Blockbuster set to file for bankruptcy September 22, 2010 BLOCKBUSTER is set to file for Chapter 11 bankruptcy as early as today, but the iconic video chain will live to see another day after cutting a debt-for-equity swap with its creditors. Billionaire investor Carl Icahn and other senior bondholders will swap their debt for all of the company’s stock, while providing a $125m (£80m) [...]
HOLLYWOOD DIRECTOR HAS POP AT GOLDMAN September 22, 2010 HOLLYWOOD director Oliver Stone is clearly a very brave man, having taken a figurative pop at not one, but two of the world’s most successful businessmen in the past week. Just a few days ago, it emerged that Stone – currently on a publicity flash tour to coincide with the opening of his new film, [...]
Bank minutes reveal fears for growth September 22, 2010 THE chances the Bank of England may have to revive its policy of quantitative easing (QE) have increased, several members of the Bank’s interest rate setting body said at its latest meeting. The Monetary Policy Committee (MPC) voted 8-1 on 9 September in favour of holding interest rates at their current level of 0.5 per [...]
US house prices at 6-year low September 22, 2010 US HOUSE prices fell 0.5 per cent in July to their lowest level in six years, official figures showed yesterday, heaping further woes on homeowners as the end of government-backed tax credits aimed at first time buyers began to bite. The US government had offered first time buyers a tax credit of $8,000 (£5,106) to [...]
Austerity hits European consumer confidence September 22, 2010 CONSUMER confidence across the European Union (EU) fell in September to -11.8 points from -11.2 in August as concerns over Europe’s economic recovery returned. Across the 16-member euro area, which excludes the countries like the UK that have not joined the single currency, confidence was up fractionally to -11.2 from -11.4 in August. However, following [...]
Eurozone orders slump 2.4pc in July September 22, 2010 NEW industrial orders in the Eurozone fell by the most for 19 months in July, led by a slump in orders for capital goods, official data showed yesterday. The figures added further to evidence the economic recovery is slowing as member states look to reduce the size of budget deficits in the wake of the [...]
FirstGroup names O’Toole as new boss September 22, 2010 TRANSPORT operator FirstGroup has chosen former London Underground (LU) boss Tim O’Toole to replace it chief executive Moir Lockhead when he retires at the end of March 2011, the firm said yesterday. O’Toole, who is currently deputy chief executive, will take the reins on 1 November. FirstGroup, which manages the Great Western rail franchise and [...]
RSM Tenon in profit boost September 22, 2010 ACCOUNTANCY?firm RSM Tenon posted a 37 per cent increase in full-year adjusted pre-tax profit yesterday, thanks to two acquisitions. The accountancy and advisory firm, which moved to London’s main market in May, said adjusted pre-tax profit was £24.1m, up from £17.6m a year ago. It raised its dividend by seven per cent to 1.6p per [...]
Summer slowdown for jobs September 22, 2010 The quiet summer holiday period has taken its toll on London’s financial services sector with an eight per cent fall in job opportunities this August to 5,544 down from 6,048 in July. Year-on-year however, the number of available jobs was up 33 per cent and there was a 61 per cent rise in the number [...]
RSM Tenon September 22, 2010 SO far so good. Tenon’s buyout of RSM appears to be having the desired effect, with cost synergies on track to total more than £10m a year. Getting accountants from both companies to gel was always going to be tricky, but the business is performing well. Some government contracts will be chopped come October’s spending [...]
