China mulls security rethink over Rio Tinto espionage row August 9, 2009 CHINA has accused mining giant Rio Tino of a prolonged period of espionage against its steel industry, which it says allowed the Anglo-Australian firm to overcharge by 700bn yuan (£61.2bn) for iron ore. The official magazine of China’s National Administration for the Protection of State Secrets (NAPSS) said in an editorial that Beijing would need [...]
Blackstone considers breaking up chunks of hotel giant Hilton August 9, 2009 PRIVATE equity firm Blackstone is preparing to break up its investment in the Hilton hotel giant chain under plans to realise value from the group. The plans, which come ahead of debt repayments three and four years away, are believed to be at an early stage. The business is still mulling options for the hotel [...]
BEST FOOT FORWARD August 9, 2009 KURT Geiger, the high street shoe store favoured by pop stars, yesterday revealed a 21 per cent rise in earnings over the past year to 31 January 2009. The group, in a filing to Companies House, said that like-for-like sales had grown by seven per cent, boosted by business expansion. Earnings before interest, taxation, depreciation [...]
Ronnie draws Jones into JJB conflict August 9, 2009 FORMER JJB chief executive Chris Ronnie yesterday hit back at his former employer in a desperate bid to clear his own name and muddy the reputation of executive chairman Sir David Jones. In an email circulated to the press Ronnie said that he and Jones had been working on taking the retailer private last year. [...]
Paulson faces ethics spat over Goldman August 9, 2009 FORMER US Treasury secretary Hank Paulson was in constant contact with former employer Goldman Sachs during the depths of the banking crisis, according to telephone records obtained under freedom of information law. Paulson, who spent 32 years at Goldman, spoke with his successor as chief executive Lloyds Blankfein on two dozen occasions last September, in [...]
Hopes for dividend hike at Prudential may be misplaced August 9, 2009 PRUDENTIAL chief executive Mark Tucker will try to quit the insurer on a high by boosting its dividend when it reports interim results this Thursday. Analysts at Deutsche Bank have fuelled hopes the group will boost the payout from 6p to 6.3p a share, as popular leader Tucker prepares to hand over to current finance [...]
Local bank fears reignited as another three US lenders fail August 9, 2009 ANOTHER three US regional banks failed over the weekend, as authorities continue to monitor over 300 problem lenders that may not survive the harsh economic environment. Fears that retail banks are far from through the worst of the credit crunch were heightened after two banks in Florida and one in Oregon failed, taking the tally [...]
Postal strikes hit businesses August 9, 2009 Dr Helen Hill, Policy Director at the London Chamber of Commerce and Industry (LCCI) hit out at proposed extensions to postal strikes yesterday, saying they “will start to seriously damage the capital’s reputation as a good place to conduct business.” Postal strikes started on Friday and are set to last until tomorrow at least.
SFO to reveal stance on Rover August 9, 2009 The Serious Fraud Office (SFO) is set to reveal whether or not it is to begin a criminal investigation into the collapse of carmaker MG Rover. Business department inspectors have been looking into the deal for four years. The decision is set to attract controversy. The carmaker collapsed into administration in 2005, costing 6,000 jobs.
RHJ says GM sale is not decided August 9, 2009 The outcome of the bidding process for GM’s German unit Opel is not a foregone conclusion, despite widespread backing for rival bidder Magna, the head of RHJ International said yesterday. RHJ still has good chances of winning the prolonged bidding process for the General Motor’s unit, chief executive Leonhard Fischer said. Fischer’s comments come after [...]
