Vasanta says it is nearing vital deal July 12, 2009 OFFICE supply giant Vasanta has spoken out again to reassure backers over its financial situation, stating it has entered the last stages of talks with its unnamed private equity saviour. Group chief executive Richard Martin yesterday said the private equity investor, who is backed by the firm’s lending banks, has been granted a “short period [...]
McDonald’s to swap London for Geneva July 12, 2009 FAST food giant McDonald’s yesterday confirmed it was joining the growing list of multinational companies to have quit the UK and relocate their European headquarters. The US chain, which runs 1,200 restaurants in Britain, plans to move from its current headquarters in East Finchley, north London, to Geneva by the end of the year. McDonald’s [...]
BILL OF THE WEEK July 12, 2009 TO recently-relaunched Piccadilly power dining hotspot Criterion on Friday evening for a lavish £2,767.50 dinner for four. Our distinguished patrons certainly had taste – they ordered two bottles of 1999 Perrier Jouet champagne to kick off the evening, followed by vodka cocktails and bottles of 2004 Chassagne Montrachet, 1996 Chateau Mouton Rothschild and a magnum [...]
MARKS & SPENCER DUO LET PHONE TAPPING BYGONES STAY BYGONES July 12, 2009 REMEMBER retail tycoon Sir Philip Green’s bid for rival Sir Stuart Rose’s Marks and Spencer back in 2004, commonly known as one of the most intriguing takeover campaigns in corporate history? At the time, the City lapped up tales of stepped-up security at the retailer, including investigations into allegations that third parties had illegally accessed [...]
UFKI to reveal strategy for exit from stakes in RBS and Lloyds July 12, 2009 UK Financial Investments – the body which manages the government’s stakes in recapitalised banks – will unveil its exit strategy for Royal Bank of Scotland (RBS) and Lloyds Banking Group today. John Crompton, UKFI’s head of market investment, will outline its plans to return the stakes to the public sector at a meeting this morning, [...]
Hands’ Terra Firma in talks over refinancing EMI’s debt July 12, 2009 GUY Hands’ private equity firm Terra Firma is negotiating with Citigroup about the refinancing of debt-riddled music label EMI Group. EMI chairman Hands is proposing that he invest an additional £250m to £300m into the business, in return for new financial agreements and the write-off of £500m of EMI’s recorded music division’s debt-pile. Hands believes [...]
Pain to ease for US banks July 12, 2009 WALL Street banks are expected to have enjoyed an improvement in the second quarter when they report half year results this week. Consensus analysts’ forecasts for the top US banks suggest that markets improved during the quarter, leading to a surge in investment banking revenues. Morgan Stanley analysts forecast in a recent research note that [...]
Investors set to fight incentives July 12, 2009 CABLE & Wireless is set to face a difficult annual shareholder meeting this week, with investors angry over a proposed incentive plan that could quadruple directors’ pay. In May, Tony Rice, chief executive of the C&W International unit, received £3.9m in shares under the long-standing performance related scheme and immediately sold them in the market, [...]
Profit warnings at record low July 12, 2009 THE NUMBER of profit warnings issued by UK-Listed companies fell by 36 per cent in the second quarter of this year, compared to the same period in 2008, fuelling hopes that the recession has reached the bottom. According to a report by accountants Ernst & Young (E&Y), 63 profit warnings were issued in the quarter, [...]
Philanthropists are becoming younger July 12, 2009 PHILANTHROPISTS are younger, more generous, and more ambitious – despite the downturn, a report from Barclays Wealth will say today. “Tomorrow’s philanthropist” has a stronger commitment to charity than previous generations, the survey will say, as they feel more responsibility to give generously, despite the impact of the worldwide slump. Three quarters of the 500 [...]
