Firms hired by the state face behaviour tests November 12, 2013 PRIVATE firms working for the government must face inspections and audits to make sure they meet high standards of behaviour, the National Audit Office (NAO) said in a set of recommendations out today. Although firms often promise to behave well, the NAO believes the only way to make sure “the companies are not paying lip [...]
London Report: Carney likely to bear good news about inflation November 10, 2013 GOVERNOR of the Bank of England Mark Carney is likely to be the bearer of good news when he presents his inflation report on Wednesday, with the growth rate heading up and the unemployment rate coming down. Carney pledged in August not to raise rates until unemployment fell to at least seven per cent, a [...]
G4S to face more competition declares Francis Maude November 7, 2013 In a speech to analysts on Thursday, Cabinet Office minister Francis Maude has said that G4S and Serco will face increasing competition from domestic and international companies. Francis, speaking this afternoon said: There will be new entrants coming into that market, both international players but also new entities coming into existence and suppliers who currently [...]
G4S chief plans to sell off units and cut UK jobs November 5, 2013 FTSE 100-listed security company G4S yesterday outlined plans to restructure the business, as it battles to turn around its fortunes and restore its damaged reputation. Chief executive Ashley Almanza said he will sell or restructure 35 weaker performing units and plans to cut up to 400 UK jobs over the next 18 months. It is [...]
Fraud squad launches criminal probe into G4S and Serco billing November 5, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
Fraud squad launches criminal probe into G4S and Serco billing November 4, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
Best of the Brokers for 30 October 2013 October 29, 2013 REDROW Panmure Gordon has upgraded homebuilder Redrow to buy with a target price of 294p following a meeting with the company. “The progress that this company has made in recent years under the current management team is remarkable,” said the analysts. COCA-COLA HELLENIC Greek fizzy drinks giant Coca-Cola Hellenic, now listed in London, has been [...]
Serco draws up shortlist to fill chief role after Hyman resigns October 28, 2013 A SHORTLIST of candidates has already been drawn up to take on the top role at outsourcing firm Serco after Chris Hyman’s shock resignation on Friday, according to reports. Ian Tyler, the former chief executive of FTSE 250 construction firm Balfour Beatty, is reportedly one of the leading contenders and Andy Parker, joint chief operating [...]
Serco boss quits following scandal over government contracts October 25, 2013 Serco Group has today announced its chief executive Christopher Hyman has resigned, in a bid to restore the company's reputation, following an overcharging scandal. Back in July, the government services firm was shaken by allegations of fraud, after justice secretary Chris Grayling accused it of overcharging on contracts to tag criminals. The company reports [...]
Serco secures £355m Dubai deal October 24, 2013 Outsourcing firm Serco yesterday said it has signed a five-year contract extension worth £355m with the Dubai Government Roads and Transport Authority (RTA). Under the agreement, the FTSE 250 firm will continue to operate and maintain the Dubai Metro, with an opportunity to extend the contract for a further two years to 2021. The company first [...]