Sugar seeks junior apprentice May 21, 2009 A group of 10 teenagers will feel the sharp edge of Sir Alan Sugar’s tongue, with one becoming the tycoon’s “Junior Apprentice”, in a spin-off of the BBC’s hit business reality show. Candidates will compete in tasks, designed to test their entrepreneurial skills, to win a career-based prize worth up to £25,000.
Barnes & Noble losses narrow May 21, 2009 US bookstore Barnes & Noble reported a narrower-than-expected £2.7m quarterly loss and raised its full-year outlook yesterday, boosted by cost-cutting and sales that fell less than planned in a weak book retail market. The company said shoppers have been paring back on non-essential items, including books, in the recession.
BarCap hiring spree continues May 21, 2009 BARCLAYS Capital (BarCap) continued its hiring spree yesterday, raiding its rivals for a pair of star M&A bankers. Matthew Ponsonby of Citigroup and Mark Warham will join the division as co-heads of mergers and acquisitions in Europe. The appointments continue the unit’s strategy of building European equities and M&A teams to match BarCap’s US operations. [...]
ABI chairman extends tenure May 21, 2009 THE Association of British Insurers (ABI), whose members hold investments equivalent to 20 per cent of the London stock market, has extended the tenture of chairman Archie Kane until 2010. The ABI said the move would enable Kane to continue leading the association in shaping its response to the financial crisis and help UK financial [...]
Rio hit again as investors snub Chinalco May 21, 2009 MINING giant Rio Tinto came under fire again yesterday over its controversial proposed tie-up with Chinalco. In the latest in a series of criticisms from shareholders and the Australian government, investors in Sydney called for changes to the proposed $19.5bn (£13.6bn) tie-up with the Chinese state-owned aluminium company. Shareholders object to the stake which Chinalco [...]
Tata on track for refinancing May 21, 2009 Tata Motors, which owns British marques through its Jaguar Land Rover (JLR) unit, moved closer to fully refinancing the $3bn (£1.8bn) bridge loan it used to buy JLR, after it raised 426bn rupees (£26.4m) through a rupee bond yeterday. Together with earlier prepayments of $1.11bn, the bond means India’s largest automaker now has $1.05bn outstanding [...]
Boeing says 787 is on track May 21, 2009 Aircraft manufacturer Boeing said yesterday that its Dreamliner 787 was still on track for its first flight later this quarter, and said it is on the lookout to buy defence firms. The American company stood by a previous full-year forecast, but said that deliveries of new planes, including the 787, set to begin next year [...]
London is a seller’s market May 21, 2009 Estate agency Cluttons yesterday said that the drastic shortage of property for sale in Central London has created a seller’s market, with fierce competition among buyers and an increase in sealed bids for properties that are for sale. The agency said that, at the end of last year, buyers were rare but now buyers have [...]
GEITHNER MULLS NEW CONSUMER AGENCY May 21, 2009 US TREASURY secretary Timothy Geithner yesterday told a congressional hearing that the Obama administration is mulling a new agency to better protect consumers who buy financial products or take out mortgages from practices like those that led to the current financial crisis.
International accounting rule setter speeds up reform of fair value system May 21, 2009 A TOP international accounting standards setter yesterday agreed to speed up the revision of a rule criticised by European Union (EU) finance ministers for amplifying fallout from the credit crunch. The International Accounting Standards Board ( IASB ), which sets financial reporting rules used in more than 100 countries around the globe, including the EU [...]
