Water groups to post slower flow of profits November 22, 2010 WATER companies Severn Trent and Pennon Group are tipped to report a slower flow of profits due to higher costs and pricing pressure when they report half-year numbers this week. Deutsche Bank expects Midlands water and sewage group Severn to post pre-tax profit tomorrow of about £159m against £188m last time, while others predict about £153.9m. [...]
Bid ban may hit Sky News November 22, 2010 SKY News could suffer if the takeover of its owner BSkyB by News Corp is blocked, according to independent directors at the broadcaster. In a submission to media watchdog Ofcom, directors at Sky warned future investment in the news channel could be jeopardised if the takeover is vetoed. They argue that blocking the £7.8bn bid [...]
BILL OF THE WEEK November 22, 2010 A troupe of City boys from one of the UK’s biggest financial services companies headed down to the Real Greek on bankside last week and they went to town on the restaurant’s brand new menu. They racked up the tidy sum of £1,038 but, unlike the usual features of this column, they were a bit [...]
US authorities will announce string of insider dealing cases November 22, 2010 Federal authorities are closing in on a series of high profile targets as part of a drive to purge insider trading from Wall Street. They are understood to be on the verge of announcing cases against hedge fund traders, consultants and Wall Street bankers within weeks, according to lawyers working on the cases. Prosecutors and [...]
AIG accused of excluding buyers from the sale of its rail-car unit November 22, 2010 BAILED-OUT insurer AIG has put its rail-car unit up for sale, though trade buyers are complaining of being excluded from the auction, the Wall Street Journal reported yesterday. The assets of AIG Rail Services have a book value of about $660m but it was not clear how much American International Group was seeking for the [...]
Barclays and Lehman wrap up US lawsuit November 22, 2010 LEHMAN Brothers’ lawsuit against Barclays over its $1.75bn (£1.09bn) purchase of the bankrupt group’s assets draws to a close today, as lawyers on both sides submit their final arguments on whether Barclays made a secret windfall on the sale. Lehman, which filed for the world’s biggest bankruptcy in September 2008, is expected to claim Barclays [...]
London reaches 20-year low for development November 22, 2010 CENTRAL London’s construction level is at a 20-year low, with just 2.7m square feet under development. Overall development is down by almost 70 per cent on this time last year, according to the latest Crane Survey research by property agency Drivers Jonas Deloitte. The report says this year and next will see the lowest level [...]
Compass sees UK decline as new markets fill gap November 22, 2010 CATERING services giant Compass Group is expected to report a spluttering performance in the UK this week, with Australia and Brazil helping to shore up its figures. The company, which operates in 55 countries, is expected to show growth of around six per cent in its Rest of the World division, while dropping by one [...]
Reuben brothers plan new tower November 22, 2010 THE BILLIONAIRE Reuben brothers’ property firm has applied for planning permission for a 42-storey tower in the Paddington Basin, ramping up its redevelopment plan for the area. European Land and Property, a joint venture between the Reubens’ firm Aldersgate and the Jarvis family trust Pearcroft, altered its planning application earlier this month to include the [...]
UK regulation reaches crucial tipping point November 22, 2010 THE future of the European Union (EU), and the economic prospects of member states, continues to be the subject of intense scrutiny. Even a Royal engagement has not pushed the crisis headlines off the front pages. European countries are not alone in facing fiscal adjustments in the wake of the financial crisis. Ensuring these changes [...]
