [...]
