Dresdner in German deal talks July 2, 2008 Talks between German banks Commerzbank and Dresdner Bank about a potential merger have intensified, fuelling speculation that the two will soon finally confirm concrete merger talks. Teams from both Commerzbank and Allianz, the insurance group that owns Dresdner, have been locked in almost daily discussions on the valuation of each other’s assets. A deal is [...]
Six-star hotel in City July 2, 2008 Russian oligarch Vladimir Chernukhin is set to transform a landmark City building into London’s first six-star hotel. Chernukhin, a former Russian Deputy Finance Minister, was yesterday granted planning permission to redevelop the former Midland Bank headquarters – the imposing Grade 1 listed building situated on Poultry behind the Bank of England – into a luxury [...]
Four top UBS directors quit July 2, 2008 Swiss banking giant UBS yesterday started the process of rebuilding its reputation and placating shareholders by announcing major board changes. UBS, which has written down more than $37bn during the credit crunch, said four of its senior boards members – Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach – would step down on 2 [...]
How to create a new Microsoft and dominate the marketplace July 1, 2008 Bill Gates left Microsoft last week after 33 years dominating the age of PC computing. He got a couple of things right. First of all, when a contemporary, said there would only ever be a couple of computers in the world, Gates saw that in fact it would be a high-volume, low-margin business. Secondly, he [...]
NHS told to refocus on quality of care July 1, 2008 The quality of a patient’s care will become the central focus of the National Health Service in England, with hospitals and careteams rewarded for achieving high standards. Patients will be given a new legal right to choose their GP practice and the kind of treatment they will receive under a draft NHS constitution, launched on [...]
Pendragon crashes as cars sales drop July 1, 2008 Shares in Pendragon crashed 23 per cent after Britain’s biggest dealership cut 500 jobs and scrapped its full year forecast as car sales slumped. The Nottingham-based firm, which owns the Evans Halshaw and Stratstone forecourts, shed the staff from its 15,700-strong workforce to reduce costs – saying it was “difficult to forecast” prospects this year. [...]
Smoking ban set to close 6,000 pubs July 1, 2008 More than 6,000 British pubs may be forced to close in the next five years thanks largely to the smoking ban, accountants and business advisers PricewaterhouseCoopers (PwC) warned yesterday. A PwC report published a year after the introduction of the ban on lighting up in a public place reveals the devastating impact it is having [...]
Profits crash at Southern Cross nursing July 1, 2008 Southern Cross Healthcare Group, the nursing home operator, shocked the City yesterday with a profits warning along with the departure of its finance director. Southern Cross, whose shares closed down 58.5 per cent at 130p, said occupancy levels at its homes had not grown by as much as it originally expected and trading was unlikely [...]
Manitowoc wins Endois auction July 1, 2008 Manitowoc last night snapped up British kitchen appliance maker Endois, fending off fierce competition from rival Illinois Tool Works. Both firms went head to head in an auction to take over Endois, but USbased Manitowoc’s offer of 328p a share won through. “Throughout this process, we reaffirmed our belief in the opportunities that Enodis provides. [...]
Setanta’s £125m bet July 1, 2008 Setanta Sports has upped its multimillion-pound gamble to take on the dominant Sky Sports by paying a record £125m for the rights to the Scottish Premier League. The new four-year deal is the largest in Scottish football history and will go through to 2014. It is more than double the £54m Setanta paid for its [...]
