Management have bungled defence January 5, 2011 IS this the most bungled takeover defence in corporate history? First, De La Rue managed to irk shareholders by keeping Oberthur’s approach under its hat for a whole month. Now management refuses to say whether it has been excluded from bidding for a key banknote printing contract from the Indian government. We think that De [...]
De La Rue to be excluded from new Indian contracts January 5, 2011 BRITISH banknote printer De La Rue will not be awarded new contracts to supply the Reserve Bank of India (RBI) in the near future, a source close to the matter said yesterday. That could harm De La Rue’s defence against an £895m approach from Oberthur Technologies, the world’s third biggest banknote maker. De La Rue [...]
Fewer closures in 2010 but many firms are still walking an economic tightrope January 5, 2011 FAR fewer struggling UK companies fell into administration in 2010 compared with 2009, Deloitte research showed yesterday. Insolvencies fell by 35 per cent, or by 1,102 companies last year, to 2,086 in 2010 from 3,188 in 2009, analysis of notices in the London Gazette over the year showed. Policymakers have worked to keep the business [...]
Boris calls on Osborne to scrap 50p top tax rate January 5, 2011 BORIS JOHNSON has called for the 50p top tax rate to be scrapped to allow the City to compete on a global stage. The London mayor’s comments risk stirring up tensions between himself and chancellor George Osborne, who has refused to remove the higher band. Speaking to Management Today magazine, Johnson said: “It’s not right [...]
Companies join tourism campaign January 5, 2011 TRAVEL firms British Airways and P&O have stepped in to support a government drive to boost tourism. The companies are part of a £100m fund aimed at boosting the number of visitors to the UK and tourism jobs over the next four years. Representatives from the two firms, as well as ferry operator DFDS, hotel [...]
FRESH HOPE FOR PONTIN’S January 5, 2011 UK HOLIDAY camp firm Pontin’s has attracted ten offer approaches since going into administration, accountants KPMG said yesterday. KPMG, appointed as administrators in November, said the majority of the offers were from parties keen to continue operating the business as a going concern. But in a blow to unsecured creditors, KMPG said there would be [...]
Germany and France drive Euro recovery January 5, 2011 SPLITS in the Eurozone recovery were evident yesterday, as economic data showed strength in Germany and France despite ongoing slumps in troubled Mediterranean and peripheral states. The service sectors actually contracted in Spain and Ireland last month, and effectively stagnated in Italy. However, service industries continued to grow in France and Germany, the purchasing managers’ [...]
UK profits recover from slump January 5, 2011 CORPORATE profitability jumped to its highest level for 18 months in the third quarter of last year, official data showed yesterday. Strong economic growth boosted sales, with non financial corporations seeing their net rate of return increase to 11.9 per cent – up from 11.6 per cent the previous quarter. The result marked a year [...]
Yuan free to rise five per cent against dollar in 2011 January 5, 2011 IN a bid to tackle its problematic inflation, China will let the yuan rise by around five per cent against the dollar this year, it was revealed yesterday. However, any appreciation will do little to narrow China’s trade surplus with the US, a Chinese government official warned. The trade imbalance is a constant source of [...]
British construction industry contracts in the final month of a prosperous year January 5, 2011 AFTER a booming middle of the year, the UK’s construction industry slightly contracted in the final month of 2010, it was revealed yesterday. Freezing weather conditions were blamed by many constructors for the decline, recorded by the purchasing managers’ index (PMI) compiled by Markit and the Chartered Institute of Purchasing and Supply. The index fell [...]
