Toyota lays off 750 workers as it issues further car recall January 28, 2010 JAPANESE car giant Toyota said it is cutting a fifth of its British workforce as it battles with a massive recall of vehicles. Around 750 jobs will be slashed in Toyota’s Midlands and North Wales plants. The news comes despite a late surge in sales reported in the final quarter of last year. Toyota’s UK [...]
Private equity is back in town January 28, 2010 PRIVATE equity deals roared back onto the corporate scene yesterday, with sector specialists predicting a rush of more to come. There were three buyouts yesterday, totalling £910m in value, which all come hot on the heels of KKR’s £955m buyout of Pets at Home earlier this week. The latest deals, all revealed yesterday, are led by [...]
Spyker celebrates Saab coup but could struggle to make a profit January 28, 2010 DUTCH luxury sportscar maker Spyker may be the unlikely buyer of Saab but it will struggle with the real challenge: converting two loss-making companies into a profitable one. After months of tortuous negotiations, Spyker sealed a deal with General Motors to buy Saab for $74m (£46m) cash and $326m in deferred shares, sparking celebrations at [...]
World leaders: economy is not out of the woods January 28, 2010 Top policymakers yesterday warned the world economy is not out of the woods and a global recovery is still far from secure, urging caution as central banks work on withdrawing critical support. China’s Vice Premier Li Keqiang, the man tipped to become the country’s next premier, said there were still “twists and turns” ahead as [...]
Cameron: we must cut deficit to prove UK is sound prospect January 28, 2010 DAVID Cameron will strike a patriotic note in his address to the world economic forum in Davos today, promising he will “take on the role of flag waver for British business” if the Conservatives are elected. In front of an audience expected to include former US president Bill Clinton and Microsoft founder Bill Gates, Cameron [...]
World trade deal must be pursued January 28, 2010 Global business leaders yesterday appealed to governments to make good on their commitment to conclude stalled trade liberalisation talks this year and boost a world economic recovery. But trade negotiators were sceptical of the political will to overcome disputes between the US and key emerging nations that thwarted a deal in 2008, before the financial [...]
Mel is back in his gritty comfort zone January 28, 2010 Film EDGE OF DARKNESS Cert: 15 FOR those old enough to remember, Edge of Darkness was originally a critically acclaimed BBC thriller broadcast in the mid-80s. Its director, Martin Campbell, went on to Hollywood success – including making the best Bond film of recent times, Casino Royale – and he’s now brought his old TV [...]
Renowned City veteran Sir Mervyn Pedelty dies January 28, 2010 Sir Mervyn Pedelty, chairman of Friends Provident and a former chief executive of the Co-op’s financial arm, has died at the age of 61. After a long career in financial services, he passed away on Tuesday, after a long illness, just 10 days after his birthday. The former TSB executive was also an independent director [...]
CITY MOVES | WHO’S SWITCHING JOBS January 28, 2010 Earth Capital Partners The green investment advisory firm, chaired by ex-Man Group boss Stanley Fink, has appointed Bosworth Monck, Gabriel Montana and Richard Smith to its sustainable agriculture and forestry investment team. Monck, pictured, will head up the team and previously held roles as chief executive of Ibis Asset Management, chief operating officer of hedge [...]
Bullish VT still after Mouchel January 28, 2010 SUPPORT services supplier VT Group repeated its interest in taking over rival Mouchel yesterday as it reported a good second half performance and said it was trading in line with hopes. VT, which has approached utilities, transport and local government contractor Mouchel twice, said it believed a tie-up between the pair would be ”strategically compelling”. [...]
