Enterprise seals loans deal May 11, 2010 Pubs group Enterprise Inns has refinanced with £625m of loans. Chief executive Ted Tuppen said: “While we’re not there yet, these are strong signs that stability is approaching. Tuppen said the refinancing showed that Enterprise’s £3.3bn debt pile was under control: “We were confident that we would get it done. “Some people thought we would [...]
EasyJet hit by £75m ash cloud losses May 11, 2010 EASYJET swallowed up to £75m in losses during the six-day volcanic ash crisis, forcing the budget airline to revise its yearly profit forecasts. The Luton-based carrier said that pre-tax profits for the year are likely to come in between £100m and £150m as a result of the Icelandic volcano, marking a drop from the groups [...]
BA rejects strike talks as four execs are granted court costs May 11, 2010 BRITISH Airways (BA) yesterday said it would not go back into negotiations with the Unite union over the threat of a three week cabin crew strike despite repeated requests to do so. A spokesperson from the airline said BA has made its position clear and that further negotiations being sought by Unite will not happen. [...]
BP and Transocean blame each other for oil disaster May 11, 2010 US Senators yesterday accused BP of trying to shift the blame for the Gulf of Mexico oil spill onto its business partners. BP singled out Transocean, which owns and operates the rig, for its role in the accident, despite the senators insisting “we are all in this together.” But Transocean chief executive Steven Newman sought [...]
Investors should hang on for McCall May 11, 2010 SUCH a public attack on a departing chief executive as that made by Sir Stelios Haji-Ioannou on Andy Harrison’s five years at the helm of easyJet is almost unheard of. Calling Harrison “overrated” and saying he had increased “nothing but the size of his bonus”, Stelios’ attack was harsh, but he has a point. Investors’ [...]
CITY MOVES | WHO’S SWITCHING JOBS May 11, 2010 Defence Industries Council Ian King, the chief executive of BAE Systems, is to become chairman of the DIC following industry elections. The council represents the UK defence industry in discussions with the MoD, helping to ensure that the best possible equipment and services are provided to the UK armed forces. In his new role, King [...]
VT deal on track as Babcock profits rise May 11, 2010 DEFENCE services group Babcock, on course to create a giant to challenge BAE Systems after it struck a recent deal to buy rival VT Group, last year saw profits jump by over a fifth on the back of a strong performance at its marine, defence and nuclear units. Babcock reported a pre-tax profit of £129.2m [...]
Cuomo sues Bank of NY Mellon unit May 11, 2010 NEW YORK attorney general Andrew Cuomo sued a Bank of New York Mellon Corp unit and two of its former senior officers yesterday, claiming that they kept clients in the dark about problems they learned about involving Bernard Madoff’s investment firm. The lawsuit claims that Ivy Asset Management knew that Madoff was not investing client [...]
Glaxo ramps up emerging markets push with South Korean acquisition May 11, 2010 DRUGS giant GlaxoSmithKline yesterday ramped up its efforts to break into the emerging markets, as it agreed to buy a 9.9 per cent stake in South Korea’s Dong-A Pharmaceuticals for £73.9m. The deal wins the British-based group an alliance with the leading pharmaceuticals and over-the-counter medicines company in South Korea – a market expected to [...]
BEST OF THE BROKERS May 11, 2010 ERICSSON Evolution Securities reiterates its “sell” rating on Ericsson. Despite its miss to top-line expectations, Evo notes that first-quarter results generated excitement because of improved gross margins. But the stock remains expensive against peers, according to Evolution, which warns consensus estimates will remain pressured. UBS Morgan Stanley has upgraded its target price for UBS by [...]
