Thomas Cook investors back crucial sell-off May 29, 2012 THOMAS COOK won a major breakthrough in its turnaround plans yesterday after shareholders almost unanimously backed two key disposals, without which the holiday giant had warned it could collapse. The 171 year-old tour operator said 99.99 per cent of proxy votes supported the planned sale and leaseback of part of its aircraft fleet and the [...]
Lonrho slumps as shareholder protest follows exit of director May 29, 2012 A FIFTH of shareholders at African-focused conglomerate Lonrho have rejected the firm’s remuneration report at yesterday’s AGM, just hours after former government minister Sir Richard Needham resigned from the board in protest at its pay structure. Sir Richard quit in protest at the decision to increase the salary of executive chairman David Lenigas from £500,000 to £750,000, [...]
RBS gears up to sell Direct Line May 29, 2012 ROYAL Bank of Scotland (RBS) yesterday appointed UBS to advise on the sale of Direct Line Group, the insurance division that it is preparing to take public. Although Direct Line Group would not comment on the appointment of UBS, City A.M. understands the bank have been appointed as joint bookrunners alongside Goldman Sachs and Morgan [...]
Syria massacre prompts outcry May 29, 2012 BRITAIN and countries around the world expelled Syrian diplomats yesterday in response to what the US described as the “despicable” massacre of more than 100 civilians in the town of Houla. French President Francois Hollande said that UN military action could not be ruled out, though US politicians were reluctant to discuss intervention. UN peace [...]
Greggs lifted by government rethink on VAT May 29, 2012 SHARES in the UK’s biggest bakery chain Greggs leapt eight per cent yesterday as businesses welcomed the government’s U-turn on its controversial changes to the so-called pasty tax. Plans in the Budget would have seen foods charged 20 per cent VAT if they were sold at “above ambient temperature”, hitting shops such as bakers, which [...]
A VERY FISHY SMELL IN BRUSSELS May 29, 2012 CHIPPIES across Britain are being urged by their industry body to reject the perceived unfair favouritism towards bakers, and call for fish and chips to be exempt from VAT in the same way as bakers are. The National Federation of Fish Friers’ (NFFF) is closely monitoring a sandwich shop’s legal challenge to the tax under [...]
CITY VIEWS | WHAT DO YOU MAKE OF THE PASTY TAX U-TURN? May 29, 2012 HOWARD WATT FIDELITY I bought a pasty from Greggs this morning and it did seem a little expensive, but it’s still much cheaper than a lot of the other food that is being sold in the City. I think booze and cigarettes should be taxed to encourage healthy lifestyles and pasties are quite fattening too. To [...]
Falling inflation prompts hopes for more ECB interest rate cuts May 29, 2012 PRICE rises slowed again in April across the OECD, new figures showed yesterday, while government data also pointed to lower price pressures across Germany in May. Slowing energy price rises are the largest contributor, and economists believe this gives the European Central Bank (ECB) more room to loosen monetary policy further if it wants to [...]
Spanish retail sales plummet at record pace May 29, 2012 THE SPANISH economy took another huge blow as retail sales plunged at record speed in April, official figures showed yesterday, as the recession continues to bite. Spanish retail sales were down 9.6 per cent in April compared with the same month of 2011 – the 22nd consecutive drop and the largest fall ever, according to [...]
Europe’s markets stay positive May 29, 2012 EUROPE’S stocks rose yesterday to a one-week closing high on rumours on ECB support. The French CAC rose 1.37 per cent, the German DAX jumped 1.16 per cent, and the Euro Stoxx 50 index rose 0.58 per cent. “The rumour mill has been busy, with talk of an ECB press conference about bank recapitalisation, supporting [...]
