MoD offloads Qinetiq QinetiQ shares took a nosedive yesterday after the Ministry of Defence announced it would sell the 18.9 per cent stake it retained after the defence technology company was floated two years ago. The government said that its 124.9m shares would be sold via an “accelerated bookbuild offering to be launched immediately”. However, it will retain [...]
Smurfit profits rise despite higher costs Shares in Smurfit Kappa, the Irish cardboard packaging group, spiked yesterday after the firm reported better-than-expected results for the first half of the year. Operating profit at Smurfit Kappa, which floated in Dublin in March 2007, rose four per cent to €312m (£244m) despite rising energy costs and increased competition from US rivals benefiting from [...]
Branson’s boy unveils new look at the polo There’s no event quite like the polo to bring the royals, celebs and business bigshots together in droves, is there? After the 24th Cartier International Polo day at the Guards Polo Club in Windsor Great Park yesterday, guests flocked to the Chinawhite tent for Rock the Polo, the event’s afterparty, where they were treated to [...]
New name for merged InBev July 24, 2008 Anheuser-Busch InBev, the newly formed company from a deal struck between the two of the world’s largest brewers 10 days ago, could be renamed AB InBev. At the start of last week, American brewer Anheuser-Busch agreed to be taken over by Stella Artois maker InBev, a deal worth £26bn and one that will create the [...]
Reprieve for foreign profit taxation plan July 21, 2008 Chancellor Alistair Darling is considering axe-ing unpopular plans to reform the taxation of foreign profits that threatened to drive businesses away to tax havens outside the UK. Since the Treasury set out proposals last year to clamp down on tax avoidance, including introducing UK taxes on foreign profits and passive income, several companies have already [...]
ICAP cashes in on turmoil July 17, 2008 Inter-dealer broker ICAP proved to be an isolated bright spot on the horizon yesterday as it posted buoyant revenues for the first quarter and said it had benefited from the recent financial market volatility. In an interim trading statement for the three months to June, the group said that revenues, excluding the recent acquisition of [...]
Treks Appeal July 14, 2008 The early summer is the only time of year to visit Marrakesh, reckons Victoria Bates A shimmering wall of heat welcomes you as you step out of the plane onto the tarmac at Marrakesh Menara Airport. And although it’s a dry heat, rather than the smothering humidity of the tropics, the first thing that strikes [...]
Citi private bank in new accounts ban July 11, 2008 Leaked documents show American group to tighten anti-money laundering controls Citigroup’s private banking division, which globally has $28bn assets under management, has ceased taking new UK customers because of concerns over its anti-money laundering procedures, City A.M. can reveal. Leaked internal documents show that Citibank International Personal Bank (IPB) this week barred its staff from [...]
Inside the private world of Citigroup’s bankers July 11, 2008 Private bankers over at Citibank are in a bit of a stew – and with good reason. Staff at the bank’s personal banking division have learned that anti-money laundering measures (AML) are to be stepped up suddenly to prevent criminals taking advantage of the private bank’s services. In an internal document seen by City A.M., [...]
Apprentice boss Sugar to quit Amstrad July 3, 2008 Sir Alan Sugar, the entrepreneur and star of the BBC reality TV show The Apprentice, has stepped down as chairman of Amstrad, the electronics firm he founded at the tender age of 21. Though Sir Alan, now 61, said the move had been “planned for a while”, the self-made multi-millionaire is adamant he is not [...]