Eurozone runs the risk of going up in flames July 3, 2011 LAST week I had a scary near-miss moment. I was so distracted by uploading photos of myself looking smug on Centre Court at Wimbledon that I forgot to switch off the hob. Next morning, I discovered the gas had burned all night, perilously close to the tea towel and the dog. But Wimbledon was so [...]
Weber says generation change at UBS will be a key task when he takes charge July 3, 2011 INCOMING UBS chairman Axel Weber has said that pressing ahead with changes to the Swiss bank’s management will be one of the most important tasks he faces when he takes the helm at the bank in two years’ time. UBS, Europe’s largest wealth manager by assets, named Weber, former Bundesbank head, as its next chairman [...]
Western Union set to buy Travelex payments unit July 3, 2011 US MONEY transfer firm Western Union is in advanced talks to buy a division of British currency exchange Travelex. Western Union, the world’s largest payment transfer company, is close to buying Travelex’s business payments unit for $1bn (£622m). Owned by private equity house Apax Partners, Travelex wants to use the proceeds from the sale to [...]
Water cooler firm set for a £41m float July 3, 2011 THE company that keeps chancellor George Osborne hydrated during long days at 11 Downing Street will this morning announce its intention to raise £41m on London’s Alternative Investment Market (AIM), in the exchange’s second biggest float of the year so far. Waterlogic, which supplies purifying water dispensers to offices, hotels and gyms, including No.11, plans [...]
Why businesses have to come first in the City July 3, 2011 AT the end of the 19th Century, the Square Mile was home to some 75,000 people; by 1950, this number had decreased to less than 10,000 and has remained largely stable ever since. These figures in themselves are not surprising; they reflect the inherent tensions that exist between businesses and residents in any modern area [...]
Jon Moulton’s Better Capital to inject a further £3m into Reader’s Digest July 3, 2011 JON Moulton will plough a further £3m into Reader’s Digest after his white-knight £13m bid saved the iconic magazine from bankruptcy a year ago. He told City A.M. yesterday the firm is undergoing radical changes and the cash injection will help it realise its ambitions of turning around its fortunes. He said: “The changes to [...]
AssetCo in talks over sale to Bahraini firm Arcapita July 3, 2011 THE TROUBLED owner of London’s fire engines is in advanced talks with Bahraini investment group Arcapita over a £10m rescue deal. The company, which had previously tabled a bid for AssetCo earlier this year, is understood to have returned with a 4p-per-share offer. AssetCo’s directors had previously rejected a 21p-per-share bid from the investment firm [...]
Branson paid £18m in Virgin Rail dividend July 3, 2011 SIR Richard Branson accrued a dividend of around £17.8m from his stake in Virgin Rail last year, accounts from its joint-owner show. Virgin Rail, which has operated the West Coast Main Line service between London and Glasgow since 1997, is part-owned by Branson and Stagecoach. Results published last week by the bus and rail operator [...]
CITY MOVES | WHO’S SWITCHING JOBS July 3, 2011 DTZ Catherine Vasseur, who joined the real estate adviser in January 2011, has been appointed as head of UK property management and a member of the UK executive committee. She will continue to focus on seven service delivery areas covering clients, staff engagement and the market perception of the business. Previous roles include president and [...]
BEST OF THE BROKERS July 3, 2011 PREMIER FOODS Citi retains its “buy” rating on the UK food producer, but raises its risk profile to speculative from high and cuts it target price to 29p from 40p, to reflect an increased covenant risk and recent hit to its profits. The broker says that revenues have been affected by commodity pressure, a contract [...]
