Diageo firm on late payments May 17, 2009 Drinks company Diageo has imposed harsher payment terms on its suppliers, risking a backlash from business secretary Lord Mandelson who had appealed for better treatment of small businesses. The Smirnoff owner has increased the number of days in which it commits to pay its suppliers to 30 days, from 45, saying the changes are necessary [...]
Peterson faces 313m claim May 17, 2009 Administrators of collapsed hedge fund group Weavering Capital are pursuing its disgraced former manager, Magnus Peterson, for £313m. The massive size of the claim has been revealed after Peterson’s home was raided by investigators from the Serious Fraud Office last Friday. His flagship Macro Fixed Income fund was liquidated in February.
Weaker firms bulk up Aim exodus May 17, 2009 Over half of the firms which have delisted from Aim since the start of last year have been tiddlers with a market cap of under £3m, research from Baker Tilly has shown, boosting hopes that the exodus will prove to be a valuable readjustment. Around 190 of the 361 firms which delisted between January 2008 [...]
BGI suitors aim to scupper CVC iShares deal May 17, 2009 FUND management firm Blackrock and Bank of New York Mellon are believed to have tabled bids for Barclays’ BGI unit, valued at around $10bn (£6.6bn). The division is up for sale as part of a “go-shop” clause within an already agreed deal for BGI subsidiary iShares, due to be sold to private equity house CVC [...]
Watchdog to bare teeth with PwC audit of RBS May 17, 2009 THE Financial Services Authority has hired PricewaterhouseCoopers (PwC) to investigate former board members of Royal Bank of Scotland as part of its inquiry into the banking crisis. The FSA has asked PwC to look into whether the bank’s board gave sufficient information to the stock market in and around the period of its £12bn rights [...]
Entrepreneurs see confidence upturn May 17, 2009 CONFIDENCE among UK entrepreneurs is returning as demand for their goods and services stabilises, a survey by a leading entrepreneurial advisory firm has shown. One in four entrepreneurs polled by Tenon said they expect demand to increase by at least 10 per cent over the next quarter, while around half expect it to stay the [...]
London retail sales ahead of rest of UK May 17, 2009 RETAIL sales in central London were up 5.4 per cent in April, compared with the previous year – beating the 4.6 per cent increase in the UK as a whole – according to data released by the British Retail Consortium today. “April was a good month for retail, with Easter falling in the month and [...]
Crossrail gets City backing May 17, 2009 INFRASTRUCTURE investments such as the long-awaited Crossrail project, for which construction began last Friday, have a positive impact on the City, a survey out today will show. The data from City law firm Pinsent Masons shows that 77 per cent of the City think such investments will enhance London’s competitiveness and attractiveness as a business [...]
VW axes talks with Porsche May 17, 2009 GERMAN carmaker Volkswagen (VW) said yesterday it was abandoning talks with its major shareholder, Porsche, which were scheduled for today. A spokesperson for the company said there was “currently no atmosphere for constructive talks.” The meeting had been called to discuss the possibility of a planned integration by VW into Porsche. But VW put a dampener [...]
Potential bidders eye ITV’s Friends May 17, 2009 STRUGGLING broadcaster ITV has received considerable interest in its social networking business Friends Reunited, which it has put on the market in an attempt to save cash. A string of potential bidders are understood to have approached the company, including US-based The Generation Network, which owns Ancestry.com and Genealogy.com – highlighting the appeal of the [...]
