Creditors seek to sell off Dubai World loans January 17, 2010 BANK creditors to Dubai World are trying to offload their loans ahead of an expected restructuring of the conglomerate’s $22bn (£13.5bn) debt. It is thought that some of the smaller international banks are keen to reduce their exposure to the debt-laden company quickly. Last week a seller was seeking to offload about $100m of loans, [...]
Travelport in pole position in float queue January 17, 2010 TRAVELPORT looks set to become the most expensive company to float on the stock exchange in two years. It will be amongst the first in a slew of companies seeking an IPO in the coming months. The airline and hotel reservations firm, which operates in 160 countries, has plans for flotation in London and hopes [...]
Tax is making firms flee UK January 17, 2010 ONE in 10 entrepreneurs plan to leave the country because of the current UK regulatory and tax environment, according to a report by Investec. A survey of 171 firms by Investec Specialist Private Bank and the Entrepreneurs’ Organisation revealed 10 per cent are planning to move their operations outside the UK. Investec’s Ed Cottrell said: [...]
Yahoo’s China partner slams it for supporting rival Google January 17, 2010 THE row over internet censorship in China heated up at the weekend when Yahoo’s Chinese partner turned on it and attacked it for backing rival Google in its standoff with Beijing about cyber hacking. Alibaba, Yahoo’s partner in China, called the US internet giant, which is a major shareholder, “reckless” for its support for Google. [...]
Vince Cable wades into row over boardroom stand-off at M&B January 17, 2010 LIBERAL Democrat Treasury Spokesman Vince Cable yesterday stepped into the shareholder row at pubs group Mitchells & Butlers by writing to the financial services watchdog voicing his concerns. The Takeover Panel on Friday rejected a claim by the pubs group that its biggest shareholders – billionaire currency trader Joe Lewis and the investment vehicle controlled [...]
Goodwin lands a job January 17, 2010 SIR Fred Goodwin has returned to the business world as an adviser to Edinburgh-based architectural firm RMJM, 15 months after Royal Bank of Scotland was brought to its knees by his profligacy while at the bank’s helm. Goodwin, who will be paid in line with RMJM’s other advisers, will be tasked with supporting the firm’s [...]
Major shareholder tells Citigroup boss to deliver January 17, 2010 SAUDI Prince Alwaleed bin Talal, a major shareholder in Citigroup, has stepped up the pressure on the US bank’s chief executive, Vikram Pandit, saying that it is time for him “to deliver”. The billionaire royal, a nephew of Saudi King Abdullah, reiterated his support for Pandit when he met him at Citigroup’s headquarters in New [...]
Blandford takes new directorship January 17, 2010 Mark Blandford, the founder of online betting company Sportingbet, is set to take up a new directorship on the board of email marketing campaign firm Intela Global, which counts William Hill and T-Mobile among its clients. Intela Global, which is based primarily in London but also has operations in Colorado, recently completed a $7.25m (£4.46m) [...]
Armani to stay in driving seat January 17, 2010 Italian designer Giorgio Armani is adamant he will not sell his fashion emporium and will stay at the helm as long as he is physically able to do so. Armani, 75, who took a few months off last year with an illness, told an Italian newspaper: “I will never sell as I have no need [...]
Firms reduce ad spending January 17, 2010 COMPANIES continued to reduce their advertising budgets in the final quarter of 2009, although most expect to increase spending this year. The latest bellwether survey, published today by the Institute of Practitioners in Advertising (IPA) and accountancy firm BDO, found that 25 per cent of companies reduced their marketing spend in the three months to [...]
