Chinese hustlers are taking advantage of the Cayman legal system – and British investors are paying for it
NZ insurance cover costs soar June 28, 2011 Earthquakes in the New Zealand city of Christchurch have left local insurance companies and local authorities struggling to source coverage and reinsurance as providers raise costs by up to 150 per cent. Many reinsurers have pulled out of covering New Zealand organisations completely as quake claims hit the limit of cover locally. Publicly-funded insurers of [...]
STRICTLY BUSINESS BRIEF ENDS VINCE CABLE’S DANCING DREAM June 28, 2011 THERE is something bothering business secretary Vince Cable – and it’s not the separation of retail and investment banking, the Greek debt crisis or even waging war on Rupert Murdoch. No – Cable is concerned his demanding day job could mean he never fulfils his dream of returning to Strictly Come Dancing for a full [...]
C&WW boss quits after a profit warning June 28, 2011 STORM clouds gathered over Cable & Wireless Worldwide yesterday as it faced its bleakest day in a dire year. Shares in the beleaguered telecoms giant slumped as much as 16 per cent on yet another profit warning – its third since its demerger from Cable & Wireless Group. The impromptu announcement was accompanied by a [...]
ANALYST VIEWS: HOW BAD IS THIS LATEST WARNING FROM C&WW? June 28, 2011 MORTEN SINGLETON | INVESTEC This has never been a story about near-term financials… which is just as well really. While the market reaction should be understandably negative this morning, we believe the potential remains for a doubling of value as a more radical approach is taken to the business. JONATHAN JACKSON | KILLIK & CO [...]
John Pluthero takes the top job at troubled telco June 28, 2011 JOHN Pluthero yesterday took the short walk across the Cable & Wireless Worldwide office from the chairman’s office and into the chief executive’s room. To his fans, Pluthero is a turnaround guy, someone who can change the direction a business is heading. Which is just as well, given that C&WW seems to be heading straight [...]
TomTom crashes 27pc as smartphones hog the road June 28, 2011 TOMTOM shares crashed almost 27 per cent yesterday after issuing a profit warning. The satnav manufacturer said a weak electronics market has forced it to cut its forecasts for the second time in two months. Its full year revenue expectations are now between €1.23bn and €1.28bn, down from its previous forecast range of €1.43bn to [...]
Myspace to be sold this week June 28, 2011 News Corp is expected to sell the troubled social media site Myspace in the next two days, according to a source familiar with the situation. Two front-runners have emerged in the auction process: online ad company Specific Media and private equity firm Golden Gate Capital, the source said. The asking price is expected to be [...]
Daisy Group is meeting forecasts June 28, 2011 Telecoms firm Daisy Group forecast trading for the current financial year at the upper end of current expectations after posting a near-flat full-year loss. The firm also said chief financial officer Anthony Riley had stepped down to pursue other interests. Steve Smith will take over from Riley. The firm’s pre-tax loss was £19.7m on revenue [...]
Evening Standard halves losses June 28, 2011 The Evening Standard newspaper halved its losses in the year up to September 2010 from £30.6m to £16.9m. It is also thought the firm will half this loss again for the current year, with new owner Evgeny Lebedev’s strategy of offering the paper for free appearing to bear fruit.
Google plans rival to Facebook June 28, 2011 Google is taking another stab at fending off Facebook and other social networking sites with a new service called Google Plus. Google designed the service, unveiled yesterday, to tie together all of its online properties, laying the foundation for a full network with profile pages and different levels of social connections.
