Pearl faces bondholder battle July 1, 2009 Bondholders in British insurer Pearl Group said last night they would not back a proposed re-listing of the group because of concerns over treatment of the bonds. Pearl, Hugh Osmond’s closed life funds investment vehicle, has said it would float on the London Stock Exchange providing the group with £510m of new capital.
Vodafone and Carphone reunite July 1, 2009 Vodafone and Carphone Warehouse are set to work together again as the mobile phone network looks to improve its position in the fiercely competitive UK market. The renewal of their previous working relationship means Vodafone is abandoning its three-year exclusive deal with rival Phones4U.
Credit card cheques banned July 1, 2009 Banks will be prevented from raising customers’ credit card limits and banned from sending out unsolicited credit card cheques as part of government plans for consumer protection. One in five people have had their credit card limit increased without their consent, said a survey by website Uswitch.
Titan Clifford Chance loses its lead spot July 1, 2009 CLIFFORD Chance was yesterday knocked off the top spot as the world’s biggest law firm after revealing a 37 per cent plunge in full year profits. Average partner earnings at the London-based firm slumped from £1.16m in 2007-08 to £733,000 over the 12 months to 30 April as its key banking and corporate clients struggled [...]
RBS chief Hester alters pay deal in bid to placate critics July 1, 2009 ROYAL BANK of Scotland chief executive Stephen Hester yesterday pledged to defer cashing incentive shares worth up to £3.4m for an extra two years in an attempt to defuse outrage over his controversial pay package. Hester’s overall package is potentially worth £9.7m, RBS said last week, drawing fire from politicians and trade unions who said [...]
Punch faces tussle with its investors July 1, 2009 HEAVILY indebted pub chain owner Punch Taverns is facing opposition from major shareholders to its plans to raise £375m in a share sale. Greenlight Capital, the US hedge fund, and QVT Financial are believed to be among those who will vote against the fund raising at the group’s AGM in protest at the potential dilution [...]
Nat Exp east coast to be nationalised July 1, 2009 THE loss-making east coast rail line is set to be renationalised after National Express, which currently operates the franchise, failed to renegotiate its funding contract with the Department for Transport (DfT). National Express currently runs services on the line between London and Edinburgh. But the firm is walking away from the line after it failed [...]
Q & A: EAST COAST RAIL LINE July 1, 2009 Q.WHY IS THE EAST COAST RAIL LINE STRUGGLING?A.The franchise – along with other train operators – is struggling as the downturn results in both leisure and business travellers cutting back on travel. It is also losing out on its premium passengers, as those who are still travelling stay away from first class travel. Rising fuel [...]
CITY VIEWS: WAS THE GOVERNMENT RIGHT TO NATIONALISE THE EAST COAST RAIL LINE? July 1, 2009 RANJIT BAHAD DAIWA SECURITIES “It’s right to take it out of the hands of National Express if they’re not doing a good enough job. Still, where’s the money going to come from to run the line? We’ve got such a big debt burden and running this line is going to be costly.” SARAH SKINNER LLOYD [...]
UK’S MAIN RAIL FRANCHISES July 1, 2009 ARRIVA WALES Shrewsbury – Swansea line. It also covers Cardiff, Manchester and Birmingham FIRST CAPITAL CONNECT A FirstGroup franchise, it runs from Bedford to Brighton via Luton. Also Luton to Wimbledon and Sutton. NATIONAL EXP. EAST ANGLIATrains run from London Liverpool Street to Sheffield, Chelmsford, and Peterborough. SOUTH WEST TRAINSPart of Stagecoach group, it was [...]
