RAB funds are on the rocks July 31, 2008 RAB Capital, the hedge fund that was one of Northern Rock’s biggest shareholders when the bank was nationalised, yesterday reported dismal results with first half profit down 44 per cent and a decline in assets under management. But the stock rose by 9.1 per cent to 42p on rumours that management would be willing to [...]
Windfall bonus for 1m Norwich Union policyholders as firm sees profits surge July 31, 2008 Claire Spottiswoode delivered on months of marathon negotiations yesterday after 1m Norwich Union policyholders will be offered pay outs of around £1000 each. Aviva, the group’s parent company, is offering cash to qualifying customers in two of its with-profits funds, in exchange for buying out their right for any future pay-outs or redistribution of money. [...]
BP defiant in Russia July 30, 2008 Defiant BP chief executive Tony Hayward yesterday said the British oil giant would “not be intimidated by the strong arm tactics” of its warring oligarch partners at its Russian joint venture, TNK-BP. Hayward said: “The other shareholders want to tear up the agreement that they willingly signed in 2003 We are not prepared to do [...]
BA and Iberia set to merge in £4bn deal July 30, 2008 BA’s Willie Walsh seeks to put the chaotic move to Heathrow’s Terminal 5 behind him British Airways and Spanish carrier Iberia have started merger talks in a bid to create Europe’s third-largest airline, they announced yesterday. The two carriers, currently fourth and sixth in Europe by value, are working on a friendly all-share deal with [...]
BAE in deal to buy UK rival for £531m July 29, 2008 BAE Systems, Europe’s largest defence firm, unveiled an agreed £531m deal to buy British rival Detica yesterday, to boost its presence in the US security market. BAE chief operating officer Ian King, who takes over from Mike Turner as chief executive later this summer, said the purchase “will provide a platform for us to apply [...]
Unilever in hunt to find new leader July 28, 2008 Unilever, the Anglo-Dutch consumer goods giant, has recruited a global headhunting firm to search for a successor to chief executive Patrick Cescau. Headhunters Egon Zehnder – which Unilever has used before – have been engaged to seek a replacement from both inside and outside the company. Unilever declined to comment. Cescau, who turns 60 next [...]
The British energy giant set to light up America July 28, 2008 National Grid boss Steve Holliday has ambitious US plans, he tells Roger Baird It is entirely appropriate that Steve Holliday, the 51-year-old chief executive of National Grid – which runs Britain’s power network – is a bundle of energy. The engaging, former fly-half club rugby player gesticulates constantly and frequently bounds across his large London [...]
Fake Facebook entry banned July 25, 2008 A business whose personal details were falsely entered on Facebook, the social networking website, has won substantial libel damages at the High Court. Mathew Firsht won £22,000 in damages against an old school friend, Grant Raphael, who created the false entries. The judge ruled that Raphael’s defence – that the entry was created by people [...]
EDF closes in on British Energy deal July 25, 2008 French state-owned energy firm EDF and British Gas owner Centrica are closing in on UK nuclear business British Energy, and could announce a £12bn purchase as early as next week. British Energy, led by chief executive Bill Coley, admitted yesterday “it is in advanced discussions with one party.” A source close to the deal said [...]
BP’s Russian row may hit production July 24, 2008 The dogfight between BP and its four oligarch partners could hit Russian oil production next year after the quartet demanded a $900m cut in spending at joint venture TNK-BP. The development is the latest in a long-running battle at the 50-50 venture between the British oil giant and its billionaire partners – Mikhail Fridman, Viktor [...]