Osborne to announce auction of Northern Rock this week June 12, 2011 CHANCELLOR George Osborne is expected to use his Mansion House speech on Wednesday to announce plans to auction off state-owned bank Northern Rock Osborne is expected to make the announcement at his annual address to the City of London’s financial elite — a gathering that will also be addressed by Bank of England governor Mervyn [...]
Huhne: hurt energy firms June 12, 2011 CHRIS Huhne yesterday called on energy consumers to “hurt” their suppliers by finding a cheaper alternative rather than accept price hikes “lying down”. “Consumers don’t have to take price increases lying down,” the energy secretary said. “If an energy company hits you with a price increase, you can hit them back where it hurts – [...]
Clegg declares victory on NHS June 12, 2011 NICK Clegg will today claim victory over a review into the government’s controversial NHS reform plans, as the body set up by Prime Minister David Cameron unveils its findings. In a move that risks splitting coalition unity, the deputy Prime Minister will attempt to claim credit for the findings outlined by the NHS Future Forum [...]
City: Chancellor must do more to promote growth June 12, 2011 VOICE OF THE CITY GEORGE Osborne is not doing enough to promote growth in the UK economy, according to members of the City A.M. / PoliticsHome Voice of the City panel. In a set of findings that will make uncomfortable reading for the chancellor, 64 per cent of the panel said he was not doing [...]
Glencore unlikely to move soon on ENRC June 12, 2011 GLENCORE yesterday played down suggestions it would launch a takeover bid for Kazakh miner ENRC, but sources close to the firm would not rule out making an offer in the future. Top executives at ENRC, which last week sacked two of its directors and saw two more stand down in a row over corporate governance, [...]
Uncertain outlook could reap rewards June 12, 2011 WITH four recent departures and a rumoured fifth in the works, the board of ENRC is looking anything but steady. Already trading at a discount after buying disputed mining rights in the Congo last year, its shares plummeted by more than seven per cent on Friday in the wake of the shareholder vote. With a [...]
Osmond in talks for APR June 12, 2011 HUGH Osmond, the co-founder of Pizza Express and Punch Taverns, is poised to buy a controlling stake in US power supply firm APR Energy. The City financier is in advanced talks with funds backed by George Soros, the US hedge fund billionaire, and Madeleine Albright, former US secretary of state, over a purchase. Osmond will [...]
Southern Cross fights for rent cut June 12, 2011 SOUTHERN Cross will sit down with landlords this week in a bid to settle its financial position and stave off administration. The care homes provider, which has a market cap of just £9m after months of financial trouble, is expected to try and thrash out a deal to make its sale-and-lease-back burden manageable. Its landlords, [...]
Big building projects rise June 12, 2011 COMMERCIAL planning applications have risen 16 per cent in the last year, according to research by law firm EMW, though the number of major developments still lies below pre-recession levels. English planning authorities gave the green light to 531 commercial projects over 10,000 square feet in the last three months of 2010, the research found, [...]
Vallares bosses set to share up to £270m June 12, 2011 FORMER BP chief Tony Hayward is set to share in a pay-out of up to £270m if his new Vallares venture with Nathaniel Rothschild successfully buys up oil and gas assets. The four founders of Vallares – Hayward, Rothschild, Tom Daniel and former Goldman Sachs partner Julian Metherell – have together committed £100m to the [...]
