Qatar eyes a Porsche stake June 8, 2009 PORSCHE is in advanced talks with the Gulf state of Qatar about selling a substantial stake which could ease the debt-laden carmaker’s problems and give it the upper hand in its ongoing negotiations with Volkswagen (VW). Wendelin Wiedeking, Porsche’s chief executive, is in negotiations which could see the Quatar Investment Authority (QIA) take a stake [...]
Hornby lands top Boots job June 8, 2009 FORMER HBOS chief executive Andy Hornby, who was criticised for allowing the bank to ring up huge corporate losses, was yesterday named as chief executive of high street giant Alliance Boots. The failed banker is likely to receive a pay package of around £1m. Although the company refused to give a precise breakdown of Hornby’s [...]
CITY VIEWS: WHAT IMPACT DO YOU THINK THE CURRENT POLITICAL TURMOIL WILL HAVE ON THE ECONOMY? June 8, 2009 STEFAN SZECSEI DEUTSCHE BANK“A resolution to the turmoil in the Labour party and some political stability would boost the economy and international investors’ perception of the UK. The unrest is not great in the short-term but there could be long-term gain to be had from it.” BILL MAXTED DE MONTFORT UNIVERSITY“I think that interest rates [...]
City of London profits tumble June 8, 2009 CITY of London Investment Group, the emerging markets fund manager, has warned investors its pre-tax proffell by half in the year to end May to £5.4m, as “significant market declines” took their toll. In an unaudited trading update it warned it is likely to report the fall in profits, from £10.7m in the period to [...]
Shell chief hits out over pay June 8, 2009 JEROEN van de Veer, the outgoing chief executive of Royal Dutch Shell, has called for a reform of the firm’s executive pay structure. Van de Veer, who was himself the subject of a shareholder mutiny over a €1.35m (£1.16m) bonus he received despite failing to reach key performance targets, said lower pay would not have [...]
Lloyds stalls on dividend June 8, 2009 LLOYDS Banking Group will not resume dividend payments to shareholders this year, despite freeing itself of £480m a year in interest payments by redeeming £4bn in government-held preference shares. The bank confirmed yesterday that it had sold 87 per cent of a £4bn share placing to existing shareholders at 38.43p, with a 13 per cent [...]
Labour routed at the ballot box as centre-right gains traction in EU June 8, 2009 LABOUR suffered its worst performance in a national election since World War II, as it was left trailing in third place by the Conservatives and the UK Independence Party (UKIP) in this week’s European elections. Prime Minister Gordon Brown’s party polled just 15.7 per cent of the vote, undershooting Labour’s worst expectations, as David Cameron’s [...]
BP’s head of green fuels to step down June 8, 2009 THE CHIEF of BP’s alternative energy division, Vivienne Cox, is to retire at the end of the month as the oil giant scales back its financial commitment to green fuels. Cox, BP’s most senior female executive, will be replaced by the chief operating officer of the division, Karina Landis. The company has faced criticism over [...]
SPOTLIGHT ON SMALL CAPS June 8, 2009 VIDEO telecommunications firm Scotty Group revealed a mixed bag of news yesterday as its shares fell 13.9 per cent to 59p on Aim. Scotty updated the market on contract timing delays but was upbeat on the signing of a new? 8m (£6.9m) contract with Eurocopter. The small cap resources sector was as active as ever. [...]
SUMMER SALES June 8, 2009 Baggies seek £2m for Mowbray WEST BROM are standing firm on a £2m compensation fee for manager Tony Mowbray to fend off interest from Celtic. The Baggies confirmed the SPL giants had made an official approach for Mowbray to replace Gordon Strachan but chairman Jeremy Peace is holding out for £2m. “Most people would regard [...]
