Robert Tchenguiz released from bail but investigation continues September 16, 2012 PROPERTY tycoon Robert Tchenguiz has been released from bail by the Serious Fraud Office (SFO), it emerged yesterday. The SFO denied suggestions that this signalled the beginning of the end of its investigation into his role in the 2008 collapse of the Icelandic Kaupthing bank. “The bail was due for renewal later this month. However [...]
Industry body joins bosses in fight to repair banks’ image September 16, 2012 THE BRITISH Bankers’ Association (BBA) will take the fight to the enemy, its new boss announced over the weekend, vowing to proactively promote the industry rather than just defend banks when they are under pressure. Anthony Browne is taking up the push spearheaded by Lloyds chief executive Antonio Horta Osorio and RBS head Stephen Hester, [...]
Top MP calls for bank account numbers to be transferable September 16, 2012 TREASURY Select Committee member and Tory MP Andrea Leadsom has called for regulators to force banks to allow customers to keep their account number if they switch to a new bank. The Payments Council, which is working with the government on a plan to dramatically reduce the time it takes to switch accounts, said the [...]
BAE offers to ringfence units to sweeten deal September 16, 2012 DEFENCE firm BAE Systems is willing to ring-fence politically sensitive projects in order to gain government approval for its merger with Airbus owner EADS. A source with knowledge of the deal told City A.M. that BAE is working to ensure national security protection agreements are in place with partner countries in an attempt to ease [...]
Transport minister affirms air plan September 16, 2012 THE NEW transport secretary yesterday insisted there will be no expansion at Heathrow during the current parliament. Patrick McLoughlin recently replaced Justine Greening, a vociferous opponent of a third Heathrow runway, and his appointment sparked talk of an imminent government U-turn. But McLoughlin repeated the coalition’s commitment to not work on expanding the close-tocapacity airport [...]
Direct Line Group planning more jobs cuts after announcing float September 16, 2012 INSURANCE firm Direct Line Group is expected to announce further job losses after confirming the terms of its long-awaited initial public offering on Friday. Chief executive Paul Geddes confirmed to reporters that more staff are set to lose their jobs in a bid to cut costs at the firm, on top of the 891 job [...]
Apax ready to make a loss in Marken sell off September 16, 2012 PRIVATE equity firm Apax is set to sell medical courier company Marken at a huge loss after receiving a number of first round bids for the troubled business. Apax, which bought the blood and vaccine supply shipping business from Intermediate Capital Group in 2009 for roughly £975m, is selling the firm after finally failing to [...]
Royal fashion favourite Amanda Wakeley gets investment boost September 16, 2012 FASHION label Amanda Wakeley, the British designer beloved of Kate Middleton and Hollywood stars, yesterday announced it had won the backing of a Middle Eastern private equity investor to help develop the business into a household name. AGC Equity Partners, which is headquartered in London with offices in the Middle East, will make a multi-million [...]
Alliance Boots buying stake in Chinese firm September 16, 2012 ALLIANCE Boots, the owner of Europe’s largest pharmacy chain, announced yesterday it will buy a 12 per cent stake in China’s Nanjing Pharmaceutical at a cost of around £56m. The deal, initially announced more than a year ago, will strengthen Alliance Boots’ ties with China’s government and regulators. Alliance Boots executive chairman Stefano Pessina, who [...]
SuperGroup is latest Brit firm facing rebellion September 16, 2012 SUPERGROUP directors face the possibility of a shareholder rebellion at this week’s annual meeting after advisory bodies criticised the fashion retailer’s plans for executive pay. Both PIRC and the Association of British Insurers (ABI) last week raised objections to SuperGroup’s remuneration report, which if passed will see new chief operating officer Susanne Given receive shares [...]
