MPs to grill G4S and Serco amid criminal probe November 18, 2013 EXECUTIVES from G4S and Serco will be interrogated by a committee of MPs on Wednesday, as scandals surrounding government contracts continue to blight the two FTSE 100 outsourcing firms. Alastair Lyons, chairman of Serco will attend the hearing, alongside Ashley Almanza, chief executive of G4S. Paul Pindar, chief executive of Capita and Ursula Morgenstern, regional [...]
Serco’s shares plummet after profit warning November 14, 2013 SERCO, the outsourcing firm at the centre of a string of investigations over government contracts, saw its bad run continue yesterday when it issued a profit warning for 2013 and 2014, sending its shares down 17 per cent. Serco blamed “challenging market conditions” and the government contracts debacle for cutting into profits and warned that [...]
Serco shares plummet as contractor faces lower profits in wake of government investigation November 14, 2013 Serco has warned that profits for 2013 may be lower than expected and earnings for 2014 will be lower than 2013. The company has suffered a sharp fall in its share price of over 10 per cent this morning. Serco's problems have been magnified due to an investigation launched by the Serious Fraud Office (SFO) [...]
What the other papers say this morning – 14 November 2013 November 13, 2013 FINANCIAL TIMES Cameron calls for cuts in phone bills David Cameron is urging mobile phone companies to give customers a better deal as the prime minister fights to win ground in the battle over the rising cost of living. Downing Street has instructed Maria Miller and her officials in the Department for Culture, Media and [...]
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, [...]