Betfair boss to double down on cost cutting as earnings suffer December 9, 2012 BETFAIR boss Breon Corcoran is set to unveil an overhaul of the business on Thursday, in his first results presentation since taking the reins at the online bookie. Corcoran, who joined Betfair in the summer from Paddy Power, is expected to unveil a round of cost cutting, including job losses. The Irishman has already made [...]
Virgin unveils new routes but no sign of Delta December 9, 2012 VIRGIN Atlantic will begin its challenge to British Airways’ domestic routes in April with 24 flights a day, the firm confirmed today. But the firm remains tight-lipped about reports that US airline Delta is close to buying Singapore Airlines’ 49 per cent stake in Virgin Atlantic. Delta is believed to be in talks with its [...]
Rolls-Royce looked at claims over payment in Indonesia December 9, 2012 THE SERIOUS Fraud Office (SFO) is examining claims that engineering group Rolls-Royce paid millions of pounds to the son of the former leader of Indonesia. Rolls-Royce shares tumbled on Thursday after it revealed that it had handed information to the SFO about claims of malpractice in Indonesia and China. It is understood that Rolls-Royce uncovered [...]
BAE Systems secures further work on Astute submarines December 9, 2012 BAE Systems has secured a total of £1.2bn of work to complete the Audacious submarine for the Ministry of Defence. The defence firm, which has already won £640m of work on Audacious, has sealed an additional £530m contract to deliver the boat, the fourth of seven planned nuclear-powered Astute class submarines. The second Astute boat, [...]
Clapham goes Overground December 9, 2012 THE LATEST extension to the Overground opened yesterday, completing an orbital rail route around suburban stations but marking the end of some direct services into central London. The extension from Surrey Quays in the south east to Clapham Junction in the south west creates the capital’s first orbital railway in 128 years. But the opening [...]
John Lewis reports mega sales week December 9, 2012 JOHN LEWIS said sales in the week to 8 December rose to a best-ever total of £142m, up 15 per cent on the same week last year. Its website delivered record-beating sales of £42m, with shoppers spending £7.3m on Mega Monday – up 40 per cent on last year. The group also said it is [...]
Hacktivism is rising threat to firms’ security December 9, 2012 CYBER attacks from activists have become an increasing threat to security at UK companies, with an overwhelming number considering politically or socially motivated hacking a threat, research released today shows. A report from financial services firm Deloitte claims that more than 70 per cent of firms in the technology, media and telecoms (TMT) sectors see [...]
ENRC buys out Dan Gertler from Congo copper and cobalt mines December 9, 2012 MINING group ENRC has tightened its control over copper operations in the Democratic Republic of Congo with a $550m (£343m) cash deal that ends its links to controversial Israeli businessman Dan Gertler. ENRC – one of several foreign-owned, London-listed miners to come under fire over governance and transparency – has been pushing to streamline its [...]
Palamon snaps up retail site December 9, 2012 ROBERT Bensoussan, the chairman of LK Bennett and former boss of Jimmy Choo, has joined forces with Palamon Capital Partners to buy a majority stake in Feelunique.com, the online beauty retailer. Bensoussan’s retail and luxury goods buyout vehicle Sirius Equity and Palamon yesterday said they have agreed to purchase a controlling stake from Feelunique’s founders [...]
Chinese firm to list in the UK December 9, 2012 CAMKIDS Group, a Chinese outdoor clothing retailer for kids, is set to list on London’s Alternative Investment Market with a market value of around £65m. The Jinjinag-based group, which makes everything from waterproof trousers to backpacks and hiking boots, announced today it has raised around £6m to invest in its expansion in its home market [...]
