CVC mulls bid for airports December 19, 2010 PRIVATE equity firm CVC is plotting a €12bn (£10.2bn) takeover bid for Spanish airport and road operator Abertis, it emerged yesterday. CVC has begun talks about financing the deal and is thought to be planning to make an approach to the group in January. Abertis runs Luton, Cardiff and Belfast International airports in the UK [...]
BRANSON COULD REDUCE VIRGIN STAKE December 19, 2010 SIR Richard Branson could reduce his 51 per cent stake in Virgin Atlantic and relinquish control of the firm, after the airline said it had received enquiries from rivals about possible tie-ups or mergers. The airline appointed Deutsche Bank in early November to examine growth opportunities in the aviation industry. Virgin Atlantic said it was [...]
Cable to rule on Sky after EU approval December 19, 2010 THE EU is set to approve News Corporation’s £7.8bn takeover bid for the rest of BSkyB this week, bringing the firm a step closer to a buyout of the 61 per cent of Sky that it doesn’t already own. Rupert Murdoch’s News Corp has been forced to wait for the European Commission to confirm that [...]
The City contributes far more than billions in tax December 19, 2010 NEWS that the financial services industry contributed £53.4bn to the Exchequer in tax during 20090-10 is welcome evidence that the City’s success spreads wealth across the wider economy. This money will help to pay for schools, hospitals and other infrastructure that tangibly benefits individuals across the UK. City businesses continue to make a significant contribution [...]
Madoff’s friend gives back $7bn December 19, 2010 THE MAN assigned to recover money for Madoff’s victims won his biggest settlement yet — an agreement by the estate of longtime Madoff friend Jeffry Picower to return $7.2bn (£4.6bn) from the epic fraud. The settlement significantly boosts the recovery pot to close to $10bn, capping a weeks-long flurry of settlements and lawsuits around the [...]
Bahrain frees British bankers December 19, 2010 BAHRAIN has released four Britons held in the country for 18 months after the banks they worked for collapsed, in a meltdown that has caused a multi-billion dollar row between two Saudi families. The four, who worked at banks related to the empires of businessman Maan Al-Sanea and the Algosaibi family he is now in [...]
Evening snow storms set to cause more havoc on trains December 19, 2010 FREEZING conditions and further snowfall are threatening to leave commuters stranded this evening. “The forecast is for continuing freezing weather and for more snow on Monday evening which will have an effect on services,” said a spokesman for Southeastern trains. Late evening delays are more likely than delays in the morning, he said. If track [...]
Retail sales rise in early week trade ahead of big freeze December 19, 2010 JOHN Lewis and Waitrose enjoyed near-record sales last week, despite the disruption of the snow. Waitrose admitted that sales were down on Saturday by 11 per cent, but a surge in spending earlier in the week more than made up for the effects of the weather. “From Monday onwards customers took the weather forecast seriously [...]
UK has fewer empty homes December 19, 2010 THE number of English homes left standing empty for six months or longer dropped for the first time in three years last year, in a sign that a stagnant housing market and high rental demand is pushing up occupancy levels. The number of long-term empty private houses dropped by more than 20,000, or six per [...]
Entrepreneur backs FSA report into failings at the Queen’s bank December 19, 2010 TYCOON Sir Keith Mills has welcomed the investigation of the Royal Bank of Scotland by the FSA, in the hope it sheds light into failings at the Queen’s bank Coutts. The millionaire is in the process of suing the bank, a division of RBS, after he was advised to invest £65m of his fortune in [...]
