Credit Suisse in bid to expand May 10, 2010 CREDIT Suisse is buying the fund services business of Fortis Bank Nederland for an undisclosed sum, the companies said yesterday, as the nationalised Dutch bank continues restructuring. The acquisition of Prime Fund Solutions (PFS), which provides fund services to the alternative asset management industry and has 570 employees, would have a minimal impact on capital, [...]
Sony ups forecasts after cuts pay off May 10, 2010 SONY said it expects to have swung to a surprising annual operating profit in the last financial year and beat forecasts after cost-cutting. The maker of Bravia TVs and Cyber-shot cameras has shed jobs and shut plants due to the global downturn and worked to boost its flat TV division, which has struggled amid fierce [...]
Virgin Active posts strong earnings as expansion kicks in May 10, 2010 HEALTH club operator Virgin Active is poised to go into the black after reporting record underlying earnings of more than £100m yesterday. The group also saw a 15 per cent rise in revenues to £391m after membership at its fitness centres grew by four per cent to 919,000, in the year to December 2009. Net [...]
Unilever hit by buyback revolt May 10, 2010 THREE major Unilever shareholders will vote against proposals to buy back €155m (£133m) of preference shares in a move that could scupper the move. Anglo-Dutch consumer giant Unilever has proposed to cancel the four per cent Unilever cumulative preference shares and to seek authorisation to buy back its six per cent and seven per cent [...]
BA execs walk free as cartel case collapses May 10, 2010 CRIMINAL price-fixing and cartel proceedings against three former British Airways (BA) executives and one current one have been dropped. Yesterday morning Justice Owen directed a jury at the Southwark Crown Court to acquit Alan Burnett, Iain Burns, Martin George and Andrew Crawley of BA of price-fixing charges. The decision came after the Office of Fair [...]
Vedanta buys Anglo assets May 10, 2010 INDIAN mining giant Vedanta has bought Anglo American’s zinc assets for $1.34bn (£871m) in a move that consolidates its position as the world’s largest integrated producer of zinc and lead. Vedanta will become the world’s largest zinc producer, with 11 per cent of the global market, after buying the assets, including the Skorpion mine in [...]
Xstrata and BHP ditch Aussie expansion plans May 10, 2010 GLOBAL mining giants have scaled back their investment in Australia as the backlash against the government’s “mining tax” intensified. Xstrata suspended copper exploration in the state of Queensland, coal giant Peabody Energy cut its offer price for Macarthur Coal and BHP Billiton warned that approving key expansion projects would be difficult given the new tax. [...]
Ruling deals devastating blow to OFT May 10, 2010 LAWMAKERS have called yesterday’s decision to drop criminal proceedings against current and former British Airways executives as a “big blow” to the Office of Fair Trading (OFT). The consumer watchdog was forced to drop its price-fixing case after a mountain of documents, which had originally gone unnoticed by the OFT during an investigation, were discovered. [...]
Treasury favourite Sir Adrian Montague takes chair at private equity player 3i May 10, 2010 SIR Adrian Montague, the City veteran known as the Treasury’s top fixer, was announced as the new chairman of listed private equity juggernaut 3i yesterday. Montague joins the board in June, replacing Baroness Hogg who leaves after eight years in the role. Hogg said her successor had a “very impressive record in the financial services [...]
BA hit by more crew strikes May 10, 2010 BRITISH Airways crew are to launch another strike after talks between the airline and union Unite broke down. Cabin crew are expected to cause disruptions during four separate periods, which will affect half-term and bank holiday passengers. BA staff will strike on the following dates: 18-22 May, 24-28 May, 30 May- 3 June and 5-9 [...]
