Breeden hurt as Xchanging PR push fails August 25, 2010 HEDGE fund boss Richard Breeden was burned by a second support services company yesterday as a badly-timed PR move by Xchanging wiped 11 per cent from its market value. Breeden European Partners saw £158m shaved from its stake in the outsourcing provider as nervy investors fled the stock. Just a fortnight ago, Breeden crystallised a [...]
Serco bullish on outlook August 25, 2010 OUTSOURCING giant company Serco posted a 21 per cent increase in half-year pre-tax profit and said government spending cuts would boost sales in areas where outsourcers would be hired to achieve savings. Serco, which runs Boris Johnson’s new cycle hire scheme, said yesterday pre-tax profit for the first half to 30 June was £101.4m, against [...]
CITY MOVES | WHO’S SWITCHING JOBS August 19, 2010 Permira The European private equity company has appointed Wulf Bernotat, the former chief executive of energy giant E.ON, as a senior adviser. Bernotat is one of Germany’s most experienced businessmen and retired from his position at E.ON in April this year. He is also a member of the supervisory boards at Metro, Allianz, Deutsche Telekom [...]
FTSE falls to lowest level in a month on US jobless figures August 19, 2010 BRITAIN’S top share index fell to its lowest close in a month yesterday, as weak US labour and other data cast further doubt on the strength of the global recovery and as oil stocks fell on lower crude prices. The FTSE 100 fell 91.58 points, or 1.7 per cent, to 5,211.29 points, the lowest close [...]
UK stocks sag after gloomy news from Bank of England August 11, 2010 BRITAIN’S top share index fell sharply to a three-week low closing yesterday, with banks and commodity stocks leading a broad-based sell-off after US and UK central banks voiced concerns over the economic recovery. Technology firm Smiths Group, however, topped the list of a handful of gainers, up 3.9 per cent as traders cited break-up hopes [...]
Migrant row overshadows Indian deals July 28, 2010 DAVID Cameron yesterday smoothed the way for a flurry of deals with India on a trade mission to the emerging superpower, but simmering tensions over plans to cap immigration in Britain threatened to turn into a full-scale row. The Prime Minister is leading a 90-strong delegation, which includes top business figures like Barclays boss John [...]
DLR strike dates decided July 14, 2010 COMMUTERS travelling into the City on the Dockland Light Railway (DLR) next week could face severe disruptions as trade union RMT yesterday announced strike dates for workers on the line. From 4am next Friday morning, DLR workers will walk off the job for three 24-hour periods, including 27 July and 6 August. RMT said the [...]
Coalition tells top suppliers to cut the cost of services July 8, 2010 FRANCIS Maude, the minister for the Cabinet Office, yesterday hauled in the bosses of blue-chip companies and asked them to cut the cost of the services they provide to the government. Nineteen chief executives, from the likes of Serco, BT, Logica and Vodafone, were summoned to the meeting and told to do their bit to [...]
Serco wins £415m contract to build a new London prison July 5, 2010 SERCO has signed a contract to run a new London prison, despite concerns that public spending cuts could mean fewer deals for support services firms. Serco, which runs the DLR and detention centres in Australia, said its consortium signed a contract worth £415m with the Ministry of Justice to build and manage a prison at [...]
Serco: Coalition will come good for outsourcers July 5, 2010 THERE may be trouble ahead for outsourcers. The new coalition government is intent on getting a better deal from support services firms; as one of the biggest clients in town, the likes of Serco are powerless to resist. But while there is short-term uncertainty, this government will outsource more in the future. The massive Work Programme [...]