BP sues HMRC for mistaken tax payment February 27, 2011 BP has brought a lawsuit against the UK government to try and reclaim taxes it paid “by mistake” in 1999, City A.M. can confirm. The oil giant is claiming almost £300m in refunds, interest and compensation for paying the controversial 1.5 per cent stamp duty reserve tax on its purchase of ARCO in 1999. BP [...]
F1 team eyes IPO finish line February 27, 2011 THE BANKERS for Formula One race team Williams will today conclude the bookbuilding process for its initial public offering (IPO). German lender Baader Bank last night confirmed that it had fully covered the book ready for the listing. Swiss lender Bank am Bellevue is leading the global bookbuilding process. The British-based racing team will list [...]
Veteran insurance tycoon plots Hastings Direct IPO February 27, 2011 INSURANCE tycoon Neil Utley is stepping up his plans for a flotation of motor and home insurer Hastings Direct. The chairman of the Bexhill-based firm could net a cool £150m should the listing go ahead. Hastings Direct is said to be in the process of appointing advisers to handle the initial public offering (IPO). No [...]
All Saints to be put up for sale February 27, 2011 High street fashion retailer All Saints is to be put up for sale with a price tag of £140m. The chain is said to have appointed Ernst & Young to advise on the sale, according to reports. Owned by retail tycoon Kevin Stanford, All Saints has 63 stores and 47 concessions across the UK, Europe, [...]
Bumper bonus year for HR bosses February 27, 2011 City HR professionals shared in a £1.5bn bonus pool in 2010, according to research by recruiter Ortus. The poll of almost 900 professionals in the second half of last year found HR bonus was now £9,800 per person in the City. The average bonus reached 18 per cent of salary, whilst income for professionals rose [...]
London’s prime market is patchy February 27, 2011 The value of prime properties remains turbulent across London, with the top homes in Merton gaining the most in price last month, according to research by Primelocation. Merton’s most valuable 25 per cent of properties rose 15.8 per cent on last year to an average of £987, 705, the research said, compared to the most [...]
Why premiums will keep falling despite the New Zealand quake February 27, 2011 THE earthquake that devastated Christchurch in New Zealand last week also shattered insurance companies’ hopes of a quieter year for disasters than 2010. The quake, which has claimed more than 100 lives and devastated historic and commercial city centre buildings, may cost the industry $12bn – more than double the $5.5-6bn insured cost of the [...]
Tesco targets Asda in new price scheme February 27, 2011 TESCO will today start a new supermarket price war by introducing £200m worth of reductions. The retailer plans to lower prices on more than 1,000 everyday products including bread, meat, vegetables and fruits, and medicines across all of its UK stores. The key target in Tesco’s latest promotion is rival Asda – owned by US supermarket giant [...]
Women do not want tokenistic promotions February 27, 2011 WHEN Lord Davies last week announced that companies should aim to have women filling 30 per cent of the seats on their boards by 2015, he warned that this represents a “last chance” for corporate Britain to instigate a change in behaviour, otherwise the government will be forced to impose statutory quotas. Clearly this is [...]
HMV in talks with Russian billionaire over sale of bookseller Waterstone’s February 27, 2011 HIGH street bookseller Waterstone’s could be sold to a Russian billionaire by its owner HMV. The retailer is said to be holding talks over a potential sale to oligarch Alexander Mamut, a wealthy businessmen best known in Britain as the backer of blogging website LiveJournal. Mamut has already built a 6.1 per cent stake in [...]
