News

Your daily news update straight from the City PM newsroom in London

Minverva bid is rejected as opportunistic

November 17, 2009

Minerva, owner of City development the Walbrook, yesterday fended off a takeover offer from one of its largest shareholders, slamming the offer as “woefully inadequate”. South African shareholder Nathan Kirsh, who has built up a 29.9 per cent in the company, yesterday launched an unsolicited 50p a share offer for Minerva, valuing the business at [...]
ELECTION RACE STARTS TODAY

November 17, 2009

PRIME Minister Gordon Brown today launches his general election campaign with a Queen’s Speech that will be the most political for 12 years. The annual speech will set out Labour’s stall on everything from a bill that will give the Financial Services Authority (FSA) more power to veto the bonuses of bankers to free care [...]
Archie Norman to chair ITV

November 17, 2009

STRUGGLING broadcaster ITV is today set to name former Tory MP and Asda chief executive Archie Norman as its new chairman, handing him the unenviable task of finding a new chief executive that will please investors. Michael Grade will now retire as chairman, and will step down as chief executive at the end of the [...]
Ferrero and Hershey eye up Cadbury

November 17, 2009

ITALIAN confectionary firm Ferrero and US-based Hershey are in talks over a potential joint bid for Cadbury, threatening to derail Kraft’s £9.8bn hostile bid for the UK confectioner. A source familiar with the talks said that the discussions are “very early in the process”. But the news is the clearest sign yet that there could [...]
We are sorry, says Goldman

November 17, 2009

Goldman Sachs chief executive Lloyd Blankfein yesterday apologised for his bank’s participation in the cheap credit binge that fuelled the bubble. “We participated in things that were clearly wrong and have reason to regret,” Blankfein said, speaking at a conference in New York. “We apologise.” The admission came as Goldman, whose large profits and bonuses [...]
Rise in inflation proves that QE must stop

November 17, 2009

IT is wrong to argue that inflationary pressures are about to return, as many commentators said yesterday after the release of figures showing higher than expected consumer price rises. The reality is that inflationary pressures have always been with us – in past years, inflation took place in asset prices, while consumer prices rose at [...]
Mandelson supports GM

November 17, 2009

Business secretary Lord Mandelson said yesterday that the government would underwrite General Motors’ plans to restructure its European operations, which he said offer a “solid commitment” to its two Vauxhall plants in the UK. His comments come a day after GM president and chief executive Fritz Henderson gave hope to UK employees, hinting that Vauxhall’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING

November 17, 2009

FINANCIAL TIMES BARCLAYS RETAIL CHIEF WARNS NEW ENTRANTSThe new head of global retail banking at Barclays has joined the backlash of traditional bankers against the entry into banking of supermarkets and other consumer companies. Antony Jenkins said the new competitors may be under-estimating the difficulties of breaking into the market. APOLLO SETS SIGHTS ON NYSE [...]
Loopsign brothers bank dividend

November 17, 2009

Ian and Richard Livingston, the billionaire brothers who own David Lloyd Leisure, received £242m each in dividends for the year to the end of September 2008, according to accounts filed by their property firm Loopsign. However the firm, which owns the Marks & Spencer building on Baker Street and land in Russia and the Turks, [...]
Big Yellow results disappoint

November 17, 2009

Shares in Big Yellow fell five per cent to 410p yesterday after the self-storage firm posted lower-than-expected first-half results. Big Yellow said pre-tax profit is the period rose by 12 per cent to £7.7m, despite a three per cent fall in revenues to £29.2m. Loss before tax narrowed to £3.4m from a loss of £54.3m [...]