News

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

Ronnie draws Jones into JJB conflict

August 9, 2009

FORMER JJB chief executive Chris Ronnie yesterday hit back at his former employer in a desperate bid to clear his own name and muddy the reputation of executive chairman Sir David Jones. In an email circulated to the press Ronnie said that he and Jones had been working on taking the retailer private last year. [...]
Paulson faces ethics spat over Goldman

August 9, 2009

FORMER US Treasury secretary Hank Paulson was in constant contact with former employer Goldman Sachs during the depths of the banking crisis, according to telephone records obtained under freedom of information law. Paulson, who spent 32 years at Goldman, spoke with his successor as chief executive Lloyds Blankfein on two dozen occasions last September, in [...]
Hopes for dividend hike at Prudential may be misplaced

August 9, 2009

PRUDENTIAL chief executive Mark Tucker will try to quit the insurer on a high by boosting its dividend when it reports interim results this Thursday. Analysts at Deutsche Bank have fuelled hopes the group will boost the payout from 6p to 6.3p a share, as popular leader Tucker prepares to hand over to current finance [...]
Local bank fears reignited as another three US lenders fail

August 9, 2009

ANOTHER three US regional banks failed over the weekend, as authorities continue to monitor over 300 problem lenders that may not survive the harsh economic environment. Fears that retail banks are far from through the worst of the credit crunch were heightened after two banks in Florida and one in Oregon failed, taking the tally [...]
Postal strikes hit businesses

August 9, 2009

Dr Helen Hill, Policy Director at the London Chamber of Commerce and Industry (LCCI) hit out at proposed extensions to postal strikes yesterday, saying they “will start to seriously damage the capital’s reputation as a good place to conduct business.” Postal strikes started on Friday and are set to last until tomorrow at least.
SFO to reveal stance on Rover

August 9, 2009

The Serious Fraud Office (SFO) is set to reveal whether or not it is to begin a criminal investigation into the collapse of carmaker MG Rover. Business department inspectors have been looking into the deal for four years. The decision is set to attract controversy. The carmaker collapsed into administration in 2005, costing 6,000 jobs.
RHJ says GM sale is not decided

August 9, 2009

The outcome of the bidding process for GM’s German unit Opel is not a foregone conclusion, despite widespread backing for rival bidder Magna, the head of RHJ International said yesterday. RHJ still has good chances of winning the prolonged bidding process for the General Motor’s unit, chief executive Leonhard Fischer said. Fischer’s comments come after [...]
GREYHOUND HITS THE UK

August 9, 2009

THE famed Greyhound buses will soon be seen on the UK’s motorways after FirstGroup, which bought the franchise two years ago, secured a deal to start services in London from next month. Fares on the bus will start from £1, and it is hoped that it will take on budget transport rivals National Express and [...]
CITY BACK FROM WEEK OF FROLICS AT COWES

August 9, 2009

THE weather-beaten City sailing crowd are back in the City this week after the annual Cowes week regatta, probably feeling a touch worse for wear after the closing celebrations at the weekend. Carphone Warehouse tycoon Charles Dunstone was celebrating winning the overall trophy for his class, after his boat Rio finished ahead of the pack [...]
BILL OF THE WEEK

August 9, 2009

EXCLUSIVITY is officially back in vogue. This group of four accountants were invited to dine at the private table in High Timber’s wine cellar by restaurant founder Neleen Strauss last week, where they proceeded to spend £2,114.16 of their hard-earned cash on fine wine and mouth-watering munch. Roasted scallops, foie gras and rib eye steaks [...]