The Evening Standard (London, England) articles from July 2006

The Evening Standard (London, England) archives from July 2006

Overseas investors in Britain set new record.
July 2, 2006... Byline: Bill Condie Jul. 2--Britain is attracting a record number of foreign investors, creating 34,000 jobs in the past year. The country is a favourite destination for the fast-emerging Indian market. In the past year there have been...

Evening Standard, London, business briefs column.
July 3, 2006... Jul. 3--BEGBIES TRAYNOR DOUBLES TO [pounds sterling]4.7M AS INSOLVENCIES SOAR: Surging numbers of company and personal insolvencies have led to profits more than doubling at corporate rescue and recovery specialist Begbies Traynor -- with yet...

BP heads for another bumper profit.
July 3, 2006... Byline: Robert Lea Jul. 3--BP looks set for another bumper year of multi-billion-pound profits after latest data revealed that soaring oil prices and refining margins will offset a second successive quarter of falling production. In a...

BAE holders could block Airbus sell-off.
July 3, 2006... Jul. 3--Plans by defence giant BAE Systems to offload its stake in European planemaker Airbus could be scuppered by a knockdown revaluation of the shares. Analysts said today there is "a real possibility" BAE shareholders will vote against...

Evening Standard, London, Chris Blackhurst column.
July 3, 2006... Byline: Chris Blackhurst Jul. 3--Among the things we journalists are often accused of is that we concentrate only on the biggest or best-known companies and the major bids. But space and airtime are limited, as are resources -- and there...

Evening Standard, London, City Spy column.
July 3, 2006... Jul. 3--RAISED EYEBROWS in Sir Philip Green's headquarters at the thought the great man might be about to hire Yasmin Yusuf, pictured, former womenswear "design guru" at Marks & Spencer and chief executive of East. Yusuf was in Green's offices...

Evening Standard, London, Anthony Hilton column.
July 3, 2006... Byline: Anthony Hilton Jul. 3--Mittal Steel Company was this weekend hailed as the victor in the battle to take over European group Arcelor following the latter's shareholder meeting in Luxembourg on Friday, where various votes finally put...

Evening Standard, London, market report column.
July 3, 2006... Byline: Tom Nicholls Jul. 3--Supermarkets chain Wm Morrison was among the blue-chip leaders today amid reports that a private-equity consortium is considering a [pounds sterling]6 billion bid. Shares in Britain's fourth-biggest food...

BAE in bid to clear up Airbus sale mess.
July 4, 2006... Byline: Robert Lea Jul. 4--A boardroom split, shareholders' revolt and even major legal action have emerged as possible outcomes in the fiasco of BAE Systems' sale of its 20 percent stake in European aircraft manufacturer Airbus. The...

Evening Standard, London, City Spy column.
July 4, 2006... Jul. 4--Richard Lambert appears to be marking his accession to the top job at the CBI by attempting to confound the sceptics who think he might be too stuffy and cerebral. On Radio Five, he tried hard to be relaxed and open, not donnish. But...

GM 'ready to talk on Nissan-Renault tie'.
July 4, 2006... Byline: Bill Condie Jul. 4--General Motors' board is poised to resume discussions on a proposed three-way tie-up with Nissan and Renault, according to insiders. Nissan and Renault have already given the go-ahead for their chief Carlos...

Rank set to sell Hard Rock Cafe for [pounds sterling]500m.
July 4, 2006... Byline: Jim Armitage Jul. 4--The Hard Rock Cafe chain is likely to be sold by the Rank leisure group in a deal expected to fetch at least [pounds sterling]500 million. Rank, which has previously sold off such famous names as Butlins...

Evening Standard, London, Anthony Hilton column.
July 4, 2006... Byline: Anthony Hilton Jul. 4--When the Financial Services Authority was set up, one of its key objectives, along with keeping the City clean and combating financial crime, was to improve financial literacy. The thought was that if...

Evening Standard, London, market report column.
July 4, 2006... Byline: Tom Nicholls Jul. 4--Marks & Spencer moved 8 1/2p higher to 595 1/2p today after Goldman Sachs became the latest broker to throw its weight behind the resurgent retail giant. After upgrading its earnings forecasts, Goldman has...

Rogue traders in NAB Forex scandal are sent to prison.
July 4, 2006... Byline: Bill Condie Jul. 4--Two former National Australia Bank traders have been jailed over their roles in the A$360 million ([pounds sterling]145 million) rogue trading scandal that rocked the country's largest lender, which also owns...

Swiss banks facing [pounds sterling]22 billion claims over 'kickbacks'.
July 4, 2006... Byline: James Rossiter Jul. 4--A 50 billion Swiss francs ([pounds sterling]22 billion) kickbacks scandal is threatening to engulf the Swiss banking industry. Lawyers are expecting a flood of claims from the world's super-rich,...

Audit call by BAE to prolong Airbus row.
July 5, 2006... Byline: Robert Lea Jul. 5--The multi-billion-pound wrangle over the sale of BAE Systems' 20 percent stake in Airbus is set to drag on until the autumn after the British defence giant ordered a full-blown audit of the Toulouse-based...

A&L gets the elbow from French suitor.
July 5, 2006... Byline: Nick Goodway Jul. 5--Almost [pounds sterling]300 million was wiped off the value of building society-turned-mortgage bank Alliance & Leicester today as potential takeover suitor Credit Agricole retreated back across the Channel....

Evening Standard, London, Chris Blackhurst column.
July 5, 2006... Byline: Chris Blackhurst Jul. 5--Andreas Panayiatou is 40 years old. He's a Londoner -- he left school at 15 with no qualifications. He's just paid [pounds sterling]40 million for a house in The Bishop's Avenue, Hampstead. He's worth...

Evening Standard, London, City Spy column.
July 5, 2006... Jul. 5--THE GREAT PUSH INTO RUSSIA BY GOLDMAN SACHS has been led by the bank's British co-head in Europe, Michael Sherwood -- said to spend more time in an executive jet than most normal people do on their local bus. However, it is understood...

Lawyers' bonanza in NHS computers fiasco.
July 5, 2006... Byline: James Rossiter Jul. 5--The vastly overbudget and delayed upgrade of the NHS's computer systems is providing a bonanza for City law firms. Legal bills for the scheme have already run toward [pounds sterling]30 million, but...

Evening Standard, London, Anthony Hilton column.
July 5, 2006... Byline: Anthony Hilton Jul. 5--It is an odd thing about the telecoms industry, but just at the point where you feel it might be safe for investors, it succumbs to another collective bout of insanity. In a couple of weeks' time, Sky is...

NatWest three face fast-track to prison.
July 5, 2006... Byline: Robert Lea Jul. 5--The NatWest Three could be in a Texas jailhouse by the end of next week as it emerged the deportation of the allegedly fraudulent investment bankers may be fast-tracked. The news comes as a string of senior...

Evening Standard, London, market report column.
July 5, 2006... Byline: Tom Nicholls Jul. 5--PartyGaming, the world's biggest online gaming firm, eased 2 3/4p to 113 1/4p today after finance director Martin Weigold offloaded all his shares in the company. As Weigold sold 2.74 million shares,...

Bet on us and we can carry on drilling, say oil and gas explorers.
July 5, 2006... Byline: Robert Lea Jul. 5--London's thriving market in oil & gas explorers could be in for a boom in convertible bond stock after a second well-rated independent raised money with institutions prepared to place a bet on a company's future...

Sales tax battle shuts Atlantic City casinos.
July 5, 2006... Byline: Robert Lea Jul. 5--Donald Trump's metaphorical licence to print money in the US east coast gambling capital of Atlantic City has been temporarily rescinded after the New Jersey state ordered the closure of his three major casinos...

World Cup wagers are a winner for bookies.
July 5, 2006... Byline: Jim Armitage Jul. 5--If Britain's bookies had any champagne left following England's World cup defeat on Saturday, they were cracking it open today after last night's ejection of favourites Germany. After a rough time for the...

Now Alpha's frost is out in cold.
July 6, 2006... Byline: Robert Lea Jul. 6--The Alpha Airports accounting scandal has claimed the job of a third senior director -- its chairman Graham Frost -- after the company today admitted board members misled the group's auditors. The departure...

Shareholders sue Apple as options scandal grows.
July 6, 2006... Byline: Bill Condie Jul. 6--Apple Computer, which is already investigating possible breaches of rules governing stock option awards to executives, is now being sued by shareholders in the growing scandal. The company said it faces two...

Evening Standard, London, City Spy column.
July 6, 2006... Jul. 6--COLLEAGUES OF EX-MORGAN STANLEY BOSS JOE PERELLA had to put up with his dozing off and flatulence, new US Treasury Secretary Hank Paulson wasn't rated within Goldman as the brightest strategist on the block, and former Goldman star John...

Evening Standard, London, Christopher Fildes column.
July 6, 2006... Byline: Christopher Fildes Jul. 6--Turn again, Whittington. In those days, to be Lord Mayor of London, you needed a cat and a can-do approach. Then the rules changed. There was a queue, and you needed to join it and wait in hope for your...

Ailing GM gets on road to tie-up talks.
July 6, 2006... Byline: Bill Condie Jul. 6--General Motors chief Rick Wagoner, under intense pressure from activist shareholder Kirk Kerkorian, will meet Nissan and Renault head Carlos Ghosn in Detroit in the next week to discuss a proposed alliance...

Evening Standard, London, Anthony Hilton column.
July 6, 2006... Byline: Anthony Hilton Jul. 6--As if there were not enough things to disagree about in the world of pensions, two of our more prominent pension consultants find themselves in opposite corners over the recent deal to stabilise the Kvaerner...

Sales and profits crumble at HMV.
July 6, 2006... Byline: Jim Armitage Jul. 6--Sales of music and books at HMV and its Waterstone's division have collapsed sensationally in recent weeks. Disastrous trading figures out today show that in the past nine weeks, HMV sales are down nearly...

Partners in British law firms climb pay league.
July 6, 2006... Byline: James Rossiter Jul. 6--British law firms can celebrate a revival in their fortunes, with pay for partners fast approaching that of top footballers. That is the conclusion of Legal Business magazine's annual survey, which shows...

Evening Standard, London, market report column.
July 6, 2006... Byline: Tom Nicholls Jul. 6--The oil sector, a dominant element of the Footsie, helped drive the index higher today as crude prices stayed close to record highs. Oil futures continue to trade at around $75 a barrel, ahead of a...

Candover buys to take on Royal Mail.
July 6, 2006... Byline: Robert Lea Jul. 6--Venture capital giant Candover emerged as a serious rival to the Royal Mail today after spending more than [pounds sterling]400 million on the acquisition of two fast-growing postal competitors. The deals...

Airbus stalls on launch of A370 rival to Boeing.
July 7, 2006... Byline: Ross Tieman Jul. 7--European airliner-maker Airbus has suspended plans to launch its new long-haul mid-size jet, the A370, until new executive chairman Christian Streiff can review the project. A commercial launch of the plane,...

Firms 'not ready for a new terror attack'.
July 7, 2006... Byline: James Rossiter Jul. 7--A year on from the 7/7 bombing London's businesses are woefully under-prepared to deal with another terrorist atrocity. Evidence has emerged that the City is becoming increasingly complacent about...

Evening Standard, London, City Spy column.
July 7, 2006... Jul. 7--TOPPS TILES founder Barry Bester will collect [pounds sterling]10 million from the retailer's cashback to shareholders. Good news for charities -- he is something of a secret philanthropist. He is a regular caller to charity phone-ins,...

EasyJet flies to [pounds sterling]100m amid crowded skies.
July 7, 2006... Byline: Robert Lea Jul. 7--Booming business at easyJet will send profits at the budget airline soaring past [pounds sterling]100 million for the first time as, separately, official figures from air traffic control confirm the skies over...

Under-pressure FCUK kisses ad man goodbye.
July 7, 2006... Byline: Robert Lea Jul. 7--The advertising man behind the FCUK advertising brand campaign for French Connection and the more recent flop, the Fashion versus Style drive featuring a lesbian kiss, has been axed. In what analysts fear is...

Worries grow as iSoft haggles over its loans.
July 7, 2006... Byline: James Rossiter Jul. 7--Troubled NHS software supplier iSoft was fighting for survival today after it delayed publication of full-year figures while it struggles with its banks to agree a new set of loan covenants. ISoft is the...

Evening Standard, London, Anthony Hilton column.
July 7, 2006... Byline: Anthony Hilton Jul. 7--It has taken two years of softening up the public -- the longest spin in recent political history -- but next Tuesday the Prime Minister will judge the time is right to come out with an endorsement of nuclear...

AHG's village vision for De Vere after takeover.
July 7, 2006... Byline: James Rossiter Jul. 7--Malmaison-to-Hotel du Vin property magnate Richard Balfour-Lynn is planning a massive expansion of De Vere once his privately-owned Alternative Hotel Group completes its [pounds sterling]767 million purchase...

Aviva on trail of [pounds sterling]1.25 billion buy in US.
July 7, 2006... Byline: Jim Armitage Jul. 7--Fresh from its failed attempt to buy the Prudential, Britain's biggest insurance company Aviva is trying to do another megabucks deal, this time for US life assurer AmerUs. Aviva, which owns Norwich Union...

Rank shareholders ready to revolt in bid for more dividends.
July 7, 2006... Byline: Nick Goodway Jul. 7--Rank, the leisure giant that is set to sell its Hard Rock Cafe business for up to [pounds sterling]500 million, faces a rebellion from private shareholders who want it to pay out more in dividends and shelve...

Evening Standard, London, market report column.
July 7, 2006... Byline: Tom Nicholls Jul. 7--Trading in Southern Cross Healthcare got under way today, just three weeks after private-equity owner Blackstone pulled the float because of choppy market conditions. In a sign that markets are stabilising,...

Shell, BP and BG bid for Indian gas field stake.
July 7, 2006... Byline: Bill Condie Jul. 7--Oil and gas majors Royal Dutch Shell, BP, BG Group and Exxon Mobil are among a dozen companies bidding to buy up to 30 percent of a giant Indian gas field. The Krishna Godavari basin in the western province...

Dome owner Anschutz sells Manchester Arena for [pounds sterling]62m.
July 10, 2006... Jul. 10--Philip Anschutz, the American billionaire owner of the Millennium Dome, has sold the Manchester Arena for [pounds sterling]62 million. The American, who is at the centre of a row over his closeness to Deputy Prime Minister John...

Evening Standard, London, business briefs column.
July 10, 2006... Jul. 10--CHINA BANKS SET SIGHTS ON $1BN OF BOND SALES: China is expected to sell at least $1 billion ([pounds sterling]540 million) of sovereign bonds toward the end of this year. China Development Bank and the country's Export-Import Bank are...

Evening Standard, London, Chris Blackhurst column.
July 10, 2006... Byline: Chris Blackhurst Jul. 10--When George Davies changed his mind and decided not to quit Marks & Spencer last November, the store chain's boss, Stuart Rose, was ecstatic. "It's like Sienna Miller and Jude Law," he said. "Have you...

Ladbrokes back at the tables with a casino in Paddington.
July 10, 2006... Jul. 10--Ladbrokes returns to the world of casinos tomorrow for the first time in more than five years, as it opens the Ladbrokes Casino and Sports Bar at the London Paddington Hilton hotel. Ladbrokes sold all its casinos to Gala in 2001. The...

Evening Standard, London, City Spy column.
July 10, 2006... Jul. 10--PAUL KEHOE, boss of DX Services, the private mail company which has just been bought out by Candover for [pounds sterling]350 million, reckons he has overseen the development of a powerful brand since he arrived from running Luton...

Dyson's [pounds sterling]12.5m to set up a college for engineers.
July 10, 2006... Jul. 10--Vacuum cleaner billionaire James Dyson is to pump [pounds sterling]12.5 million into setting up a specialist engineering sixth-form college. The Dyson School of Design Innovation plans to open its doors in Bath in September 2008...

Milan and Deutsche Borse mull takeover of Euronext.
July 10, 2006... Jul. 10--Italy has swapped sides in the battle for consolidation of Europe's stock exchanges. The Milan Stock Exchange called off talks last Friday that would have seen it bought by Euronext. Now it is in discussions with Germany's Deutsche...

Jabre takes on watchdog over fine and ban threat.
July 10, 2006... Jul. 10--Former star hedge fund trader Philippe Jabre locks horns today with the Financial Services Authority (FSA) over his [pounds sterling]750,000 fine for market abuse and the watchdog's call to ban him from working in the City. Jabre...

Hilton set to open new hotels as tourist market climbs again.
July 10, 2006... Byline: Christian Sylt Jul. 10--Hilton Corporation is to launch its first new hotels in London since its [pounds sterling]3.3 billion takeover of its namesake British rival earlier this year by opening at Canary Wharf and Tower Bridge this...

Evening Standard, London, Anthony Hilton column.
July 10, 2006... Byline: Anthony Hilton Jul. 10--Given that it is one of the biggest-ever flotations on the London stock market, it is only to be expected that the performance of the Standard Life share price in early dealings should be the main talking...

Kraft takes a [pounds sterling]575m bite out of United Biscuits.
July 10, 2006... Byline: Robert Lea Jul. 10--US food giant Kraft today spent [pounds sterling]575 million buying up the market-leading Spanish and Portuguese operations of Jaffa Cakes and cream crackers producer United Biscuits. The deal sees the end...

Standard Life 'gets a result' in [pounds sterling]4.6bn float.
July 10, 2006... Byline: Nick Goodway Jul. 10--Standard Life shares were set to reach a modest premium today as the insurer finally gave up 80 years as a mutual company. Meanwhile, millions of new shareholders are looking at windfalls of almost [pounds...

Standard Life float brings share bonus.
July 10, 2006... Byline: Nick Goodway Jul. 10--Standard Life's 2.4 million brand-new shareholders were today celebrating an extra [pounds sterling]60 on top of their average [pounds sterling]1475 free shares windfall as the insurer's shares jumped to a...

Evening Standard, London, market report column.
July 10, 2006... Byline: Mickey Clark Jul. 10--Shares of high-flying easyJet reached a new altitude today as the City continued to reflect on last week's revised trading update. The no-frills airline climbed 9p to a record high of 434p, with a clutch...

Japan's Eisai launches 'sea snail' pain-killer in Britain.
July 10, 2006... Jul. 10--A new pain-killer based on the venom of a deadly sea snail was being launched in Britain today by Japanese drugmaker Eisai, which acquired the European rights to Prialt from Ireland's Elan for $100 million ([pounds sterling]54...

Russia wants British money to fund its plans.
July 10, 2006... Jul. 10--The Russian government has held talks with British private-equity firms about investing in a planned $1 billion ([pounds sterling]543 million) venture capital fund to help finance early stage technology firms. Russian Information...

Ryanair faces European probe into airport fees.
July 10, 2006... Jul. 10--Budget airline Ryanair is said to be facing an EU probe into alleged mis-stating of taxes and airport passenger fees. The carrier is accused of inflating charges added to ticket prices for flights from some of its airports, a...

Autonomy on the track of record number six.
July 10, 2006... Byline: Jim Armitage Jul. 10--Autonomy, the software developer whose programs help governments to intercept terrorist communications, today said its profits would beat City expectations as it benefits from last year's [pounds sterling]284...

Sterling up to third in table of reserves.
July 10, 2006... Jul. 10--Sterling has emerged as the world's third-favourite reserve currency after the dollar and the euro, overtaking the Japanese yen. Central banks now hold $115 billion ([pounds sterling]62.2 billion) in pounds, 4 percent of total...

Price war on Moscow route as BMI undercuts British Airways.
July 11, 2006... Jul. 11--An airline price war is set to break out in the autumn, when bmi launches its first flights between London and Moscow, undercutting British Airways by as much as 20 percent. As a result of a deal signed between the UK and Russian...

Britain has its cake and boosts Inter Link sales.
July 11, 2006... Byline: Nick Goodway Jul. 11--Cakes are back in fashion, the country's second-largest baker confirmed today. Inter Link Foods, maker of Soreen malt loaf and supplier to all Britain's big supermarkets, revealed that sales for the first...

Evening Standard, London, business briefs column.
July 11, 2006... Jul. 11--EUROTUNNEL IN CRUNCH MEETING OVER DEBTS: Channel Tunnel operator Eurotunnel meets its bondholders today in a last-ditch effort to strike a deal on financial restructuring. If talks fail, the company says it will either go bust or its...

Conran and ad giant Grey head for homes in Hatton Garden.
July 11, 2006... Jul. 11--Two rent deals in Hatton Garden will bring the Conran Restaurants company's headquarters and advertising group Grey to the area. Global giant Grey is taking 50,400 square feet spread over six floors of the redeveloped Johnson Building...

BNP grows in square mile.
July 11, 2006... Jul. 11--BNP Paribas has taken new office space in the City as part of plans to add about 400 new London dealmakers. The French bank will transfer back-office support staff from its investment banking headquarters behind Marylebone station...

[pounds sterling]2.9bn Man boost amid hints of brokerage float.
July 11, 2006... Byline: Robert Lea Jul. 11--Investors chasing top returns from their hedge fund managers appear to be flocking to the world's largest listed operator. Amidst growing speculation it is to float off its brokerage businesses, Man Group...

Charter airline turbulence as passenger numbers dive.
July 11, 2006... Jul. 11--There were fears for the future of Britain's package-holiday charter airlines today, after latest statistics reveal they are being thrashed in the sunseeker market by Ryanair and easyJet. Figures from BAA's airports, which include...

Evening Standard, London, City Spy column.
July 11, 2006... Jul. 11--FOLLOWING revelations in the Evening Standard that Swiss fiduciaries are exposed to claims of billions of francs for non-disclosure of kickbacks and commissions, the story has moved on apace. Swiss newspaper Sonntag Zeitung has printed...

Evening Standard, London, Neil Collins column.
July 11, 2006... Byline: Neil Collins Jul. 11--Paul Myners' last day in the chair at Marks & Spencer today saw little gratitude from those who have done best from his tenure. The institutions, which have seen their portfolios blossom by holding the shares,...

Pirates put Disney on the gold trail.
July 11, 2006... Jul. 11--Wall Street is reviewing its financial estimates for Walt Disney after the weekend's record box-office take for Pirates of the Caribbean: Dead Man's Chest. The film, starring Johnny Depp, broke the opening day and opening weekend...

Ex-CBI boss to chair a [pounds sterling]75m green energy investment fund.
July 11, 2006... Byline: Robert Lea Jul. 11--A Dragons' Den-style venture capital fund is to be set up as an offshoot of a key quango promoting investment in green energy technologies. The taxpayer-funded Carbon Trust is to launch a [pounds sterling]75...

Evening Standard, London, Anthony Hilton column.
July 11, 2006... Byline: Anthony Hilton Jul. 11--Economists don't normally agree, but in the past couple of weeks a substantial weight of City-based opinion has swung behind the view that the Japanese will take the decision to raise interest rates when the...

IHG sells off seven European hotels in [pounds sterling]400 million deal.
July 11, 2006... Jul. 11--Intercontinental Hotels Group (IHG) is to sell seven of its European hotels to Morgan Stanley Real Estate Fund for about [pounds sterling]400 million. It is also selling off the Crowne Plaza at Blackfriars. IHG owns 33 percent of that...

Evening Standard, London, market report column.
July 11, 2006... Byline: Mickey Clark Jul. 11--The recent sell-off in shares of on-line poker player PartyGaming provides eagle-eyed investors with an opportunity to buy on the cheap. That, at least, is the conclusion of broker HSBC, which has raised...

Reviving M&S eyes new overseas push.
July 11, 2006... Byline: Jim Armitage Jul. 11--Marks & Spencer chief executive Stuart Rose today declared "the time is right" to start pushing overseas again. Still in the throes of a [pounds sterling]1 billion refurbishment programme of its UK stores,...

Xstrata ups Canada bid by [pounds sterling]1 billion.
July 11, 2006... Jul. 11--London-listed mining giant Xstrata declared all-out war today in the pitched battle for Canada's Falconbridge as it raised its hostile cash bid by [pounds sterling]1 billion to [pounds sterling]8.8 billion. Xstrata has a near-20...