Winterhill set to raise £6m in Aim float January 10, 2010 INSOLVENCY services specialist Winterhill will today announce its intention to raise £6m through an initial public offering (IPO) on London’s Aim market, as it seeks to capitalise on the spate of corporate bankruptcies coming out of the recession. Directors Andrew and Neil Duckworth, who founded asset valuation and disposal firm Winterhill Asset in 1998, intend [...]
3i to raise £1bn for small caps January 10, 2010 PRIVATE equity giant 3i has spotted a raft of investment opportunities in international growth companies as the world economy improves. The firm is planning to raise £1bn for a growth capital fund that would take minority stakes in small caps. The venture, first mentioned during 3i’s half-year results in November, marks a move by chief [...]
JPMorgan set for bonus haul January 10, 2010 JP Morgan Chase is set to defy calls for restraint and pay out record bonuses this week thanks to bumper investment banking profits. The US investment firm is expected to pay compensation of $29bn (£18bn) to its executives when it kicks off the annual banking results season on Friday. The pay-out is expected to be [...]
Taxpayer will be rewarded for Northern Rock support January 10, 2010 THE taxpayer will be fully rewarded for rescuing Northern Rock from the brink of collapse, according to chairman Ron Sandler. But he claimed it was “highly unlikely” the bank would be sold prior to the general election. The government injected more than £1.4bn restructuring the bank earlier this month but now looks set to reap [...]
Annual fraud breaks the £2bn barrier and could treble soon January 10, 2010 REPORTED fraud in the UK broke the £2bn barrier for the first time and could treble over the next two years. New research from business advisers BDO suggests that business and public sector fraud rocketed a staggering 76 per cent last year with both the number and size of frauds increasing dramatically. And it warns [...]
A BABY RAY OF LIGHT PENETRATES THROUGH SNOWY SKIES OF GLOOM January 10, 2010 GLOOM, gloom and more gloom settles over us because of that dratted snow – dwindling grit supplies, an acute gas shortage, train cancellations, firms left in the lurch by snowed-in staff, the spiralling economic cost for small businesses… the list goes on and on. But there is hope on the horizon, according to a frisky [...]
ABI calls for restraint on executive pay packages January 10, 2010 DIRECTORS at Britain’s largest banks have been warned against tarnishing their reputations by developing schemes to exempt top earners from higher income tax. The Association of British Insurers, whose members own nearly a fifth of the stockmarket, said it “would not be able to approve” salary structures that focused on avoiding the forthcoming 50 per [...]
Former AIG boss blames Goldman for its collapse January 10, 2010 The former head of American International Group is urging a closer look at the actions of Goldman Sachs, claiming the investment bank contributed to the insurer’s near-collapse, the Wall Street Journal reported this weekend. Maurice “Hank” Greenberg, former chief executive of AIG, said in an interview he believed not enough attention was being paid to [...]
Goodyear turns down Usmanov January 10, 2010 Charles “Chip” Goodyear, the former chief executive of FTSE 100 mining group BHP Billiton, has turned down a return to the sector with Metalloinvest – the steel group founded by Russian billionaire Alisher Usmanov. Goodyear is understood to have been approached before Christmas but rejected an offer.
Collins Stewart eyes Ingram January 10, 2010 Tim Ingram, chief executive of Caledonia investment trust, has been tipped as a new non-executive director at Collins Stewart. The company is looking to recruit two new board members after Terry Smith, its current chairman, announced his intention to step down from the role. Ingram, former managing director of Abbey National, has run Caledonia since [...]
