IOD chairman lays into new boardroom rule September 5, 2010 INSTITUTE of Directors (IOD) chairman Neville Bain has slammed the new rules that force board members at top firms to face annual re-election. Bain, the former chairman of Royal Mail, warned the recommendation that FTSE 350 directors must pass a vote of confidence once a year could play havoc with shareholder relations. “Annual board evaluations [...]
Chinese bid to block BHP Billiton tie-up September 5, 2010 CHINESE officials have ordered state companies to meet investment bankers to explore ways to block BHP Billiton’s $39bn (£25.3bn) bid for Potash. In response to the directive, sources say Sinochem is holding meetings with several banks, including Citigroup, HSBC and Morgan Stanley. The order from Beijing underscores the seriousness with which China is taking the [...]
Gartmore to lock in more key managers September 5, 2010 AILING fund manager Gartmore is considering extending a share incentivisation scheme designed to lock in key staff as fears grow of defections. Gartmore was rocked two months ago when Guillaume Rambourg, a star European fund manager, resigned to concentrate on a Financial Services Authority inquiry into irregular trades made through his account. Small companies expert [...]
Morrison to offer internet sales September 5, 2010 Dalton Philips, the new chief executive at supermarket Wm Morrison, will use his first big presentation to the City to unveil plans to move into online grocery shopping this Thursday. The announcement will be part of the firm’s half-year results. Analysts have predicted a pre-tax profit of around £400m, a rise of 10 per cent [...]
Cobra Beer posts annual loss September 5, 2010 The first set of accounts from the Cobra Beer Partnership show a loss of £475,000 in 2009, on turnover of £24.7m. The joint venture was formed last year after American brewer Molson Coors bought the brand out of administration. The company will however pay a dividend of £1.1m to its two shareholders, Molson Coors and [...]
Waterstone’s man plots £100m return September 5, 2010 THE founder of the Waterstone’s book chain could launch a bid of more than £100m to take the business private if owner HMV decides to sell, it is understood. Tim Waterstone, the novelist-cum-entrepreneur who started the company in 1982, is reported to have lined up financing from backers including a London-based hedge fund. Waterstone has [...]
House of Fraser to revitalise Swinging Sixties brand Biba September 5, 2010 DEPARTMENT store House of Fraser is this week set to breathe new life back into Biba, the cult clothing brand which defined the 1960s. Biba, which will now be fronted by model Daisy Lowe, is to relaunch on Wednesday at the group’s Oxford Street store, featuring leopard print, faux-fur and denim clothing, party frocks and [...]
BEST OF THE BROKERS September 5, 2010 BAE SYSTEMS Execution Noble retains a “hold” rating on the defence giant, with a fair value price of 325p. The broker has looked at the possible outcomes of the UK strategic defence review out in October, and believes the firm will see EPS rise once the spending cuts are made public. WM MORRISON Seymour Pierce [...]
Kirsh vows to oust Minerva management September 5, 2010 BILLIONAIRE investor and activist shareholder Natie Kirsh is gearing up to oust the bosses of property developer Minerva this week. The 78-year-old owner of investment firm KiFin forced Minerva to call an extraordinary shareholder meeting to be held this Wednesday, where he will ask investors to vote on whether to retain chief executive Salmaan Hasan [...]
The City needs workers from outside the EU September 5, 2010 AS THE days count down until the immigration cap consultation on non-EU workers closes a week on Friday, it is more important than ever that we engage with policymakers to voice concerns across the City. Of course, we recognise the wider national concerns about immigration levels. With the latest figures from 2009 showing a 20 [...]
