New Orange supremo in drive back to basics July 4, 2008 For a man who has spent his entire career in the telecoms industry, it seems strange that Tom Alexander, Orange UK’s newly installed chief executive, should list his first passion as racing cars. As we travel across London in the back of his chauffer driven BMW 7-series, he tells me he never expected to make [...]
M&S readies for investor protest vote July 4, 2008 Four large investors in Marks & Spencers are planning to vote against the retailer’s annual report and accounts at its annual meeting next week over concerns about Sir Stuart Rose’s dual role as executive chairman and chief executive. Three pension schemes – The Universities Superannuation Scheme, Railpen and APG, and the Co-operative Insurance Society, who [...]
Debts boost for Galliford helps shares July 4, 2008 Housebuilder and construction firm Galliford Try surprised the City yesterday, saying it had been able to slash its debt to less than £5m, sending its shares up 14 per cent by the close of trading. The figure fell well below analyst expectations, with predictions that the firm, which operates in the public and private sector, [...]
City rides to the £400m rescue of B&B July 4, 2008 Bradford & Bingley said last night its underwriters and other City institutions will back its £400m fundraising despite a dramatic decision by American private equity firm TPG to walk away from a deal after rating agency Moody’s cut the bank’s credit status. The move comes after Moody’s cut the cash-strapped bank’s rating to Baa1, giving [...]
McFall in oil probe July 4, 2008 Concern over the rising price of oil – which yesterday hit a new record of $146 a barrel – has prompted the powerful Treasury select committee to hold its first ever hearing into the regulation of the oil markets. The committee, which is chaired by Labour MP John McFall, will hold the hearing in mid-July [...]
AstraZeneca victorious in patent battle July 3, 2008 Shares in AstraZeneca, the drugs giant, jumped nearly 5 per cent yesterday after it won a key patent battle in America over Seroquel, its anti-psychotic drug and second-best seller. The decision by a US court to award a summary judgment in AstraZeneca’s favour avoids the need for a full trial and means that generic copies [...]
Rights issue flop knocks housebuilder July 3, 2008 The future of housebuilder Taylor Wimpey was in doubt yesterday as the beleaguered group failed to raise £500m of capital from investors, causing the value of the company to halve. Britain’s largest builder issued an intensely gloomy statement, saying it was slashing 900 jobs, it was not buying any more land, and admitted it was [...]
Rose’s future on the line as sales decline July 3, 2008 Marks & Spencer boss Sir Stuart Rose faces the battle of his life next week as he explains to shareholders, already angry about his cavalier approach to corporate governance, the reasons for its rapid sales decline. M&S shares crashed more than 24 per cent as stunned City analysts slashed their forecasts after the retailer said [...]
There’s no business like l’eau business, but is it all just an expensive con? July 3, 2008 As more bottled water comes on the market, can anyone tell the difference? A time comes in the life of any product that it goes from being naff, to being promoted by a Beckham. Last week a story emerged – was it leaked, perhaps? – that David B, the model and sometime footballer, is to [...]
Police arrest 1,200 in knife crackdown July 3, 2008 Police have arrested 1,214 people in London during a six-week crackdown on knife crime, Scotland Yard said yesterday. Officers found 528 knives after conducting nearly 27,000 searches during Operation Blunt 2, launched after Boris Johnson was elected London Mayor in May pledging to tackle knife crime in the capital. Metropolitan Police Commissioner Ian Blair announced [...]