FIAT TO UP CHRSYLER STAKE SOON April 11, 2011 CHRYSLER is aiming to refinance $7bn (£4.3bn) of US and Canadian government debt by June, clearing the way for Fiat to take a majority stake, the companies’ chief executive Sergio Marchionne (pictured) said yesterday. The US third-largest automaker, controlled by Fiat under a 2009 bailout, must pay back government money before the Italian company can [...]
Row between shareholders and 888 chief emerges as reason for departure April 11, 2011 A RIFT between the founding shareholders of online gambling firm 888.com and its outgoing chief executive has been revealed as the reason for Gigi Levy’s dramatic weekend departure. Levy, who has been in charge at the firm since 2007, is stepping down to “pursue other interests”. Yet a disagreement between 888’s founders – the Israeli [...]
City firms push for review of compensation scheme April 11, 2011 LEADING city firms will petition the government for an accelerated review of the way the controversial financial services compensation scheme (FSCS) is funded. The petition, launched by the British Insurance Brokers’ Association (BIBA) yesterday, will ask MPs to urge the Financial Services Authority (FSA) to speed up its review of the scheme. The FSCS levy, [...]
Intercell falls as vaccine halted April 11, 2011 Patient enrolment into a clinical trial of Austrian biotech firm Intercell’s vaccine against MRSA, a superbug that is a leading cause of hospital-acquired infection, has been put on hold, sending its shares tumbling. Investors interpreted the development as a major setback for the key experimental product and shares in the Austrian biotech group lost more [...]
Gulf Keystone reduces losses April 11, 2011 Independent oil and gas exploration and production firm Gulf Keystone’s after-tax losses fell to $26m (£16m) in the year to the end of December – down from $96.3m last time. The firm had cash, cash equivalents and liquid investments of $211.4m at the year-end compared with $19.2m in 2009.
Helical Bar in £29m share sale April 11, 2011 UK commercial property company Helical Bar yesterday said it had raised £29m in a placement of about 10 per cent of its share capital to help fund property acquisitions. Helical had said earlier yesterday it would place up to 10.7m new shares via an accelerated bookbuild, and by late morning it had completed the placing [...]
Tribal sells health units to Capita April 11, 2011 British outsourcing and consultancy firm Tribal has agreed to sell its government and healthcare units to Capita for £15.87m, as it looks to focus on its education business. The sale of the loss-making units comes nearly four months after the company was approached about a possible offer. The sale will allow Tribal to focus on [...]
GKN suffers in Japan but profit still up April 11, 2011 THE Japanese earthquake and tsunami has cost car parts maker GKN £3m so far this year, but it still managed to hit its forecast. It said the disruption to its three Japanese factories had taken its toll on operating profit in the first quarter but that trading and profit was still strong. Pre-tax profit rose [...]
Compass snaps up two Indian caterers April 11, 2011 CATERING giant Compass has bought two firms in india. The company has snapped up Delhi-based Vipul Facility Management, which has gross assets of 342.2m Indian rupees (£5.2m) and Hyderabad-based Ultimate Hospitality Services (UHS) for 42.1 rupees. Compass chief executive Richard Cousins said: “VFM provides an excellent platform to develop our support services capabilities in the [...]
Michael Page reaps the rewards of Asia job boom April 11, 2011 RECRUITER Michael Page posted a 30 per cent jump in first-quarter gross profit, boosted by growth in the Asia-Pacific region, and said it was well placed to exceed last year’s profit. Michael Page, which finds jobs for people in the financial, accounting and legal services sectors, said yesterday its operating profit to the end of [...]
