Ryanair bullish on Aer Lingus September 4, 2012 RYANAIR chief executive Michael O’Leary believes he can make a deal with competition authorities to clear the way for his takeover of rival airline Aer Lingus. O’Leary told reporters yesterday: “We are confident that the remedies package will be enough to satisfy competition issues. “There are 46 cross over routes and we will remedy all [...]
PwC to probe RBS IT failures September 4, 2012 AN INDEPENDENT team from PwC has been appointed to head the Financial Services Authority’s investigation into the systems meltdown that hit tens of thousands of RBS, NatWest and Ulster Bank customers earlier this year. The regulator wants a thorough investigation to find out exactly how well the bank has done at taking steps to make [...]
Greene King and Spirit pubs post sales rise September 4, 2012 BRITISH pubs and brewery group Greene King said sales at its own pubs grew 5.1 per cent despite an unusually wet summer, sending its shares up more than four per cent yesterday. The 213-year-old Suffolk-based firm, which owns brands such as Hungry Horse and Old English Inns, said like-for-like food sales rose 5.2 per cent [...]
Hermes seeks an insider trading probe into LVMH stake building September 4, 2012 THE LONG-SIMMERING feud between two of France’s top luxury houses boiled over yesterday after Hermes asked French prosecutors to open a probe into alleged insider trading and share manipulation by larger rival LVMH. LVMH has been gradually increasing its holding in Hermes since it surprised the market in 2010 by saying it had built up [...]
Axa helps fund new King’s Cross offices September 4, 2012 INSURANCE giant Axa has agreed to forward fund the development of BNP Paribas’s new headquarters at King’s Cross for around £300m. Axa, in partnership with an unnamed partner, will take ownership of the 400,000 square feet office building, which is 55 per cent pre-let to BNP Paribas on a 15 year lease. Construction is due [...]
Underwriters give verdict on Man Utd float September 4, 2012 JEFFRIES & Co, the lead underwriter in Manchester United’s initial public offering (IPO) last month, started coverage of the English football club with a “buy” rating yesterday, saying the company was poised to gain from increasing media appetite for live content. “We view Manchester United as a key beneficiary of the changing media world where [...]
African Barrick Gold prepares for sale to Chinese gold firm September 4, 2012 AFRICAN Barrick Gold (ABG) has appointed a transaction committee ahead of a potential offer from China Gold. The committee, composed of Michael Kenyon, Derek Pannell and David Hodgson, will prepare ABG for a sale to the Chinese government-owned gold firm. Barrick Gold, the Canadian parent company of ABG, announced last month it was in talks [...]
Obituary: Sir Andrew Crockett September 4, 2012 Sir Andrew Crockett, the distinguished central banker and former general manager of the Bank for International Settlements, died yesterday at his home in California. He was 69. Crockett led the BIS between 1994 and 2003, at a time when closer monetary union between European states and the creation of the European Monetary Institute, the European [...]
Monitise pares full-year losses September 4, 2012 MONITISE yesterday announced a deal with a unit of Bank of China to provide the Hong Kong-based lender with mobile payments technology, as it narrowed its full-year losses to £17m and doubled revenues to £36.1m. The British mobile banking technology company said it would help launch mobile services for Bank of China (Hong Kong), which [...]
DS Smith hit by AGM rebellion September 4, 2012 RECYCLED packaging maker DS Smith encountered a shareholder rebellion yesterday after nearly a third of investors voted against its remuneration report at a general meeting in London. The company, which had put forward bonuses of £570,000 for chief executive Miles Roberts and £357,000 for group finance director Steve Dryden, equivalent to one hundred per cent [...]
