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

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

Evening Standard, London, Anthony Hilton column.
June 1, 2006... Byline: Anthony Hilton Jun. 1--When E.On, the German utility, made a pitch for Scottish Power a few months back, the price it was willing to pay shocked the defending board. The value the Germans put on the Scottish electricity generator...

Banks in pledge to cut 'unfair' charges.
June 1, 2006... Byline: Nick Goodway Jun. 1--The major banks are to reduce "unfair" penalty charges for people who miss payments on their credit cards after a ruling by the Office of Fair Trading. But they today made it clear they would fight any...

Bank of China races ahead on HK float.
June 1, 2006... Byline: Bill Condie Jun. 1--Bank of China shares rose sharply on their Hong Kong debut after a record flotation that raised at least $9.7 billion ([pounds sterling]5.2 billion). The stock opened at HK$3.15 and quickly rose to HK$3.375,...

Banks to cut card 'fines' but up charges.
June 1, 2006... Byline: Tom Nicholls Jun. 1--High Street banks are set to raise interest rates on credit cards to claw back profits they could lose after agreeing to reduce "unfair" late-payment penalties. Office of Fair Trading chief executive John...

Evening Standard, London, City Spy column.
June 1, 2006... Jun. 1--Good to see eminent members of our judiciary with their noses to the grindstone. Just out of the two-year legal torment that was the BCCI negligence case against the Bank of England, Mr Justice Tomlinson has been handed the High Court...

Evening Standard, London, Neil Collins column.
June 1, 2006... Byline: Neil Collins Jun. 1--In the end, it wasn't even close. Indeed, Nicolae Ceausescu would have been quite pleased with a vote of 98 percent in favour although, unlike Standard Life, he would have sent his men out to round up the other...

Falconbridge says no to [pounds sterling]7.8bn bid from Xstrata.
June 1, 2006... Byline: Bill Condie Jun. 1--Canadian copper miner Falconbridge has rejected a C$16.1 billion ([pounds sterling]7.8 billion) all-cash offer by London-listed Xstrata for the 80 percent of the company it does not own. Falconbridge favours...

'Dangerous' Forte launches foray into German luxury market.
June 1, 2006... Byline: Allan Hall Jun. 1--Sir Rocco Forte is wading into the German luxury hotels and property market with a pledge to "mix it up" with the natives. Sir Rocco is investing e400 million ([pounds sterling]274 million) in a New...

Man Group storms up to [pounds sterling]697m in contrary style.
June 1, 2006... Byline: Nick Goodway Jun. 1--Man Group, the largest UK-listed hedge fund manager, had a storming full year and a strong start to the new one as investors backed its contrary investment style in volatile markets. Pre-tax profits, before...

Heinz to shed 2700 jobs as 15 factories are closed down.
June 1, 2006... Byline: Nick Goodway Jun. 1--Ketchup-to-baked beans giant Heinz is to cut its worldwide workforce by 2700 as it closes 15 factories in a bid to cut costs to fund new products and marketing spend. The company would not say where the...

Evening Standard, London, market report column.
June 1, 2006... Byline: Mickey Clark Jun. 1--A potential stock overhang and dollar weakness continued to dog shares of online poker player PartyGaming. Its share price shed a further 3p to 127p today and is now trading well off its peak of 155p reached...

Chelsea boss set to buy stake in Corus.
June 1, 2006... Byline: Nick Goodway Jun. 1--Oil tycoon Roman Abramovich is understood to be in talks to acquire a large minority stake in Anglo-Dutch steelmaker Corus. Speculation has been rife that Corus will figure in the consolidation process that...

Yell now -- or tell the commission to shut up.
June 1, 2006... Byline: Neil Collins Jun. 1--If you've got strong views on Yellow Pages, the Competition Commission would like to hear them, and pronto. Tomorrow is the deadline for submissions in its quest to find something intelligent to say about the...

Goldman Sachs mulls joining the chase for BAA.
June 2, 2006... Byline: Jim Armitage Jun. 2--The prospect of a Goldman Sachs white knight bid to protect Heathrow operator BAA from hostile Spanish bidder Ferrovial came closer today as the bank refused to rule itself out of the dogfight. Goldman's...

Evening Standard, London, City Spy column.
June 2, 2006... Jun. 2--NAME CHANGES sometimes make sense. Osuuspankkien Keskuspankki Oyj has just agreed to change its name to OKO Bank. Sadly, by law, it remains OKO Pankki Oyj in Finnish, OKO Bank Abp in Swedish and OKO Bank Plc in English. Well, it's...

Evening Standard, London, Christopher Fildes column.
June 2, 2006... Byline: Christopher Fildes Jun. 2--Tony Blair comes back from his travels, dumps his Chancellor of the Exchequer and replaces him with a magnate from the City. It is an idea that he picked up from his friend George when they met in...

Evening Standard, London, Anthony Hilton column.
June 2, 2006... Byline: Anthony Hilton Jun. 2--Looking at the astonishing price Nasdaq has been willing to pay for its stake in the London Stock Exchange and the similarly high amounts being offered for Euronext and Liffe, it is easy to understand why the...

Evening Standard, London, market report column.
June 2, 2006... Byline: Sarah Marks Jun. 2--McCarthy & Stone injected some much-needed oomph into the midcap market today as it confirmed that it is in takeover talks. The retirement homes builder was forced to put out a statement after speculative buying...

London's big bonus as exchanges merge.
June 2, 2006... Byline: Nick Goodway Jun. 2--London is poised to be a major beneficiary from last night's agreed $20 billion ([pounds sterling]10.7 billion) merger of the New York Stock Exchange and Euronext. The combined company aims to leapfrog the...

Six join queue for Brambles' [pounds sterling]650m sale of Cleanaway.
June 2, 2006... Byline: Bill Condie Jun. 2--Brambles is believed to have attracted up to six bidders for waste disposal firm Cleanaway UK, which could fetch the FTSE 100 Anglo-Australian logistics giant up to [pounds sterling]650 million. Cleanaway...

Goldman signs up backer for BAA bid.
June 5, 2006... Byline: Bill Condie Jun. 5--Goldman Sachs' potential [pounds sterling]10 billion bid for airports operator BAA came a step closer today as a big-hitting backer confirmed it was part of the investment bank's consortium. The news came as...

Evening Standard, London, business briefs column.
June 5, 2006... Jun. 5--SOMERFIELD EX-BOSS TRIES TO GET TO CENTRE OF THORNTONS' PROBLEM: Former Somerfield boss John von Spreckelsen is trying to shake up struggling chocolate retailer Thorntons. He has been appointed chairman, charged with delivering a plan...

Evening Standard, London, City Spy column.
June 5, 2006... Jun. 5--Odds are shortening that P&O's cross-Channel ferries business will soon be in the hands of a new skipper. The struggling ferry operations, long regarded as the Aunt Sally of the P&O empire, were bought for almost [pounds sterling]4...

Builders line up for Olympic gold race.
June 5, 2006... Byline: James Rossiter Jun. 5--Plans are being drawn up for London's biggest-ever bundle of development contracts to get the [pounds sterling]4 billion Olympic City at Stratford off the ground. The new deals should be put on offer once...

400 city lawyers join the [pounds sterling]1 million-a-year pay club.
June 5, 2006... Byline: James Rossiter Jun. 5--Over 400 lawyers at top City firms are earning more than [pounds sterling]1 million a year thanks to the biggest boom in company takeover work and financing deals for six years. Half the seven-figure...

Evening Standard, London, market report column.
June 5, 2006... Byline: Mickey Clark Jun. 5--BEWARE: HARRY HEDGE FUND CAN BE BAD FOR YOU: What is the point of Harry Hedge Fund and his mates? It is a question that is often asked by investors, although satisfactory answers are not always forthcoming. ...

Mayfair tops the world for office rental costs.
June 5, 2006... Byline: James Rossiter Jun. 5--A flood of super-rich hedge fund managers into Mayfair has made London's West End by far the most expensive area in the world to rent smart new offices, with total annual costs surging to [pounds sterling]107...

Oil surge to push up US trade gap to [pounds sterling]34.5 billion.
June 5, 2006... Byline: Bill Condie Jun. 5--The US trade deficit is expected to rise to $65 billion ([pounds sterling]34.5 billion) in April from $62 billion the previous month. A survey of economists by Bloomberg predicts a rise in import prices of...

Evening Standard, London, business briefs column.
June 6, 2006... Jun. 6--ICAP FOUNDER PUTS MONEY ON WEB GAMING VENTURE: The founder of moneybroking giant Icap, Michael Spencer, pictured, is personally backing The Money Gaming Corporation, an online gambling company that allows web users to play backgammon,...

Goldman still in bid battle for BAA.
June 6, 2006... Byline: Robert Lea Jun. 6--The battle to land a stunning [pounds sterling]15 billion takeover of BAA, the Heathrow, Gatwick and Stansted airports monopoly in London was still on today as Goldman Sachs attempted to derail a knockout bid...

[pounds sterling]20,000 price of falling for 'boiler-room' salesman's line.
June 6, 2006... Jun. 6--Victims of "boiler-room" outfits -- illegal overseas operations that use high-pressure tactics to sell often-worthless shares -- typically lose [pounds sterling]20,000. That is the damning finding of the Financial Services...

Carphone's offer of free broadband nets 340,000 customers.
June 6, 2006... Byline: Nick Goodway Jun. 6--Carphone Warehouse chief executive and founder Charles Dunstone today admitted that demand for the group's free broadband service has far outstripped even his rosy outlook. The shares jumped 8p to 339 1/2p,...

Evening Standard, London, City Spy column.
June 6, 2006... Jun. 6--WHILE Sir Paul McCartney's finances come under increased scrutiny in the run-up to what may be a huge divorce settlement, the pressure is coming off his designer daughter. In 2005, losses at Stella McCartney Ltd fell sharply from...

Commercial property is big draw for the banks.
June 6, 2006... Byline: James Rossiter Jun. 6--Bank lending on UK property -- offices, retail, housing and industrial -- surged by 57 percent to [pounds sterling]69 billion last year. And a report on the state of the commercial property market...

'Favourite airline' tag waits in wings for Ryanair.
June 6, 2006... Jun. 6--Irish budget airline Ryanair today claimed it is set to become the "world's favourite airline" when it overtakes Lufthansa later this year. But an expected 20 percent surge in passenger numbers to 42 million this year will be...

Multiplex vows to fight on over Wembley steel claim.
June 6, 2006... Jun. 6--Aussie construction giant Multiplex, running well behind schedule in building Wembley stadium, today vowed to fight on against steel contractor Cleveland Bridge despite a High Court judge urging the parties to settle the matter. ...

World Cup bails out the High Street in soggy May.
June 6, 2006... Jun. 6--World Cup fever saved May from being a total washout for retailers, according to the British Retail Consortium, which warned today that confidence on the High Street remains fragile. Soaring demand by football fans for flat-panel...

Success of BOC float sparks new share issue.
June 7, 2006... Jun. 7--Bank of China, which made a fortune for shareholder Royal Bank of Scotland when it floated at $9.7 billion ([pounds sterling]5.2 billion) last week, today said it is to issue another 3.84 billion shares to raise a further $1.4 billion....

Neutec bows to the Swiss at [pounds sterling]305m.
June 7, 2006... Byline: Nick Goodway Jun. 7--Swiss drugs giant Novartis today made an agreed 1050p-a-share takeover bid for NeuTec Pharma, valuing the British biotechnology company at [pounds sterling]305 million. NeuTec's board is recommending the...

Evening Standard, London, business briefs column.
June 7, 2006... Jun. 7--CRUDE PRICE DROPS AS IRAN FEARS ARE EASED: The price of crude oil slipped toward $72 in Asia today after Iran said a proposal by world powers to end a dispute over its nuclear programme had positive points, easing fears of potential...

Evening Standard, London, Chris Blackhurst column.
June 7, 2006... Byline: Chris Blackhurst Jun. 7--In my gap year, I worked on archaeological digs. When I got to university to study law, I told my tutor I would like to swap to archaeology and anthropology. He spluttered: "You can do archaeology in your...

Evening Standard, London, City Spy column.
June 7, 2006... Jun. 7--IT IS INCREASINGLY OBVIOUS why Howard Flight, the former MP and founder of Guinness Flight, is enjoying such a renaissance with the party hierarchy. This week, his Conservative City Circle group held a gathering for potential donors....

Evening Standard, London, market report column.
June 7, 2006... Byline: Mickey Clark Jun. 7--The banking sector was back in the spotlight today with dealers reporting unusually heavy turnover in takeover favourite Standard Chartered. Shares in the international banking group with big interests in...

Regulators to probe Xstrata bid war tactic.
June 7, 2006... Byline: Bill Condie Jun. 7--Ontario regulators are to investigate Xstrata's bid to terminate a poison-pill rights plan at takeover target Falconbridge in a hearing set for 27 June. Copper and nickel miner Falconbridge is the target of...

Rock fund to roll out in Dublin.
June 7, 2006... Jun. 7--A property hedge fund backed by legendary City dealers Paul Roy, Michael Marks and Stephen Zimmerman is coming to market. The Rock Real Estate Securities Fund, which will be listed in Dublin on 1 July, will be the first hedge fund...

Spanish win BAA as Goldman drops out.
June 8, 2006... Byline: Robert Lea Jun. 8--The [pounds sterling]15 billion battle for BAA is officially over. Goldman Sachs today threw in the towel after a second dawn assault in the stock market by Ferrovial. Heathrow, Gatwick and Stansted airports...

Deal Will Hand [pounds sterling]7.5m to Chief Exec.
June 8, 2006... Jun. 8--Mike Clasper is set to walk away from BAA [pounds sterling]7.5 million the richer. Clasper, 53, chief executive since 2003, is likely to be due more than [pounds sterling]1 million in basic pay plus bonuses when the Heathrow,...

Barclays Brings in [pounds sterling]12m Man to Beef Up Retail Attack.
June 8, 2006... Jun. 8--Barclays Bank today signalled a ramping up of its retail business across the world with the multi-million-pound poaching of a senior executive from Citigroup. Frits Seegers has been appointed to the new position of chief executive...

Barclays brings in [pounds sterling]12M man to beef up retail attack.
June 8, 2006... Jun. 8--Barclays Bank today signalled a ramping up of its retail business across the world with the multi-million-pound poaching of a senior executive from Citigroup. Frits Seegers has been appointed to the new position of chief executive...

Halfords rides sales boom as Cameron gets on his bike.
June 8, 2006... Byline: Nick Goodway Jun. 8--With Tory leader David Cameron flying the flag for England and cyclists, Halfords, Britain's largest seller of bikes, has enjoyed a good pick-up in sales in the past few weeks. Chief executive Ian McLeod...

Evening Standard, London, business briefs column.
June 8, 2006... Jun. 8--BORSE CHIEF SEEKS BACKING FOR MERGER WITH EURONEXT: Deutsche Borse chief executive Reto Francioni has renewed his charm offensive to win support for a merger with pan-European stock exchange Euronext. He was in Paris yesterday with...

BP faces criminal action over Alaska oil spillage.
June 8, 2006... Byline: Bill Condie Jun. 8--Oil giant BP may face criminal action over an oil spill in Alaska after receiving a subpoena from a federal grand jury. The investigation comes at a difficult time for the company, with Alaskan state...

150 jobs chopped as C&W puts the muzzle on Bulldog.
June 8, 2006... Jun. 8--Cable & Wireless is to cut 150 jobs in London after deciding to stop marketing its Bulldog broadband service to the public and concentrate on serving other internet providers. The move is an about-turn for C&W, which paid [pounds...

150 jobs to go as C&W puts the muzzle on Bulldog.
June 8, 2006... Jun. 8--Cable & Wireless is to cut 150 jobs in London after deciding to stop marketing its Bulldog broadband service to the public and concentrate on serving other internet providers. The move is an about turn for C&W, which paid [pounds...

Evening Standard, London, City Spy column.
June 8, 2006... Jun. 8--JUST WHO IS SCOTT ALEXANDER, the Manchester businessman featured on ITV's Britain's Biggest Spenders the other night? For the uninitiated, Alexander, 31, was presented as a bodybuilder turned big-shot entrepreneur, who spends money like...

Evening Standard, London, Neil Collins column.
June 8, 2006... Byline: Neil Collins Jun. 8--Psst! Wanna buy a ticket for the game on Saturday? RazorGator can find you one for a mere $1046. This Los Angeles-based website reckons it can get you into the final, if you can stand $11,820 ([pounds...

EMI may sell publishing arm if Warner deal goes through.
June 8, 2006... Jun. 8--Music giant EMI may offload its [pounds sterling]1.2 billion music publishing business if its [pounds sterling]2.3 billion takeover of Warner Music succeeds. EMI, whose roster of artists includes Kylie Minogue, Coldplay and Norah...

M&S team in line for big bonuses.
June 8, 2006... Jun. 8--Stuart Rose and his key team at fast-reviving Marks & Spencer could virtually double their bonuses in the coming year if shareholders give their approval at the annual meeting. Chief executive Rose's annual pay and bonus grew from...

Goldman 'set to build new [pounds sterling]5bn private-equity fund'.
June 8, 2006... Jun. 8--Investment bank Goldman Sachs is expected to raise at least $10 billion ([pounds sterling]5.4 billion) for a new private-equity fund within weeks after Lloyd Blankfein takes the helm from Hank Paulson, who is expected to be confirmed by...

Hedge stars scoot off to Knebworth.
June 8, 2006... Jun. 8--Hedge fund managers descended on Knebworth House in Hertfordshire for a mods and hippies-themed Hedgestock 2006 festival of schmoozing. Credit Suisse vice presidents Rebecca Healey and Rishi Karir were among those modded up on...

UK rate rise call looks set to go unheeded.
June 8, 2006... Byline: Jane Padgham Jun. 8--Interest rates on both sides of the Channel are in the spotlight today as the Bank of England and European Central Bank each meet to set borrowing costs. Despite monetary policy committee member David...

Evening Standard, London, market report column.
June 8, 2006... Byline: Mickey Clark Jun. 8--Another big sell-off of shares worldwide had the London stock market testing the 5500 level at one stage today, as a further [pounds sterling]33 billion was wiped off the value of leading shares. Persistent...

ISoft crash threatens NHS upgrade plans.
June 8, 2006... Byline: James Rossiter Jun. 8--The future of the NHS's [pounds sterling]6.2 billion programme to computerise patient records was today thrown into doubt after one of its key software suppliers iSoft admitted it was in crisis talks with its...

Exchange Mergers Excite Morgan Stanley's Chief.
June 8, 2006... Jun. 8--Sir David Howard, chairman of private-client stockbroker Morgan Stanley, waxed lyrical about stock markets today. "Against a turbulent financial background the world's stock exchanges are dancing a strange quadrille: a whirl of...

Oil price on the slide after militant leader is killed.
June 8, 2006... Jun. 8--The oil price dropped sharply today as news of the death of militant leader Abu Musab al-Zarqawi eased worries about further disruptions to Iraqi oil supplies. US crude plunged $1.08 to $69.74 a barrel and London Brent tumbled 99...

US options probe set to focus on auditors.
June 8, 2006... Jun. 8--The US probe into stock option timing abuses by companies is reportedly set to expand to look at the role of outside auditors in the alleged scams. The Securities and Exchange Commission and other regulators have been investigating...

M&S chief in line to earn [pounds sterling]7M.
June 8, 2006... Jun. 8--Marks & Spencer chief executive Stuart Rose could earn more than [pounds sterling]7 million in the coming year under a generous new bonus plan on offer. Rose, his finance director and marketing director will see their maximum...

I'll keep an eye on things, says Sir Ken.
June 8, 2006... Jun. 8--Sir Ken Morrison says he has no intention of standing back from the running of the Morrisons supermarket chain despite the appointment, finally, of a new chief executive, Marc Bolland. Speaking about his continuing role as...

Big Thames wind farm is blown away by planners.
June 8, 2006... Byline: Robert Lea Jun. 8--The Government's promised green energy revolution appeared to be in tatters today after a planning application for a landmark wind farm for London was rejected. The [pounds sterling]1.5 billion London Array...

CORRECTION: 'Rude' Sorrell gets rocket from top advertising man in China.
June 9, 2006... Byline: Bill Condie Jun. 9--The Evening Standard has issued a new version for a story moved by Knight Ridder/Tribune Business News for Jun. 9, slugged EV-ADVERTISE-CHINA. Please delete the former version and use the one below. ...

Start-up airline EOS claims break-even but big boys hit back.
June 9, 2006... Byline: Robert Lea Jun. 9--Transatlantic big boys British Airways and Virgin Atlantic are putting the heat on Stansted-New York start-up Eos, forcing the revolutionary business class-only carrier to cut fares by more than half this summer....

New funding means sex discrimination case goes on.
June 9, 2006... Byline: James Rossiter Jun. 9--A female City high-flier's landmark sex discrimination battle with Nomura is back on at the Court of Appeal after the Equal Opportunities Commission renewed its funding of the case. The court has set...

Evening Standard, London, business briefs column.
June 9, 2006... Jun. 9--ACCOR DITCHES THE BULK OF ITS STAKE IN CLUB MEDITERRANEE: Hotels giant Accor today began to offload most of its 28.9 percent stake in Club Mediterranee, scotching expectations it might bid for the upmarket holiday firm. Accor chief...

Fuller's aims to gives sales a kick with World Cup TV.
June 9, 2006... Jun. 9--Chiswick brewer Fuller, Smith & Turner is to install big televisions in its pubs to make sure World Cup football fans do their viewing and drinking at their local. "Most of our pubs have televisions of some sort but but we will be...

Evening Standard, London, City Spy column.
June 9, 2006... Jun. 9--ALL THIS GLOATING in the Madrid press about the 21st century Spanish Armada -- think Ferrovial/BAA, Telefonica/O2, Santander/Abbey -- is beginning to grate. When are we going to hit back? Come on Willie Walsh, we know you're Irish but...

Icelanders get nod for [pounds sterling]356m takeover of House of Fraser.
June 9, 2006... Byline: Jim Armitage Jun. 9--House of Fraser's board has informally given the nod to a [pounds sterling]356 million takeover offer from Icelandic raider Baugur. The department store's chairman Michael Wemms is said to have agreed to...

Court backs [pounds sterling]70 million pay-off to former head of Disney.
June 9, 2006... Jun. 9--Media giant Walt Disney's $130 million ([pounds sterling]70.3 million) payment to former president Michael Ovitz has been cleared by a US court, which said it was not irrational. Shareholders had claimed that the board breached its...

Glimmer of hope for shares rebound.
June 9, 2006... Byline: Bill Condie Jun. 9--Equities were looking set for a slight rebound today after a sell-off round the world triggered by fears rising interest rates. City spread betting bookie Cantor Index was predicting the FTSE 100 would be up 50...

Evening Standard, London, Christopher Fildes column.
June 9, 2006... Byline: Christopher Fildes Jun. 9--Every so often to an overheated market comes the Midland moment: the ambitious deal that is laughed out of court. This can be the signal that reality is setting in. You and I might have thought that this...

[pounds sterling]573m China deal coup for Cathay.
June 9, 2006... Jun. 9--Hong Kong's Cathay Pacific Airways has sealed a HK$8.22 billion ([pounds sterling]573 million) deal to take control of Chinese airline Dragonair and double its stake to 20 percent in Air China. The deal "makes the world's most...

Rates stay on hold as industry suffers a new blow.
June 9, 2006... Byline: Jane Padgham Jun. 9--The Bank of England froze interest rates for a 10th month today as it emerged the struggling manufacturing sector has suffered a fresh setback and the recent mini-boom in the housing market is petering out. ...

Evening Standard, London, market report column.
June 9, 2006... Byline: Mickey Clark Jun. 9--Punch-drunk City investors have taken a big hit this week and faced some hefty losses. Today they set about clawing back some of the deficit, encouraged by a resilient performance overnight on Wall Street where...

Melrose taps into a share placing to raise [pounds sterling]75 million.
June 9, 2006... Jun. 9--Scottish oil and gas exploration group Melrose is planning to raise [pounds sterling]75 million in a placing of up to 22.7 million new shares. The offer will be priced at 330p a share, with the proceeds used to accelerate its...

Westfield set to win battle for control over London Olympic site.
June 9, 2006... Jun. 9--The bitter battle for London's [pounds sterling]4 billion Olympic City is set to conclude tonight with Australian shopping malls developer Westfield expected to emerge as victor. Westfield, which owns a 25 percent stake in the...