Labour routed at the ballot box as centre-right gains traction in EU June 8, 2009 LABOUR suffered its worst performance in a national election since World War II, as it was left trailing in third place by the Conservatives and the UK Independence Party (UKIP) in this week’s European elections. Prime Minister Gordon Brown’s party polled just 15.7 per cent of the vote, undershooting Labour’s worst expectations, as David Cameron’s [...]
Lloyds stalls on dividend June 8, 2009 LLOYDS Banking Group will not resume dividend payments to shareholders this year, despite freeing itself of £480m a year in interest payments by redeeming £4bn in government-held preference shares. The bank confirmed yesterday that it had sold 87 per cent of a £4bn share placing to existing shareholders at 38.43p, with a 13 per cent [...]
Shell chief hits out over pay June 8, 2009 JEROEN van de Veer, the outgoing chief executive of Royal Dutch Shell, has called for a reform of the firm’s executive pay structure. Van de Veer, who was himself the subject of a shareholder mutiny over a €1.35m (£1.16m) bonus he received despite failing to reach key performance targets, said lower pay would not have [...]
City of London profits tumble June 8, 2009 CITY of London Investment Group, the emerging markets fund manager, has warned investors its pre-tax proffell by half in the year to end May to £5.4m, as “significant market declines” took their toll. In an unaudited trading update it warned it is likely to report the fall in profits, from £10.7m in the period to [...]
CITY VIEWS: WHAT IMPACT DO YOU THINK THE CURRENT POLITICAL TURMOIL WILL HAVE ON THE ECONOMY? June 8, 2009 STEFAN SZECSEI DEUTSCHE BANK“A resolution to the turmoil in the Labour party and some political stability would boost the economy and international investors’ perception of the UK. The unrest is not great in the short-term but there could be long-term gain to be had from it.” BILL MAXTED DE MONTFORT UNIVERSITY“I think that interest rates [...]
Hornby lands top Boots job June 8, 2009 FORMER HBOS chief executive Andy Hornby, who was criticised for allowing the bank to ring up huge corporate losses, was yesterday named as chief executive of high street giant Alliance Boots. The failed banker is likely to receive a pay package of around £1m. Although the company refused to give a precise breakdown of Hornby’s [...]
Qatar eyes a Porsche stake June 8, 2009 PORSCHE is in advanced talks with the Gulf state of Qatar about selling a substantial stake which could ease the debt-laden carmaker’s problems and give it the upper hand in its ongoing negotiations with Volkswagen (VW). Wendelin Wiedeking, Porsche’s chief executive, is in negotiations which could see the Quatar Investment Authority (QIA) take a stake [...]
Further signs of strength for UK’s house market, says RICS June 8, 2009 THERE was further evidence earlier today that the UK housing market is beginning to recover, according to data from the Royal Institute of Chartered Surveyors (RICS). The balance of surveyors reporting falling rather than rising prices narrowed in May to -44.1, due to increased demand and tighter supply in the housing market. New buyer enquiries [...]
PartyGaming and Channel Five launch bingo and casino service June 8, 2009 PartyGaming, the world’s biggest listed online gaming company, said yesterday it had signed an exclusive deal with broadcaster Channel 5 to create “Five” branded bingo and casino gaming services. The online service, which will be operated by PartyGaming and promoted by Five, will launch in the second half of 2009. PartyGaming chief executive Jim Ryan [...]
APPLE LAUNCHES NEW iPHONE June 8, 2009 APPLE yesterday unveiled the iPhone 3GS, a new version of the hit product, which has 100 new features and the ability to shoot video. The phone is expected to hit stores on 19 June in the US and costs between $199 (£124) to $299 for customers who sign up to a two-year contract. The existing [...]
