Bell Pottinger buyout passes vote despite Sorrell’s rejection June 18, 2012 LORD Bell’s management buyout of Bell Pottinger was yesterday approved by 63 per cent of parent group Chime’s investors, despite opposition from its biggest shareholder. The £19.6m deal is expected to complete on 30 June, with new company Bell Pottinger Private (BPP) commencing business on 1 July as one of the UK’s top five public [...]
IBM unveils the world’s fastest computer ever June 18, 2012 IBM’S Sequoia has been crowned the world’s fastest supercomputer, propelling the US back to the top spot after it was knocked off by China in 2009. The Californian computer is more than 1.5 times faster than the second ranked machine, Japan’s K computer built by Fujitsu. IBM said: “Sequoia is a major achievement in computing. [...]
M&A leans towards emerging markets amid Eurozone woes June 18, 2012 COMPANIES are increasingly looking to the east for planned M&A activities as fears over Eurozone instability continue, according to research from the Economist Intelligence Unit. “Although the worst of last year’s market turmoil may be behind us, the macroeconomic and political uncertainties of 2012 continue to create an unstable environment for M&A,” said Matthew Layton, [...]
Brit Insurance sold to Fairfax in £190m deal June 18, 2012 BRIT Group yesterday announced the sale of its Brit Insurance business to Canada’s Fairfax in a deal worth around $300m (£191m). The disposal is the last major step in Brit Group’s restructuring under chief executive Mark Cloutier, who was brought in by the firm’s private equity owners at the end of 2011 and has aimed [...]
Facebook snaps up another photo firm June 18, 2012 FACEBOOK yesterday announced its acquisition of Face.com, the facial recognition software company, for an undisclosed amount believed to be around $100m (£63.9m). Rumours of this deal, which comes just weeks after Facebook bought photo app Instagram for $1bn, have been circulating since last month. The companies did not specify plans for the partnership, but Face.com [...]
INDITEX BUYS FLAGSHIP ZARA STORE IN WEST END FOR £155M June 18, 2012 Inditex, the world’s largest fashion retailer, yesterday announced it has bought the flagship Zara store at the heart of London’s West End for £155m. The Spanish-listed group, which owns Zara, said it had bought the 7,000 square-metre property at the intersection of Oxford Street and New Bond Street from German fund manager Deka. Last year [...]
Record profits for Economist June 18, 2012 THE ECONOMIST Group enjoyed record global circulation and profits last year, as revenues rose four per cent to £361.8m. The publisher said circulation of the Economist jumped six per cent to top 1.5m print copies and 123,000 digital editions. Revenues from online operations almost doubled, making up for a 17 per cent drop in UK [...]
RIM to scrap Celestica deal June 18, 2012 CONTRACT electronics maker Celestica will stop making products for its biggest customer, Research In Motion, by the end of the year as the BlackBerry maker seeks to cut costs by shrinking its global supply base. RIM’s decision to trim the number of companies that build its smartphones illustrates the falling fortunes of the once-dominant smartphone [...]
The City gains seven sculptures June 18, 2012 A NUMBER of City of London-based businesses, including Hiscox, Aviva, British Land, IVG UK and Aon, have clubbed together with the City of London Corporation to create Great St Helen’s: Sculpture Space in the heart of the City. Set among London’s iconic architectural landmarks, including the Gherkin and the Lloyd’s building, a free curated exhibition [...]
Majestic Wine finds reason to celebrate with record profits June 18, 2012 THE BOSS of Majestic Wine said the UK public was as much in love with food and wine as ever, after consumers spending on special occasions helped to drive record full-year profits. The wine retailer posted pre-tax profits of £23.2m, up 14.5 per cent in the year to 2 April, helped in part by growing [...]
