Porsche’s VW spat accelerates as merger ultimatum claims denied June 28, 2009 Volkswagen (VW) yesterday denied presenting Porsche with an ultimatum to accept its layout for a merger of the two carmakers, rebuffing the supercar maker’s claims. “There is no ultimatum,” a VW spokesman said.Porsche had accused VW and its key shareholder Lower Saxony of extortion after reports that VW and the regional state had demanded Porsche [...]
Anglo steps up its defences June 28, 2009 MINING titan Anglo American is gearing up to defend itself against rival Xstrata’s merger approach, by stepping up efforts to appoint a new chairman, and hatching plans for talks with China. The company has drawn up a short list of preferred candidates for the job, understood to include industrial heavyweight Sir John Parker and former [...]
House prices flat as supply falls further June 28, 2009 A LACK of supply in the housing market has kept house prices from falling, according to new figures released today. According to housing information provider Hometrack’s monthly national housing survey, prices remained flat in June compared to May, although they are still down 8.7 per cent from last year. But slow growth in the availability [...]
Treasury committee readies itself for inquiry into availability of mortgages June 28, 2009 THE TREASURY committee will this week begin its inquiry into mortgage arrears and the availability of home lending, as part of its ongoing series of evidence sessions on the banking crisis. The influential group of MPs, led by Labour’s John McFall, is seeking evidence on the extent of the mortgage arrears problem, including information on [...]
Li Ka-Shing eyes Centrica stake as it seeks to invest June 28, 2009 THE RICHEST man in Asia, Li Ka-Shing, is understood to be one of four bidders for a stake in Centrica’s new wind farm. His Hongkong Electric company could provide cash for British Gas’ owner, which is looking for investment to help it snap up bargains in the downturn.It wants to invest in gas fields, now [...]
Banks await new tax guidelines June 28, 2009 The Treasury will announce a new framework of guidelines on tax avoidance tomorrow, with the publication of its code of practice for banks. The code, which will be voluntary, will see banks agree to abide by the “spirit” of the code, or face being named and then investigated by HM Revenue and Customs (HMRC). Lenders [...]
BA braced for cabin crew uproar June 28, 2009 British Airways is braced for contentious talks with its unions today, over cost cutting and redundancies at the company. The company set a deadline for tomorrow to reach a deal with its unions.
Energy groups must modernise June 28, 2009 Executives from top UK companies including Tesco, Rolls Royce and BT have warned the big six energy groups that their draconian contract terms will lead to more job losses unless they are massively overhauled. The Major Energy Users’ Council will hold a crisis meeting tomorrow.
ITV woos Elizabeth Murdoch June 28, 2009 Elizabeth Murdoch, tycoon Rupert Murdoch’s daughter, is on the shortlist to be the next ITV chief executive. Murdoch, who founded Shine Entertainment, is in the running despite a family connection to BSkyB, which was founded by her father. Its chairman is Elizabeth Murdoch’s brother, and it is fighting to keep its stake in ITV.
Lord Davies to turn down Lloyds top job June 28, 2009 THE RACE for the chairmanship of Lloyds Banking Group is set to narrow, with trade minister Lord Davies likely to pull out of the running in favour of staying in the parliamentary role he was given by Gordon Brown earlier this year. Davies, who stepped down as chairman of Standard Chartered to join the government, [...]
