Blunkett quits after new allegations November 3, 2005 David Blunkett resigned yesterday as Secretary of State for Work and Pensions, following intense criticism of his ill-judged directorship of a DNA company as yet more allegations of financial impropriety emerged. In a statement Tony Blair, the Prime Minister, said: “David Blunkett chose to resign because he had reached the conclusion that the position was [...]
£1.7m success for Rooney’s off-field team October 28, 2005 The success of footballer Wayne Rooney seems to be reflected in his management company Formation Group, which reported a strong set of full-year results. The sports marketing and management business reported an 11 per cent increase in pre-tax profits before amortisation to £1.7m for the 12 months to 31 August on sales of £14.9m compared [...]
Oil prices lift Hydro October 26, 2005 Norwegian energy and metals business Norsk Hydro said its third-quarter net income rose 69 per cent on the back of rising oil and gas prices, despite rising costs in its aluminium business. This year oil prices have risen about 45 per cent and gas prices 27 per cent, which contributed to the company’s net income [...]
Berliner falls to Monty October 26, 2005 A media company run by former Mirror Group chief executive David Montgomery has snapped up Berlin’s biggest-selling broadsheet newspaper. Mecom, together with Anglo American private equity group Veronis Suhler Stevenson, has bought the Berliner Zeitung, whose circulation is 185,000, as well as Berlin’s top tabloid paper, Berliner Kurier, whose circulation is 121,000. Talks with the [...]
Dubai puts in bold £469m bid for Refco October 25, 2005 The fortunes of stricken American hedge fund Refco took a fresh twist yesterday after a bid led by the Dubai government and billionaire Ronald Burkle trumped offers for its future trading units. The Dubai group’s $828m (£468.8m) offer exceeds a $768m bid by private equity fund JC Flowers and $790m from Interactive Brokers Group LLC. [...]
KPMG staff scoop £59m in bonuses October 25, 2005 Secretaries and directors at KPMG will share in a £59m bonus bonanza. The 8,950 people who make up the accountancy firm’s British workforce will share in the £59m pot, which equates to just under £6,600 per person. The bonus pot has risen 68 per cent from £35m last year, when the company gave on average [...]
Whitbread wields axe as speculators circle October 24, 2005 Whitbread is expected to reveal plans to axe a quarter of its head office work force tomorrow. As he reports disappointing interim figures on Tuesday, chief executive Alan Parker is expected to confirm that up to 250 jobs will go at the leisure group’s Luton headquarters. Parker is fighting to keep the disparate business together. [...]
A question of success October 21, 2005 After often being called in the early hours of the morning by her boss to locate information fast, Sarah McVittie realised she could make a living providing answers via text messaging. The meaning of life and a FTSE 100 share price are just a couple of questions the founders of 82ASK can answer in a [...]
On top of the world October 21, 2005 Retail may be struggling, but Philip Green has just taken a £1bn dividend. Is he embarrassed? Not much. Displaying the timing for which he has become famous, retail entrepreneur Philip Green paid himself a whopping £1.2bn dividend from his retail chain Arcadia. At a time when retailers nationwide are struggling, Arcadia announced a 10.1 per [...]
IT jobs growth boosts profits at Harvey Nash October 18, 2005 Harvey Nash, the recruitment specialist, revealed soaring profits yesterday, singling out the IT sector for its robustness. The company saw first half profits rise 47 per cent to £1.7m on sales of £92.7m compared to £78.9m in 2004. It also beefed up its board with the addition of two new directors. Richard Ashcroft has joined [...]