Overhaul for Crest Nicholson October 13, 2010 TROUBLED housebuilder Crest Nicholson faces another financial restructuring as new majority shareholder Varde examines the company’s finances, people close to the business said yesterday. US-based Varde is working with advisers Lazard and Bingham McCutchen on the options for Crest, which became 90 per cent owned by its lenders following a £648m debt for equity swap [...]
RBS to axe 3,500 more jobs September 2, 2010 THE Royal Bank of Scotland is planning to axe 3,500 jobs from its technical and back office division. RBS has told staff that up to 12 offices could close in England, while Scotland will also be badly hit. A third of the job losses are as a result of RBS selling 318 of its branches [...]
Daily Sport publisher is forced to ask for loan holiday despite return to black September 30, 2010 SPORT Media Group (SMG), the publisher of the Daily Sport and Sunday Sport was forced to ask for a six month “holiday” on its £50,000 a month loan from Royal Bank of Scotland, it admitted yesterday. The red-top publisher warned second-half profit is likely to fall short of expectations and said its working capital was [...]
Liverpool saga could run into next week October 11, 2010 LEGAL sources close to Liverpool’s ownership battle have told City A.M. that today’s hearing is likely to be only the beginning of a lengthy process. A quick verdict is not expected and, after a discussion about timings, the case is thought likely to be adjourned until later this week or early next week. Even if [...]
City unites against UK listing proposal October 14, 2010 THE City has roundly rejected the government’s proposal to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) saying such a move would serve to fragment the regulation of the investment market and hurt investors and issuers. The proposal to merge the UKLA was put forward as part of the government’s consultation [...]
BP to sell $3.5bn in bonds September 28, 2010 BP signalled a return to “business-as-usual” after the Gulf of Mexico tragedy, with plans to sell up to $3.5bn (£2.2bn) in new bonds just three days before Bob Dudley is set to take over the chief executive post. The oil major’s funding arm, BP Capital Markets, is selling five and ten-year bonds, the first such [...]
BP to sell $3.5bn in bonds September 28, 2010 BP signalled a return to “business-as-usual” after the Gulf of Mexico tragedy, with plans to sell up to $3.5bn (£2.2bn) in new bonds just three days before Bob Dudley is set to take over the chief executive post. The oil major’s funding arm, BP Capital Markets, is selling five and ten-year bonds, the first such [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2010 FINANCIAL TIMES TOYOTA STILL ON ALERT AFTER CRISIS Toyota remains on a “crisis” footing a year after the first of a wave of recalls of more than 12m vehicles, an executive at the Japanese carmaker has said. Shinichi Sasaki, the board member responsible for quality, told the Financial Times: “I don’t think the crisis is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2010 FINANCIAL TIMES TOYOTA STILL ON ALERT AFTER CRISIS Toyota remains on a “crisis” footing a year after the first of a wave of recalls of more than 12m vehicles, an executive at the Japanese carmaker has said. Shinichi Sasaki, the board member responsible for quality, told the Financial Times: “I don’t think the crisis is [...]
BHP moves on from Potash takeover bid November 15, 2010 MINING giant BHP Billiton’s shares rose yesterday following its decision to abandon its hostile takeover of Potash Corp and begin a $4.2bn (£2.6bn) share buyback, as analysts pored over the world’s largest mining group’s next move. BHP’s London-listed shares closed 1.8 per cent up at £24.06, outperforming a 0.4 per cent gain in the FTSE [...]