Cineworld in £40m digital investment June 14, 2010 ENTERTAINMENT chain Cineworld announced yesterday it will team up with Arts Alliance Media to install state-of-the-art digital technology in 77 of its cinemas so they can show 3D films.. The full digital rollout is expected to cost around £40m, including the £10m already spent over the last year converting one third of its screens to [...]
the INSIDER June 14, 2010 If you followed this column at Cheltenham, which was extremely profitable, you would understand that precautions need to be taken when you face five days of racing. The main requirement is not to go bust, so if we start with a bank of £1,000, the maximum we can bet per race is 10%. If SHEER [...]
Weir Group in Asia takeover June 14, 2010 ENGINEERING firm Weir Group agreed to buy Malaysia-based manufacturer Linatex for $200m (£138m) yesterday to help it grow in emerging economies. The group will pay $172.5m (£119m) in cash and assume £27.5m (£19m) of debts from Linatex. The deal is set to close in the third quarter of this year, and the group expects the [...]
Clyde & Co income drives through £100m barrier June 14, 2010 UK BASED law firm Clyde & Co has pushed past the £100m revenue barrier after seeing fee income climb by four per cent. The City based law firm saw 2009 revenue climb to £192m from £85m, while profits per equity partner (PEP) rose by 10 per cent to £605,000. Peter Hasson, chief executive said: “The [...]
Financial workers warn on dangers of UK going it alone on bank regulation June 14, 2010 AN OVERWHELMING majority of City workers are concerned at the new government’s avowed intention to go ahead with sweeping reforms to financial regulation even without cooperation from its G20 partners, a new report has shown. 84 per cent of those surveyed for law firm Berwin Leighton Paisner’s “Driving UK Growth: Review, Reform, Revive” report said [...]
BEST OF THE BROKERS June 14, 2010 LLOYDS BANKING GROUP Morgan Stanley has given Lloyds Banking Group an “underweight” rating and cut its price target by 23 per cent to 50p. Analysts said it faces a big risk of missing consensus beyond 2010, given pressure on net interest margin, tepid GDP growth and industry funding strains. Barclays is Morgan Stanley’s top pick. [...]
City Moves | who’s switching jobs Edited June 14, 2010 Future Capital Partners The investment boutique has hired Tim West as its new deputy chief executive. West joins from Babcock and Brown, where he was head of the London office and chief operating officer for the Europe, Middle East and Africa region. Prior to that, he held the position of European chief operating officer for [...]
GROWTH NUMBERS SET TO BE SLASHED June 13, 2010 THERE will be a quiet revolution in British economic policy today when the first official but independent forecasts for growth and public borrowing are published. A new Office for Budget Responsibility, headed by Sir Alan Budd, will unveil its initial forecasts at 10am this morning. It is expected to sharply revise down former chancellor Alistair [...]
BP may cut dividend as spill lingers June 13, 2010 BP DIRECTORS will today meet to discuss whether the oil giant should bow to pressure from the US government and cut its dividend payment at the same time as establishing a separate disaster relief fund. The meeting, which will take place in London, will come ahead of discussions in Washington between chief executive Tony Hayward, [...]
BoE to ignore rating firms June 13, 2010 THE Bank of England will ignore the judgement of ratings agencies if its own independent view suggests the risks to be substantially greater or smaller than the publicly-stated ratings would imply, the central bank says in its quarterly economic bulletin published today. It will only accept securities of a certain quality as collateral and aims [...]
