Auditors in line for major new power to challenge bank chiefs February 10, 2013 AUDITORS in banks should have greater power to challenge bosses about excessive risks in any part of the business, as well as about threats to the institution’s reputation and stability under proposed guidelines published today. In a drive to shake up the profession and prevent a repeat of the failings in the run up to [...]
Jenkins must walk the fine line between change and stability February 10, 2013 BARCLAYS’ share price has been on the rise since Antony Jenkins was appointed as chief executive late last August, recovering from the impact of the Libor scandal and Bob Diamond’s resignation in July 2012, and is now almost 30 per cent up on its price at this time last year. Optimists will be hoping that [...]
Hospital owner in talks to avert £2bn debt crisis February 10, 2013 THE owner of some of the UK’s best-known private hospital sites is to hold crunch talks with lenders over a £2bn debt pile, opening the door for a creditor takeover of the sites. General Healthcare Group, which owns 69 hospital sites including 9 Harley Street and Fitzroy Square hospital in London, is racing against time [...]
Private equity houses losing favour in deals February 10, 2013 INSTITUTIONAL investors are looking to bypass private equity firms in future and make more direct investments, amid growing concerns over the transparency of information from private equity houses. A heavyweight survey by M&A data provider Mergermarket and advisory firm Duff & Phelps shows over two-thirds of limited partners are looking to increasingly bypass private equity [...]
Pret A Manger mulls refinancing deal February 10, 2013 PRET A MANGER, the purveyor of sandwiches and coffee for London’s hungry workforce, has ruled out plans for an immediate stock market float in favour of a refinancing deal. Bridgepoint, the private equity shop with a 70 per cent stake in the firm, will use the refinancing to fund future expansion and refund loan notes.
Google chair to sell £1.6bn stake in firm February 10, 2013 GOOGLE executive chairman Eric Schmidt is to sell 42 per cent of his stake in the internet giant over the next year, raising around $2.5bn (£1.6bn). The disclosure, made in a filing to the US Securities and Exchange Commission, will see the former chief executive’s control over the company loosened as he sells 3.2m shares. [...]
EasyJet bats away latest Stelios issues with investors’ blessing February 10, 2013 EASYJET shareholder Sir Stelios Haji-Ioannou has published a fresh list of complaints about the budget airline, but investor bodies the Association of British Insurers (ABI) and ISS have given the firm’s proposals the thumbs up. Sir Stelios yesterday repeated his call for EasyJet chairman Sir Mike Rake to resign before his planned departure date in [...]
New directors for Heathrow February 10, 2013 QATAR’S sovereign wealth fund has installed two directors on the board of Heathrow Airport Holdings, filings at Companies House show. The emirate, which agreed to buy a 20 per cent stake in the airport owner in the summer, has nominated Qatar Airways chief executive Akbar Al Baker and Ali Bouzarif as directors. Al Baker has [...]
US air groups near merger February 10, 2013 US Airways and American Airlines parent AMR are nearing an $11bn (£6.7bn) merger that would create the world’s largest airline and could announce a deal within a week, after resolving key differences on valuation and management structure, sources said yesterday. The deal would come more than 14 months after AMR filed for bankruptcy in November [...]
Private sector regains growth in the new year February 10, 2013 THE UK private sector surged back into growth in the first month of 2013, according to the results of a business survey out this morning. The Lloyds TSB purchasing managers’ index (PMI) climbed to 52 during January, the bank said, up from 49.9 in December and therefore through the crucial 50 barrier, into territory indicating [...]
