CITY MOVES WHO’S SWITCHING JOBS July 2, 2009 FSSCThe Financial Services Skills Council has appointed Simon Ellis to lead an independent review of its future role and strategy. Ellis joins from Fidelity’s multi-manager business, where he was a managing director. He was also previously head of UK retail at AXA Investment Managers and was until recently a board director of the Investment Managers [...]
Dividends hit by recession July 2, 2009 THE NUMBER of companies reporting dividend increases to Standard & Poor’s (S&P) has fallen to its lowest ever level, the ratings agency said yesterday. S&P said a record low of 233 out of around 7,000 companies had reported a dividend increase in the second quarter of 2009, a 48.8 per cent drop from the same [...]
Lufthansa wants quick deal July 2, 2009 LUFTHANSA could still win quick European Union regulatory approval for its planned takeover of Austrian Airlines if it makes concessions within days, the European Commission said yesterday. Speed is crucial for the deal because the German carrier can walk away if it does not get a green light by 31 July — much earlier than [...]
Trinity Mirror to close nine of its Midlands titles July 2, 2009 DAILY Mirror owner Trinity Mirror said yesterday that it plans to close nine local newspapers in the Midlands, putting 120 jobs at risk. The firm said that it will close a clutch of weekly newspapers in the region, as well as two niche publications, the Earlsdon Blog and Farm Ad, resulting in the closure of [...]
Usmanov waits on the touchline as Arsenal board mulls over rights issue July 2, 2009 THE BOARD of Arsenal football club was yesterday locked in talks over major stakeholder Alisher Usmanov’s proposal that the club should launch a £75m-£150m rights issue, to pay off some of its £320m debt and fund player transfers. Despite having significant influence through his 25 per cent stake in the company, the Uzbeki billionaire was [...]
Intermediate Capital in 351m fund raising as it eyes market opportunities July 2, 2009 PRIVATE equity lender Intermediate Capital Group (ICG) said yesterday that it plans to raise £351m to grow the business, boosting its share price by 3.16 per cent to 506p. IPG managing director Tom Atwood said the proceeds of the rights issue will allow the company to capitalise on the investment opportunities in the primary and [...]
Lawson: The Tories need to find the bottle to cut public spending July 2, 2009 FORMER chancellor Lord Lawson is feeling hot under the collar. It’s not just because he’s finished delivering a lecture in a stuffy, airless room at the London Stock Exchange. He’s also fed up with travelling on the underground in the sweltering heat. “The problem with the tube is not so much the heat,” he tells [...]
CITY PETROLHEADS WHIZZ OFF TO GOODWOOD FOR FESTIVAL OF SPEED July 2, 2009 GOODWOOD’S glorious Festival of Speed begins today, continuing City socialites’ merry lurch into the silly season after the combined joys of Epsom, Ascot and Wimbledon. This year’s motor extravaganza is themed “True Grit – Epic Feats of Endurance”, and is celebrating the 100 year anniversaries of petrolhead favourites Bugatti, Audi and Morgan. Apparently, ticket sales [...]
London markets sag in the heat but Diageo refreshes July 2, 2009 THE FTSE 100 closed 2.5 per cent lower yesterday, with market sentiment hit by data showing US employers cut more jobs than expected in June and unemployment in Europe hit a 10-year high. The index ended down 106.44 points at 4,234.27 after closing 2.2 per cent higher on Wednesday, the first day of the new [...]
Jobless figures hit hopes of recovery July 2, 2009 US stocks tumbled yesterday, driving the S&P 500 down to its third-straight weekly loss, as a steeper-than-expected slide in June non-farm payrolls revived caution about economic recovery prospects. News that US employers shed nearly half a million jobs last month and the unemployment rate jumped to 9.5 per cent, the highest in nearly 26 years, [...]
