Advisers blamed over recession losses June 29, 2009 INVESTORS believe that financial advisers have failed to react effectively to the economic meltdown, according to a report released yesterday. According to a survey by the World GoldCouncil, many investors blame advisers for failing to shield them from tumbling markets. And a failure by advisers to diversify their clients’ assets by spreading them around more [...]
Staff at Lindsey refinery restart work after strikes June 29, 2009 STAFF at the Lindsey oil refinery went back to work yesterday morning, ending a bitter dispute between contract workers and the company. Around 650 construction workers lost their jobs after going on unofficial strike at Lindsey, which is owned by French oil firm Total. They took the industrial action after learning 51 employees were being [...]
Osmond set to play second fiddle as Pearl puts final touches to Liberty deal June 29, 2009 THE former Pizza Express entrepreneur Hugh Osmond will have a greatly reduced influence in a restructured Pearl insurance group as part of plans announced yesterday. The Cayman Islands-registed Liberty International is injecting up to £510m into Pearl in a deal that will transform the group’s balance sheet while leaving Jonathan Moss as its chief executive. [...]
Fitch cautious on mining merger June 29, 2009 RATINGS agency Fitch said yesterday it would not raise its credit rating on a combined group made up of Anglo American and Xstrata, despite widespread approval from analysts. Anglo, led by chief executive Cynthia Carroll, turned down Xstrata’s nil-premium “merger of equals” last week, slamming its “lack of strategic merit,” and saying the terms of [...]
OECD warns recovery will be slow in UK June 29, 2009 THE ORGANISATION for Economic Cooperation and Development (OECD) yesterday called on the government to devise a more “ambitious” schedule to rebalance the budget and warned that the UK’s recovery will be slow. In a report on the economy, the leading think tank warned that unemployment will rise to 10 per cent in the UK, and [...]
BANKER FOUND DEAD June 29, 2009 THE former chief financial officer of ABN Amro, who sparked a manhunt after going missing with two shotguns, has been found dead from gunshot wounds in an apparent suicide. The body of Huibert Boumeester, who disappeared after leaving his job at the Dutch banking group, was found in woodland near Windsor. A Thames Valley Police [...]
Plans to sell off Royal Mail on the backburner in slump June 29, 2009 THE government is likely to put on hold its plans to sell off part of the Royal Mail, because it has run out of parliamentary time and market conditions are not right, business secretary Peter Mandelson said yesterday. He pointed to the depressed state of financial markets as a reason not to sell a stake [...]
FirstGroup’s bid rejected June 29, 2009 BUS and rail operator National Express has rejected a bid approach from larger rival FirstGroup to create a global giant ferrying millions of American school children and British commuters each day. Britain’s FirstGroup, which operates Greyhound buses in the US and ranks itself as the world’s leading transport company moving more than 2.5bn passengers a [...]
COULD A VODA / T-MOBILE UK DEAL WORK AND WOULD IT GET PAST THE REGULATORS? June 29, 2009 EMEKA OBIODU OVUM This is not a case of a square peg in a square hole. Why should two seemingly underperforming businesses merge? Vodafone and T-Mobile have suffered revenue declines whereas O2 and Orange have grown theirs. Would two businesses with declining revenues suddenly turn a corner? MANOJ LADWA ETX CAPITAL Expect some volatility in [...]
Talks of Voda and T-Mobile UK deal grow June 29, 2009 DEUTSCHE Telekom was playing down mounting speculation it will sell its T-Mobile UK subsidiary to Vodafone yesterday, saying it has only just named a new boss for the group. Richard Moat, the 54-year old former Orange Romania chief executive, started last Friday as managing director of T-Mobile UK. And sources close to Deutsche Telekom said [...]
