RBS bidders at war over bank branches sale August 20, 2013 THE WAR of words between investors vying to buy 316 RBS branches intensified yesterday as the groups tried to discredit their opponents. W&G Investments’ Andrew Higginson claimed his is the only viable bid, while John Maltby, from the consortium including Corsair, argues he is in a better position to move ahead. Former Tesco Bank boss [...]
Kate Bostock returns to the high street as Coast boss August 20, 2013 KATE Bostock, former head of general merchandise at Marks & Spencer, is to make a return to the high street next month as chief executive of Coast, the womenswear brand confirmed yesterday. Bostock’s appointment comes just weeks after she stepped down from Asos after a short-lived seven month stint as executive director at the online [...]
Britain rejects Spanish request for Gibraltar sovereignty talks August 20, 2013 THE BRITISH government yesterday refused Spain’s offer of talks over Gibraltar’s sovereignty as the dispute over the overseas territory showed no sign of abating. Downing Street said it would not listen to Spanish foreign minister Jose Manuel Garcia-Margallo, who used a Wall Street Journal article to call for an end to “the colonial situation” in the tiny [...]
Glencore Xstrata writes down £4.9bn in assets August 20, 2013 FTSE 100-listed Glencore Xstrata yesterday revealed that it had taken a $7.7bn (£4.9bn) writedown on Xstrata’s mining assets, as it posted a nine per cent fall in half-year earnings to $6bn, due to low commodity prices that continue to weigh down on the sector. The miner trader attributed a large part of the writedown to [...]
BHP Billiton pins long term hopes on potash plans as earnings fall August 20, 2013 FTSE 100-listed BHP Billiton’s shares dropped over three per cent in early trading yesterday, after the miner unveiled a 16 per cent decline in full-year earnings. Underlying earnings fell to $28.4bn (£18.1bn) and revenue dropped by 8.7 per cent to $66bn for the year ended 30 June, hit by dwindling commodity prices and a slowdown [...]
Gherkin co-owner IVG plots new restructuring August 20, 2013 THE CO-OWNER of the iconic Gherkin building 30 St Mary Axe yesterday said it was filing for a form of bankruptcy after failing to strike a deal with creditors over a debt for equity swap. German firm IVG Immobilien, which bought the Gherkin for £600m five years ago, said it had filed for a so-called [...]
Bottom Line: Mining shares set for rollercoaster ride August 20, 2013 AS EVER, mining stocks yesterday gave a pretty clear picture of how investors were feeling. But this time – in addition to the ever-present spectre of Fed uncertainty and slowdown in Chinese material demands – there were more tangible reasons for their concern. BHP Billiton and Glencore Xstrata fell 1.7 per cent and 1.6 per cent [...]
BAE’s American chief steps down August 20, 2013 The head of BAE Systems’ US business will retire by next April, the defence group said yesterday. Linda Hudson has run BAE Systems since 2009. She joined the company in 2007 as president of its land and armaments group and will continue with her role in order until a new boss is found.
Capita in running for tagging deal August 20, 2013 Capita and Telefonica are among the preferred bidders for the Ministry of Justice’s criminal tagging contract, which is currently run by Serco and G4S, the MoJ said yesterday. Astrium and British firm Buddi are also set to supply the new kit, which will track offenders using satellite technology on ankle tags.
Lonmin falls on new strike threat August 20, 2013 Troubled FTSE 250-listed miner Lonmin’s shares fell over three per cent yesterday morning after it emerged that it was facing a new strike threat from minority union Solidarity, which is bidding to have its recognition restored after the militant AMCU came into dominance. Solidarity is in talks with other unions impacted by AMCU.
