Walker to bid £1bn for food firm Iceland October 10, 2010 THE boss of frozen food chain Iceland is planning a £1bn takeover of the firm he founded four decades ago, although he faces a potential bid battle, it emerged yesterday. Malcolm Walker, who together with other managers owns about a quarter of the retailer, is thought to have offered to buy the remaining 76 per cent [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 6, 2010 FINANCIAL TIMES BUSINESS PLEADS FOR A STRATEGY Business leaders urged David Cameron to turn his pro-enterprise rhetoric into a detailed strategy that would deliver better infrastructure and remove obstacles to growth. David Frost, director-general of the British Chambers of Commerce said corporate Britain was strongly behind the government’s effort to shrink the budget deficit but [...]
Serious Fraud Office to widen Weavering probe September 21, 2010 THE Serious Fraud Office (SFO) has widened its long-running investigation into hedge fund Weavering Capital, drawing in Swedish investigators and overseas creditors, said a source familiar with the matter. The SFO, which launched its probe last year into Weavering’s use of interest rate swaps and last May made two arrests, has met with Sweden’s economic [...]
Blast from the past as Nadir returns August 26, 2010 A TORY Prime Minister is slashing the budget, Iron Maiden are top of the album chart and now exiled tycoon Asil Nadir is back in the UK. It’s like the 1980s never ended. Nadir, 69, touched down to a media scrum yesterday, accompanied by his glamorous 26-year-old wife, Nur. Tanned, wearing a double breasted suit, [...]
New watchdog won’t scare City June 23, 2010 IT is only just over a year since Hector Sants, head of the Financial Services (FSA), told the City in no uncertain terms that he wanted business to be “very frightened” of his organisation. Central to that warning ran the theme of “credible deterrence” through increased criminal prosecution, particularly in relation to insider dealing. Despite [...]
Astaire ditches buyout strategy May 26, 2010 STOCKBROKER Astaire yesterday stunned the market after it announced a U-turn in strategy and the resignation of its senior management team. Edward Vandyk – the broking veteran who took the helm last year following a bitter takeover battle and changed the firm’s name from Blue Oar to Astaire – stepped down as chief executive of [...]
FSA doles out a record fine May 20, 2010 THE FINANCIAL Services Authority yesterday doled out its largest ever individual market abuse fine to stockbroker Simon Eagle, branding him a “dishonest cheat”. Eagle was rapped to the tune of £2.8m for creating a scheme to artificially inflate the price of shares in Aim-listed Fundamental-E Investments (FEI). He has also been banned from ever working [...]
Bribery law heralds welcome scrutiny April 27, 2010 EARLIER this month, the Bribery Act 2010 received its Royal Assent, and it is currently anticipated to be in force by the latter part of the year. The Serious Fraud Office (SFO) is on record as saying that the Act will greatly assist its efforts in combating corruption both here and overseas. Certainly, the act [...]
Calvert in battle over payback April 21, 2010 JAILED Cazenove partner Malcolm Calvert will learn his financial fate this week as lawyers prepare to battle in court over how much the convicted banker will pay back to the government for his illegal activity. The Southwark Crown Court will decide what proportion of the £103,883 in profits the Financial Services Authority (FSA) said Calvert [...]
Director jailed for bribery April 14, 2010 A FORMER senior executive of a unit of US healthcare group Johnson & Johnson was yesterday jailed for a year after helping to pay more than £4.5m in bribes to Greek doctors for their business. Robert John Dougall – when he was vice president of Leeds-based DePuy and marketing director of DePuy International, both Johnson [...]