City expects more St Paul’s-style activism over the next few years November 6, 2011 PROTESTS like the one outside St Paul’s cathedral will become a regular feature of life in the Square Mile, according to the City A.M. / PoliticsHome.com Voice of the City Panel. Eighty-two per cent of panellists said they expected more protests of this kind to take place over the next few years, compared to just [...]
3i expected to announce dividend rise November 6, 2011 BRITAIN’S oldest private equity firm 3i is this week expected to announce plans to double its dividend in an attempt to appease investors concerned over its falling stock price. The firm, which backs companies including the Early Learning Centre and Hobbs, the fashion retailer, announced in September that it would reveal changes to the annual [...]
Paddy Power exec to take Betfair reins November 6, 2011 BRIAN Corcoran, the chief operating officer at Paddy Power, is poised to take the reins at online betting exchange Paddy Power. Corcoran replaces David Yu following a five-month search that also considered internal candidates including chief financial officer Stephen Morana and independent non-executive director Ian Dyson. Corcoran, a graduate of Trinity College Dublin and Insead, [...]
G4S to conduct formal review following failed £5.2bn ISS deal November 6, 2011 G4S is to conduct a formal review of the role played by its financial advisers in the wake of the firm’s botched attempt to buy Danish cleaning group ISS. The security services firm abandoned the unpopular £5.2bn merger last week at the eleventh hour after shareholders expressed concerns about the takeover strategy and size of [...]
Virgin attacks IAG’s BMI bid November 6, 2011 VIRGIN Atlantic has lashed out at British Airways owner International Airline Group’s (IAG) bid to buy the loss-making BMI from Germany’s Lufthansa, warning that it still faces competition concerns before it can proceed. Virgin responded to IAG’s announcement on Friday that it had “reached an agreement in principle” to buy BMI by confirming it had [...]
Qantas gives away free tickets as strike apology November 6, 2011 THOUSANDS of Qantas passengers left stranded during industrial action will be offered free flights as compensation, the airline announced yesterday. The offer so far only applies to residents of Australia, who will be given a free return ticket within Australia and New Zealand, redeemable within two years. The airline said it also intends to compensate [...]
Selfridges to buck the high street gloom November 6, 2011 SELFRIDGES, the British chain of high-end department stores, will this week report a surge in profits thanks to the resilience of the luxury goods market. The company, which is owned by Canadian billionaire Galen Weston, is expected to report a 19 per cent jump in profits later this week, after sales at is stories in [...]
Shops have a tough start to fourth quarter November 6, 2011 THE RETAIL sector began the final quarter of the year with a demoralising 3.1 per cent drop in annualised like-for-like sales, according to accountancy group BDO. An identical 3.1 per cent fall was also recorded in like-for-like fashion sales, compared to the same time last year, as shoppers delayed winter purchases partly due to the [...]
Hedge funds betting on further woe for retailers November 6, 2011 HEDGE funds are betting on further falls in the share prices of some of Britain’s best-known retailers, according to new data from Data Explorers. Hedge funds and other investors borrowed large amounts of retailers’ shares in October, allowing them to sell the stock when the price declines and pocket the difference. From electricals seller Dixons [...]
Julius Baer lifts bid for Sarasin November 6, 2011 Swiss private bank Julius Baer has raised its bid for unlisted Rabobank’s stake in Swiss bank Sarasin and is now making an all cash offer, the SonntagsZeitung reported yesterday. Baer had initially offered to pay in cash and Julius Baer shares for the stake in Sarasin, a bank catering for rich clients. Swiss cooperative lender [...]
