Business calls for Crossrail 2 December 11, 2013 AROUND eight out of 10 business leaders in London believe the capital needs an expanded airport capacity, while seven out of 10 say that high living costs makes it difficult to attract the right workers. A survey of 150 chief execs and senior partners by Deloitte also found that 79 per cent believe better surface [...]
UK set to pass pre-2008 peak December 11, 2013 THE UK economy will expand next year to beyond its pre-recession peak, a leading business group will predict today. The British Chambers of Commerce (BCC) expects growth of 2.7 per cent in 2014, up from its previous estimate of 2.2 per cent. Under such conditions the economy would, during the second half of next year, become [...]
FirstGroup rebel won’t go away December 11, 2013 THE US hedge fund demanding radical change at FirstGroup, the transport company, pledged to keep up the pressure despite having its plans for change snubbed by the group’s board. “We’re not going away,” said Tom Sandell yesterday in an interview with City A.M., hours after a FirstGroup statement described its plan to split off the [...]
Stagecoach sees opportunities ahead after growth in US arm December 11, 2013 TRANSPORT operator Stagecoach said yesterday it saw opportunities to expand its rail and bus portfolio after posting a two per cent rise in first-half pretax profit, driven by growth in its US bus business. The bus and rail operator reported a pretax profit of £98.5m for the six months to the end of October, broadly [...]
Why Stagecoach is so successful in the US December 11, 2013 US MARKETS are often seen as the place British businesses go to die, which makes Stagecoach’s transatlantic success something of a surprise. The firm operates around 2,600 buses and coaches in the US and Canada, as well as offering commuter and school bus services. And while Stagecoach is already a key player in the UK, [...]
Canaccord acts for French care home group Orpea in stake sale December 11, 2013 THE Canadian Pension Plan Investment Board (CPPIB) yesterday bought a 15 per cent stake worth £269m in the French nursing-home group Orpea. CPPIB has bought a stake from Dr Jean-Claude Marian, the founder and chairman of Orpea and from another entity in a deal that also involves Orpea raising new funds. Dr Marian will remain [...]
Hilton Hotels float raises $2.3bn giving Blackstone huge profits December 11, 2013 INVESTORS checked into Hilton Hotel last night after the private equity-backed chain priced its initial public offering (IPO) near the top end of the range. The company, which was backed by Blackstone in 2007, priced its shares at $20 a piece – raising about $2.34bn after selling 117.6m shares to investors. The IPO is the [...]
Investors rush for Moncler December 11, 2013 LUXURY down jacket maker Moncler priced its stock market listing at the top of the range yesterday after strong demand from investors attracted by the brand’s global growth prospects. Moncler said institutional investors had put in bids worth more than €20bn (£16.8bn) euros, or 31 times the number of shares on offer. The listing in [...]
Oil production outside Opec at modern peak December 11, 2013 PRODUCTION outside the world’s traditional oil-rich nations has ballooned during the past year, rising to nearly half of the global output. According to the latest report on the market by the International Energy Agency (IEA), countries outside the Organisation of Petroleum Exporting Countries (Opec) are producing the most that they have in decades. States not [...]
Former Glencore trader loses wrongful dismissal court case December 11, 2013 AN EX-GLENCORE trader has lost a wrongful dismissal court case against his former employer. Andrew Kearns filed a complaint after he lost his job in October 2010 but lost his case and was made to pay costs to Glencore of £150,000. It emerged during the trial that Kearns had failed to turn up to work on [...]
