Nokia Siemens venture set to cut a quarter of its workforce November 23, 2011 Nokia Siemens Networks (NSN) plans to cut 17,000 jobs in an effort to cut its operating expenses and overhead costs by €1bn (£860m) a year by 2013, the company announced yesterday. The loss making venture, which is owned jointly by Nokia and Siemens, aims to get rid of almost a quarter of its workforce. NSN [...]
PR disaster as bosses of rival agencies head for the courts November 23, 2011 THE ROW between two City public relations heavyweights deepened yesterday when Porta boss David Wright, who is being sued by Media Square, threatened to launch his own legal action against the rival firm. Wright said Porta was “considering all [its] options” over Media Square, which is pursuing him and his firm for at least £760,000 [...]
Public grilling for ex-chief of MF Global November 23, 2011 THE former head of MF Global will be hauled before Congress to explain the collapse of the US broker. Jon Corzine, who has not spoken publicly since resigning on 4 November, has been asked to appear before the house oversight and investigations sub-committee on 15 December. It will mark a sharp role reversal for Corzine [...]
Lloyd’s to cut up to 60 staff November 23, 2011 LLOYD’S Corporation, the agency that manages the iconic London insurance market, could make up to 60 of its staff redundant in the next year as it squeezes its budget, it revealed yesterday. In a letter to the more than 50 Lloyd’s managing agents on Monday, the Corporation said it would cut its budget by eight [...]
Aviva distances itself from Irish closure leaks November 23, 2011 INSURANCE giant Aviva sought to play down leaked documents suggesting that it could close its network of 26 branches in Ireland with the loss of about 120 more jobs than previously announced. Aviva last month unveiled plans to dramatically scale back its Irish business and move its European headquarters back to London with the loss [...]
JD Sports set for hard slog at Christmas November 23, 2011 HIGH street chain JD Sports said yesterday it had seen a sharp slowdown in sales growth since September and warned that Christmas trading would be tough. In a downbeat assessment of falling UK consumer sentiment, the company warned that it was having to work hard to sustain its margins as customers spent less. Shares in [...]
Playtech raises a £100m war chest for deals November 23, 2011 GAMING software maker Playtech added to its takeover firepower yesterday by raising £100m from its major investors in a share placement. Playtech’s founder and biggest shareholder Teddy Sagi, an Israeli entrepreneur who made about £165m from the company’s flotation in 2006, could see his stake rise to just under 50 per cent if other investors [...]
Australian mining tax clears hurdle November 23, 2011 A NEW Australian tax on miners that will cost the industry A$7.7bn (£4.82bn) over the next two years has passed its biggest hurdle so far. After 18 months of acrimonious debate that brought down former leader Kevin Rudd, politicians agreed to back Australian Prime Minister Julia Gillard’s 30 per cent profit tax in return for minor [...]
Trap signs lucrative North Sea deal with Centrica and Nippon November 23, 2011 TRAP Oil has inked a potentially lucrative North Sea oil deal with energy heavyweights Centrica and Nippon, City A.M. can reveal. The AIM-listed company has been paid £2.5m in cash for its Kew exploration site and will retain a 20 per cent stake to give it a share of future earnings. The company is due [...]
Polymetal sets buyback price November 23, 2011 RUSSIAN precious metals miner Polymetal International, which recently secured a premium listing on the London Stock Exchange, yesterday offered to buy back the minority investors in its Russian group for 531.15 roubles (£10.90) per share. Polymetal raised £491m when it floated in London last month and it is hoping to join the FTSE 100 index [...]
