XL Capital sets sail for Ireland January 12, 2010 Bermudan insurer XL Capital is switching its domicile from the Cayman Islands to Ireland. CEO Mike McGavick said talk of a US clampdown on tax havens was not the sole motivation for the shift, emphasising the broader appeal of a stable base for his business.
Shareholder hits back in M&B battle January 12, 2010 MITCHELLS and Butlers’ major shareholder yesterday launched a scathing attack on the firm’s board members in which he accused them of blowing £500m. A letter to shareholders by billionaire Joe Lewis accused the board of presiding over “a culture of obfuscation and excess” and said fresh blood was required to rescue the company. Joe Lewis’ [...]
Greece faces legal woes over statistics January 12, 2010 THE European Commission is set to launch infringement proceedings against Greece for failing to provide reliable statistics on its budget deficit. In a report, published yesterday, the Commission said figures from Greece were so unreliable that its budget deficit and public debt might be even higher than the government had claimed last October. Greece revised [...]
LAST CHANCE January 12, 2010 AIRBUS yesterday pleaded with European governments, including Britain, to bail out its new military transport aircraft – the A400M – or jeopardise the group’s future. The planemaker, owned by EADS, warned it could not continue past the end of January unless governments provided enough cash for the project to continue.
Major earthquake hits Haiti January 12, 2010 A 7.3-magnitude earthquake which struck off the coast of Haiti was last night feared to have killed or injured dozens of people in the capital, Port-au-Prince. Haiti’s envoy to the US said it was a “catastrophe of major proportions”. The quake struck about 10 miles south-west of the capital. The initial quake was followed by [...]
Bank of America reshuffle January 12, 2010 Bank of America yesterday announced a reshuffle of its senior management team. New chief executive Brian Moynihan plans to move chief financial officer Joe Price to head of consumer and small business banking. Gregory Curl, once considered a possible successor to former CEO Ken Lewis, has been moved to a job focusing on “strategic partnerships” [...]
Interserve posts good results January 12, 2010 Interserve has issued a trading update revealing a steady navigation through the downturn and new contract wins totalling over £350m. Trading is in line with expectations and new contract wins have contributed to a healthy future workload worth £1.7bn in the year ahead.
Balfour wins £600m contracts January 12, 2010 Balfour Beatty has won two capital programme contracts with United Utilities and Anglian Water worth £600m.
ITV in Chinese joint venture January 12, 2010 UK commercial broadcaster ITV has struck a three-year deal with Chinese state broadcaster Hunan Satellite Television to create joint programmes. The progammes will initially be shown in China, but may eventually be exported to the UK.
Cadbury tells Kraft it must up its offer January 12, 2010 CADBURY yesterday urged shareholders not to let US food group Kraft “steal your company,” and issued upbeat trading figures to back its case. The British chocolate maker, which has spent the last four months fighting off Kraft’s £10.8bn hostile cash and share bid, accused the US food giant of dramatically undervaluing the company. In a [...]
