Ikea regrets Saudi airbrushing October 2, 2012 Ikea, the world’s biggest furniture retailer, has come under heavy criticism in its home market of Sweden after it airbrushed women out of its latest catalogue in Saudi Arabia, raising questions about its policies towards gender equality. Ikea, famous for flat-pack furniture, said it regretted removing the women from pictures in the annual booklet, which [...]
BNY Mellon buys joint venture October 2, 2012 BNY Mellon yesterday announced it had taken full ownership of WestLB Mellon Asset Management, buying 50 per cent of the German firm from its joint venture partner Portigon. The two groups set up WestLB Mellon Asset Management in early 2006, each owning 50 per cent. It now has more than 170 employees and €25bn (£20bn) [...]
ISS receives SEC Wells notice October 2, 2012 Investment analysis firm MSCI said yesterday its proxy advisory unit, Institutional Shareholder Services (ISS), received a Wells Notice on 14 September related to a whistleblower complaint against an employee. The employee was found to have leaked data to a proxy solicitor in return for meals and tickets to events and was subsequently sacked in March. [...]
Samsung sues over iPhone 5 in latest clash October 2, 2012 SAMSUNG yesterday said it had launched legal proceedings in the US over the iPhone 5, claiming Apple has used the Korean firm’s own technology. In the latest in a string of lawsuits around the globe between the two technology giants, Samsung claims the latest iPhone model infringes on patents regarding sending music and video files [...]
Former Lazard banker launches a chemicals M&A advisory firm October 2, 2012 ALASDAIR Nisbet, the former global co-head of Lazard’s chemical M&A division, has left the bank to set up a boutique M&A advisory business for the chemicals sector. Natrium Capital, which received formal approval from the Financial Services Authority yesterday, will focus on the chemical, materials, alternative energy and bio-technology sectors. Nisbet told City A.M.: “We’re [...]
Marwyn in talks with French wellies maker October 2, 2012 FRENCH outdoor clothing group Lafuma is in talks to sell Le Chameau, the luxury rubber boot maker favoured by the Royal family, to Marwyn Management Partners, the firms announced yesterday. Le Chameau, founded by a French engineer in 1927 after hearing farmers and fisherman complaining about water seeping through their shoes, rivals Hunter wellies in [...]
Saga is latest consumer brand to seek a legal services licence October 2, 2012 SAGA has become the latest consumer brand to apply to become an alternative business structure (ABS), as it seeks to extend the legal services it can offer its over-50s customers. On Monday Saga launched a range of legal services including will writing and conveyancing – offered at a set price rather than solicitors’ usual hourly [...]
Terra Firma-backed Garden Centre Group sees profit fall October 2, 2012 THE GARDEN Centre Group, the 129-store chain snapped up by Guy Hands’ private equity firm Terra Firma in April, yesterday posted a small dip in pre-tax profits despite growing year on year revenue by nearly ten per cent. The garden centre, which employs 5,000 people across the country, reported a pre-tax profit of £586,000 for [...]
Drinks firm in administration October 2, 2012 DRINKS wholesaler WaverleyTBS has called in administrators, putting 831 jobs into doubt. Waverley, which distributes alcoholic and soft drinks to customers including Merlin Entertainment and Cote Restaurants, has been hit by “tough trading conditions” in pubs and restaurants, according to its private-equity owner Manfield Partners. Deloitte, which has been appointed joint administrator, said it was [...]
URS picks new London leader October 2, 2012 URS Corporation, the American engineer consulting on London’s Crossrail project, yesterday appointed a new executive chairman of its London-based international business. Tom Bishop, who started his career as a nuclear submarine engineer in the US Navy, will take over from engineering stalwart Hugh Blackwood, who is retiring after more than 40 years in the industry. [...]
