FSA swoops for insider trading May 20, 2010 ENFORCEMENT officers from the Financial Services Authority (FSA) raided another London address yesterday in its crackdown on insider trading, taking a 39-year-old man into custody for questioning. The swoop is the latest in a string of arrests by the regulator over insider dealing, including the high-profile prosecution of former Cazenove partner Malcolm Calvert earlier this [...]
SSE warns of tough trading May 20, 2010 SCOTTISH & Southern Energy (SSE) yesterday said the demand environment remained tough and it would delay building a power plant in Wales, as it met expectations with a three per cent rise in full-year profit. Chief executive Ian Marchant declined to give precise guidance for the company’s financial year, which ends March 2011. “We don’t [...]
Mitchells & Butlers profits rise by 50pc May 20, 2010 PUBS group Mitchells & Butlers (M&B) has seen a surge in half-year profits – but its boss warned yesterday that cheap supermarket deals were threatening the industry. The owner of the All Bar One and O’Neill’s pub chains said pre-tax profits for the six months to 10 April were £73m, up from £47m the year [...]
Jaeger cashes in as luxury brands make a comeback May 20, 2010 JAEGER yesterday posted a 16 per cent rise in annual earnings as sales of luxury goods increased following the recession. The group, owned by a management team which also bought the luxury Aquascutum brand last year, made a pre-tax profit of £7m. Sales were flat at £85.5m – but were up 12 per cent so [...]
Liberty sold to Wigley’s BlueGem for £32m in private equity deal May 20, 2010 DEPARTMENT store Liberty was yesterday sold for £32m to a team of former City bankers. BlueGem Capital Partners, founded by former bankers at Merrill Lynch’s private equity unit, including Bob Wigley, has bought Liberty in a deal valuing the company’s shares at about 141.8 p. Liberty was majority-owned by MWB Holdings, the hotel group that [...]
BUDDHA GOES BUST May 20, 2010 THE Buddha Bar has gone into administration. The venue on Victoria Embankment, favoured by stars such as Lady Gaga, hit the buffers after lavish City spending fell off. In better times the bar featured in City A.M’s Bill of the Week when bankers splashed out £13,000 on one meal there in February.
Trafficmaster revenues rise May 20, 2010 Trafficmaster yesterday reported a revenue rise of five per cent from 1 January to the end of April, compared with the same period last year. Business Services revenues were up 18 per cent at the firm which specialises in driving technology including tracking systems. However Consumer Services were 23 per cent down. Chief executive Tony [...]
Shake-up at Arena Leisure May 20, 2010 Racecourse operator Arena Leisure yesterday lined up David Thorpe as its new chairman after Raymond Mould stood down at the company’s AGM. Thorpe, 60, is a former chairman of the Racecourse Association, while Mould is giving way so he can spend more time working at his London & Stamford Property business. Arena, which operates seven [...]
Vodafone pays £1.74bn for Indian 3G May 20, 2010 VODAFONE yesterday paid £1.74bn for a section of the Indian mobile phone spectrum to provide 3G services. The telecoms giant was involved in a fierce bidding war that pushed the price far higher than it hoped to pay. The auction raised a staggering £10.2bn for the Indian government after major players slogged it out to [...]
Technology sector ready for M&A glut May 20, 2010 THE second half of 2010 will see a surge in M&A activity in the technology, media and telecoms sector, with more than 80 per cent of firms planning acquisitions this year. Nearly half of companies expect to secure new bank debt or secure additional support from shareholders, showing an expectation that funding will become more [...]
