Firms to ignore FSA pay rules May 17, 2009 Businesses are set to ignore Financial Services Authority guidelines on remuneration and bonuses in order to keep hold of talent, a survey said yesterday. According to research by law firm Pinsent Masons, 84 per cent of companies believe the FSA’s code of practice will have “little or no impact” on executive pay. The findings come [...]
Fortune signals China recovery May 17, 2009 Jet fuel demand in China rose over the first quarter, oil and gas firm Fortune Oil revealed in an update this morning, boosting hopes of a recovery in Far East air travel demand. Fortune’s BlueSky unit saw a nine per cent year-on-year increase in jet fuel sales over the period, while throughput of crude oil [...]
There must be no second thoughts on Crossrail May 17, 2009 TODAY marks a seminal point for the City as the House of Lords discusses the Business Rate Supplements Bill. A bill affecting payments from businesses will clearly always be of huge relevance to the prospects for City firms but this is doubly important because it will determine the future of the Crossrail project. The bill provides the [...]
Trio join the cash call craze May 17, 2009 A TRIO of property companies are setting their sights on fundraising this week to exploit opportunities created in the downturn. Great Portland Estates, Big Yellow Group and Shaftesbury have all been working with advisers on how to tap investors for extra cash. West End property specialist Great Portland Estates, is expected to announce a fundraising [...]
Hugh Osmond faced with 200m Pearl share loss May 17, 2009 BUYOUT tycoon Hugh Osmond could lose around £200m on the value of his shares in the insurance giant Pearl as part of its emergency debt restructuring deal. Osmond is nailing down details on a deal, which will see its consortium of bankers, led by Lloyd’s Banking Group, restructure its £3bn debt. A source close to the [...]
LDV restart expected by July May 17, 2009 Rescued van maker LDV will restart production by July, it emerged yesterday, once its takeover deal is finalised. Malaysia’s Weststar agreed to buy the Birmingham-based company earlier this month. The UK government is providing a £5m four-week bridging loan, which will allow Malaysia to secure the funds it needs for a takeover. The government had [...]
OMV and MOL in Iraqi fuel deal May 17, 2009 Two European energy companies helping build a pipeline which will cut the continent’s dependence on Russian gas said yesterday they will team up with Mideast producers to feed the route with Iraqi fuel. In a consortium announced in the United Arab Emirates, Austria’s OMV AG and Hungary’s MOL Nyrt said they will each take a [...]
Strong results expected at SSL May 17, 2009 Condom maker SSL is expected to announce a strong set of full year results tomorrow. Analysts expect a 20 per cent increase in revenue to £636m and a 33 per cent jump in profit before tax to £76m. Shareholders are waiting with interest to hear how the company’s £90m investment last month into two eastern [...]
We don’t know whether the equity rally is over May 17, 2009 IS the equity rally over? It’s the question on everybody’s lips and one we still don’t have the answer to. However, the balance of probability is that we may have already seen the best from this push higher. Indeed, I would go as far to suggest that this was just the warm up and that [...]
Carluccio’s bidder outed May 17, 2009 THE mystery bidder for the Italian restaurant and retail chain Carluccio’s is believed to be investment firm Hutton Collins. At the beginning of May, the group founded by chef Antonio Carluccio confirmed that it had received a preliminary approach but did not provide any details on the possible bidder. The group’s shares have recently jumped 25 [...]
