CBI: Service sector sees a slump in profitability September 1, 2010 PROFITABILITY in Britain’s service sector unexpectedly fell last month and firms expect no end to the current gloom engulfing the sector, the CBI will reveal today. A net 14 per cent of consumer services firms reported overall profitability to be down over the past three months while a net 29 per cent of business and [...]
City veteran to help troubled Gartmore September 1, 2010 EMBATTLED fund manager Gartmore hired industry veteran Robert Kyprianou as a non-executive director yesterday as rumours swirled of a sell-off by its largest shareholder. Kyprianou, whose CV includes stints at ABN Amro’s investment arm and Axa Framlington, will add weight to Gartmore’s board at a time of intense difficulty for the company. Gartmore has seen [...]
Man United misses season ticket sales target after boycott September 1, 2010 MANCHESTER United failed to reach their target for season ticket sales this summer, after a campaign by a fans’ group to boycott the tickets. The club’s chief executive David Gill said it has sold 51,800 compared to a target of 54,000, but that executive sales were “on track”, in a press interview yesterday. “I think [...]
Johnson Service Group shares surge as work wear business performs well September 1, 2010 laundry firm Johnson Service Group yesterday reported a 17 per cent increase in first half pre-tax profit yesterday benefiting from a strong performance from its work wear rental business. The company made an adjusted pre-tax profit of £6.2m in the six months to 30 June, up from £5.3m in the same period last year. “I [...]
China is set to probe BHP’s bid for Potash Corp September 1, 2010 CHINA plans to launch an antimonopoly probe into BHP Billiton’s $39bn (£25.2bn) bid for Canada’s Potash Corp. The probe is another indicator that China, as the world’s biggest importer of fertiliser, is wary of further concentration in the market, following BHP Billiton’s launch of a hostile bid for Potash Corp last month. But it was [...]
Delisting plan hits Accident Exchange hard September 1, 2010 SHAREHOLDERS in Accident Exchange Group face significant dilution as the vehicle replacement firm nears a refinancing deal with its senior lender and plans a conversion of its unsecured notes. The cash-strapped company, whose chairman once was Lord Young of Graffham, said it planned to cancel its shares from the Official List and delist them from [...]
GE talks up $30bn war chest September 1, 2010 GENERAL?ELECTRIC could spend up to $30bn (£19bn) on acquisitions over the next two to three years while continuing to raise its dividend and buy back shares, a top official said yesterday. But John Rice, a vice chairman of the largest US conglomerate, cautioned that “$30bn-ish” figure is not a commitment to spending. “That doesn’t mean [...]
Standard Bank poaches head of retail at Shinsei September 1, 2010 SOUTH AFRICA’S Standard Bank has hired the former head of retail banking at Japan’s Shinsei Bank, the second high-profile banker to join the company in recent weeks to support expansion plans. Standard Bank, Africa’s largest lender by assets, is looking to position itself as a full-service gateway to Africa and tap into growing trade flows [...]
Man gets go-ahead to acquire GLG September 1, 2010 MAN GROUP shareholders have given its recommended takeover of GLG Partners the green light, and the firm yesterday appointed GLG’s Emmanuel Roman as chief operating officer for the enlarged group. Over 90 per cent of Man investors yesterday voted in support of the $1.6bn (£1.03bn) buyout of New York-based GLG during the firm’s annual general [...]
BP sells assets in Malaysia to pay for US spill September 1, 2010 BP HAS sold its Malaysian ethylene and polyethylene assets to Petroliam Nasional Berhad (Petronas) for $363m (£234.8m) to help foot the bill for the Gulf of Mexico oil spill, the worst environmental disaster in US history. As part of the deal, BP will sell off its 15 per cent interest in Ethylene Malaysia and its [...]
