Aviva ends its sponsorship deal with UK athletics after 13 years October 10, 2012 AVIVA will not renew its 13-year sponsorship of British athletics despite the sport’s increased profile following the Olympic successes of Mo Farah and Jessica Ennis, the insurer said yesterday. The deal expires at the end of the year. UK Athletics has not named a replacement, but recent reports suggested the sport was looking to increase [...]
Dimon bought Bear as a favour October 10, 2012 JP Morgan boss Jamie Dimon said his company has lost up to $10bn as a result of the government asking him to buy teetering Wall Street firm Bear Stearns during the financial crisis. “And yes, I put it in the unfair category,” Dimon said, speaking at a Council on Foreign Relations event yesterday, adding that [...]
Cambridge Uni to raise £350m in a bond issue October 10, 2012 CAMBRIDGE University plans to make the most of the buoyant bond market to raise £350m to pay for upgrades to facilities. The 803-year-old establishment joins a growing number of universities tapping the capital markets for cash in recent years. Cambridge will issue 40-year notes with a 3.75 per cent coupon to fund investment in research [...]
VisitBritain targets 10m more international tourists a year October 10, 2012 TOURISM leaders hope to capitalise on the Olympic buzz to attract 10m more visitors a year to the UK by 2020. VisitBritain said yesterday it is aiming for 40m inbound tourists annually, which will contribute £8.7bn extra earnings and help create 200,000 new jobs. The group will consult with businesses and the government to try [...]
Russia’s MD Medical float is fully covered October 10, 2012 ORDER books are covered on the $300m London listing of Russia’s MD Medical Group (MDMG), according to three sources close to the deal. The offering includes $150m of global depositary receipts (GDRs) to raise money to fund the expansion of the company’s clinic and hospital network, as well as £148m of existing shares being sold [...]
800 firms face defined benefit pension deficit October 10, 2012 RESEARCH from the Pensions Regulator yesterday revealed that a quarter of the 2,000 company pension schemes due to agree a new funding arrangement by the end of year have a significant funding shortfall and would need to make large increases in additional payments to cover the deficit or make “substantial use” of other available facilities. [...]
Avanti misses but retains sky high ambitions October 10, 2012 SHARES in Avanti Communications, the satellite broadband company, took a 16 per cent hit yesterday as the firm said turnover had missed forecasts for the year. Avanti posted annual revenue of £15m, against the company’s guidance of £17.8m, and saw losses widen from £12.7m to £16m. Chief executive David Williams was positive about Avanti’s performance [...]
Facebook’s British employees are set to become millionaires October 10, 2012 FACEBOOK employees in the UK are set to cash in from the company’s initial public offering (IPO) this year, with London-based employees sitting on $146m (£91.2m) in shares. The social media giant’s UK accounts, published on Companies House yesterday, revealed that Facebook handed out around 7.3m shares in the company to London staff before it [...]
Analysts give mixed welcome as Bostock joins Asos board October 10, 2012 ANALYSTS yesterday welcomed the long-anticipated announcement that Asos has hired Kate Bostock to join its ranks but questioned whether the former Marks & Spencer executive would fit into the online retailer’s culture. Asos confirmed that Bostock, would join its board in January as executive director, product and trading. Bostock stepped down from her role as [...]
Bang & Olufsen hit by a decline in luxury spend October 10, 2012 DANISH electronics maker Bang & Olufsen yesterday reported flat quarterly revenue after strong sales of lower-priced products were outweighed by a steep decline at its top-end audio-visual unit. Sales of its cheaper B&O PLAY range, launched at the start of the year to win new and younger customers, rose 92 per cent, the company said. [...]
