Networks line up for iPad deal March 7, 2010 Network providers will meet Apple executives this week to tie up contracts to carry the iPad. The new device from Apple will go on sale in the UK in April and mobile companies including Orange and Vodafone are desperate to provide data coverage. Early indications suggest the iPad will not be restricted to one carrier, [...]
Qinetiq braced for heavy cuts March 7, 2010 QINETIQ chief executive Leo Quinn looks set to announce a number of stinging cost cutting measures in order to stem the losses at the defence group. The Hampshire based company was forced to issue two profit alerts in the last few months, warning that the cost of war in Afghanistan had resulted in lower spending [...]
BEST OF THE BROKERS March 7, 2010 Persimmon Credit Suisse has upped its target price on the housebuilder to 678p following strong full-year results. The broker predicts volume growth of 10 per cent and price growth of 8 per cent this year, with the latter attributable to mix impact rather than underlying price inflation. Credit Suisse also expects further deleveraging from the [...]
Investment Dar mulls aid offer March 7, 2010 Kuwait’s Investment Dar, which owns half of British luxury carmaker Aston Martin, said yesterday it was considering using a $5.2 bn (£3.4bn) state rescue facility. The Islamic investment firm said in a statement that the government’s aid package would set the legal framework for its restructuring process, amid the dissent of some creditors and investors [...]
RBS sale will not increase competition March 7, 2010 PLANS to make the banking sector more competitive through the sale of Royal Bank of Scotland assets have been cast into doubt. Spanish giant Santander now appears to be the only bank with the financial clout to provide the estimated £2bn to support the struggling bank’s loan book, which stands at £24bn. The Treasury had [...]
CITY MOVES | WHO’S SWITCHING JOBS March 7, 2010 Santander The Spanish banking group has appointed Damian McGann as head of business development in its corporate banking team. McGann has over 20 years of experience in the sector and joins from Lloyds Banking Group, where he previously headed up substantial businesses in the Midlands and Scotland. He will focus on a range of businesses, [...]
CATH KIDSTON COMING UP ROSES March 7, 2010 DESIGNER Cath Kidston is looking at selling her eponymous clothing and home furnishings brand to American private equity and buyout firm TA Associates, in a deal that will value the company at £100m. Kidston owns a third of the company and will sell only a proportion of her stake. The other two thirds is divided [...]
Pru boss to charm investors March 7, 2010 PRUDENTIAL chief executive Tidjane Thiam will today embark on a week-long charm offensive in the City, to persuade key UK investors to back a record rights issue crucial to the firm’s planned $35.5bn (£23.4bn) acquisition of AIG’s Asian arm. Thiam and AIG boss Robert Benmosche spent last week in meetings with employees and regulators across [...]
Staff at John Lewis set to receive 14pc bonuses March 7, 2010 STAFF at John Lewis Partnerships are set to share a bonus pool of £140m as the company outperformed during the second half of 2009. The bonus will work out at 14 per cent of an employee’s annual salary, or eight weeks pay for the 70,000 workers. The retail group is expected to announce a rise [...]
Toyota fights electronics claims March 7, 2010 Toyota is today set to fight claims of a potentially dangerous flaw in its electronic control systems with a technical demonstration. The Japanese firm is under pressure to back up its claims that electronic defects were not the cause of reported acceleration problems in Toyota cars. Henry Waxman, chairman of a congressional committee investigating Toyota, [...]
