Aero Inventory creditors to get 1p in £1 June 14, 2010 FRUSTRATED creditors of collapsed airline Aero Inventory are likely to be able to claw back just 1.1p in every pound owed to them by the company, administrators KPMG have revealed. A progress report by KPMG– which has so far racked up £8.7m in administration fees while attempting to root out the finer details of Aero’s [...]
Gates nuclear start-up raises $35m June 14, 2010 TerraPower, a nuclear energy start-up backed by Microsoft chairman Bill Gates, has raised $35m (£23.7m) in a new round of funding to aid the development of a reactor fuelled by nuclear waste. Concerns about global warming and efforts to reduce carbon emissions have sparked renewed interest in nuclear energy as a clean fuel, but the [...]
Japanese factories optimistic June 14, 2010 Optimism among big Japanese manufacturers has grown in the past three months. The results suggest manufacturers have shaken off fears of the euro crisis and a strengthening yen, according to a survey by the Ministry of Finance and the Cabinet Office’s Economic and the Social Research Institute.
Brit investors discuss Apollo June 14, 2010 SHARES in Brit Insurance rose a further 5.7 per cent to 930p yesterday as management held talks with investors over their rejection of a £785m offer from US group Apollo. Although Brit Insurance’s largest shareholders – including Schroders, Third Avenue and Deutsche Bank – back the board’s decision to turn down the private equity player’s [...]
Kerviel says superiors knew about €4.9bn rogue trades June 14, 2010 ROGUE trader Jérôme Kerviel kept his unauthorised risky bets at Société Générale hidden to “save appearances”, the 33-year-old said yesterday. Although he said he never admitted the unauthorised trading to superiors, Kerviel told the court in the Palais de Justice it was impossible they did not know what he was doing. Kerviel spoke after SocGen’s [...]
Brit Insurance June 14, 2010 BRIT INSURANCE has been a source of frustration to investors for some time. Before Apollo came along, the stock was trading on less than 0.7 times 2010 net tangible assets (NTA), a deeper discount than many of its peers on the generally undervalued Lloyd’s of London market. Quite what a large-scale US private equity player wants with a [...]
HYUNDAI STUNG BY ITV HD AD BLUNDER June 14, 2010 MUCH has been made of ITV HD’s impeccably timed blunder at the weekend, when millions of viewers missed England skipper Steven Gerrard’s fourth-minute goal due to a rogue advertising spot interrupting the channel’s match coverage. But surely there was one beneficiary in all of the frustration: namely Hyundai, the carmaker whose ad appeared in the [...]
Retailers hit hard by card transactions June 14, 2010 PUNITIVE handling fees mean that accepting payment by card rather than in cash can cost a retailer up to 16 times more, according to the annual Cost of Collection Survey from the British Retail Consortium (BRC), which is published today. The survey, which covers 53 per cent of total UK retail sales in 2009 and [...]
Spirit Airlines hit by pilots’ walk-out June 14, 2010 A PILOTS’ strike at America’s Spirit Airlines has prompted the carrier to extend flight cancellations into the middle of the week. Pilots represented by the Air Line Pilots Association (Alpa) struck on Saturday after last-ditch talks with the discount carrier failed to bridge differences over pay. Florida-based Spirit said it would offer affected customers flight [...]
House sellers test market June 14, 2010 SELLERS flooded onto the market in May following the recent abolition of home information packs (Hips) by the coalition government, the latest monthly survey from the Royal Institution for Charted Surveyors (RICS) will show today. However, the sharp increase in new instructions to +21 per cent from +11 per cent was not enough to prevent [...]
