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  • Global Radio Offer GCap | MakeMoneyReviews.co.uk
    per share of GCap is an increase of 86 over its share price of 121p on the 4th of January which was one day before Global Radio made its intention clear of buying Gcap There were also some worries on whether the deal would come through as an inquiry by Ofcom in the phone in competition on GCaps radio stations might cancel the deal but there were no problems on that front Global Radio had to arrange finance even though there was talk of a credit crunch and its investors such as John Magnier Dermont Desmond Micheal Tabor and J P McManus have agreed to pump in two thirds of the required funds Micheal Tabor is incidentally the father of Ashley Tabor the chief executive of Global Radio Global Radio had already made two offers to buy GCap at 190p per share and later at 202p per share both of which were rejected by GCap It was on 4th of March that Global made one more bid for the company by offering them 225p per share and which was then accepted by GCap s board of directors The chairman of Global Charles Allen said that GCap was a very strong business and that its brand and assets would complement those of the Global Radio Group He further added that they were thrilled at the chance of building on GCap s position as the major commercial radio player and pledged to provide the best platform to their listeners and their advertisers The deadline for a firm offer had lapsed in the previous week but Global had asked for an additional 5 days which was granted GCap s long term investors such as Daily Mail Schroders General Trust and Fidelity who witnessed a drop in their stakes after the merge of Capital Radio and GWR in 2005 in a deal worth 711 million pounds were happy with the offer made by Global Before Global s offer GCap had projected future revenues to remain static while it expected income in the quarter up to March to be higher by around 4 Global had already taken over Chrysalis Radio in June 2007 for 170 million pounds and this latest acquisition will make Global Radio a giant controlling almost half of the UK s radio advertising with Galaxy Heart LBC Classic FM XFm and Capital Radio all under one roof However GCap s newly appointed chief executive Fru Hazlitt was insistent that her her ideas to take the company forward would result in more value for the company s shareholders compared to Global Radio s offer But Global Radio had already announced that The directors of GCap intend unanimously to recommend that shareholders vote in favor of the transaction However the takeover will still be taking place at a time when the UK economy is facing a tough time and there is worry about a weak economy and dim prospects surrounding the British advertising industry with many advertisers taking the Internet route and also other

    Original URL path: http://www.makemoneyreviews.co.uk/news/global-radio-offer-gcap.html (2016-02-12)
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  • Government To Tax Energy Companies | MakeMoneyReviews.co.uk
    bills and the situation worsens during wintertime Pensioners over 60 years of age are already getting 200 pounds and those over 80 years are also getting a 300 pound subsidy from the government The Government along with the energy Regulator Ofgem has thus come up with a forceful solution which will put pressure on these energy companies to part with some of their profits so that pensioners who have seen their energy bills go up by around 60 during the previous 4 years can now breathe easy Since this winter subsidy to pensioners costs 2 billion pounds per year to the UK Government they can now shift half of this burden on the shoulders of the energy firms which have been criticized since the past year for raking in record profits at the cost of the common man The government s thinking is in line with Unite which is the UK s biggest union and is also planning to start a protest campaign against the energy companies which they feel are only interested in making record profits The energy companies are however justifying their record profits by claiming that they will need huge amounts of money to be pumped into green projects in the future since they will have to meet new emission rules These energy companies are expected to receive a 9 billion pound windfall amount from the European Union Emission Trading Scheme over the period of the next 4 years if they can cut down their carbon emissions Some people do feel that the government is still not taxing the energy companies enough as compared to their expected profits and the windfall amount which they will be receiving in the coming 4 years Some analysts also feel that these energy companies instead of competing with each other have

    Original URL path: http://www.makemoneyreviews.co.uk/news/government-to-tax-energy-companies.html (2016-02-12)
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  • Kingfisher Plans Turnaround With Chinese Profits | MakeMoneyReviews.co.uk
    had already begun talks with the Government of China to go about restructuring its 62 stores as its losses mounted to 12 million pounds in that country Mr Cheshire has been associated with the company since the past 10 years and was recently promoted to the chief executive s position in January He commented that the previous year had been tough but also added that he was seeing some encouraging signs in the UK He said that he could not comment on the sales of garden and outdoor furniture and other products in spring since it was too early and due to the current Easter season getting snowed out He also cautioned that it could take around 4 years for the group to attain a turnaround He explained that there would be an escalator of improvement in the next 4 years as the company planned to centralize all its dealings around the world by co ordinating purchases IT and product development Mr Cheshire also indicated that they would now be more ruthless in exploiting those areas in the business where the returns were not up to expectations He also blamed Kingfisher for not supporting their Chinese operations by providing enough management after the group had started operating its stores during the previous 3 years The company has also paid the price as the Chinese government reacted to the booming real estate market This move has resulted in some cities like Shenzhen registering a 80 fall in sales of new homes in the previous year The company has now drawn up a 3 year plan which according to Mr Cheshire will be stretching but achievable Mr Cheshire will himself net a cool 16 million pounds as bonuses in case his proposed turnaround plan succeeds He also did not dismiss the idea

    Original URL path: http://www.makemoneyreviews.co.uk/news/kingfisher-plans-turnaround.html (2016-02-12)
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  • Michael Sherwood Of Goldman Sachs Strikes Gold | MakeMoneyReviews.co.uk
    director with Michael Sherwood another director Yoel Zaoui the head of investment banking and the chairman of Goldman Sachs Peter Sutherland who is also the chairman of BP Mr Sherwood was born in North London and is the joint director of Goldman Sachs International and was the ex managing director of Watford football club The company has defended to reward its top brass by commenting that their ability to compete efficiently in the business depended on their ability to draw in new employees and to motivate and hold on to their current employees It further stated that performance was largely dependent on the talents and efforts of highly skilled individuals The top salary package paid by any UK bank might still have gone to Barclay s chief Bob Diamond who got a total of around 36 million pounds spread among cash shares and bonus incentives even though the bank had made hardly any additional profit as compared to 2006 and had to write off almost 2 8 billion pounds due to the US sub prime crisis Since the entire extent of Goldman Sachs reports was not declared there are chances that the top directors including Mr Sherwood too could have received similar bonus packages Goldman Sachs chief executive Lloyd Blankfein too got rewarded with a 53 9 million dollar payout along with stocks worth 45 7 million dollars The company s report also mentioned competition from factors other than the financial services industry like hedge funds venture capital and private equity funds It also had to compete in emerging markets where there was a presence of entities with much more experience These payments to the top executives were made over a period of 53 weeks up to November end in 2007 and during this period their trading profit increased from

    Original URL path: http://www.makemoneyreviews.co.uk/news/michael-sherwood-strikes-gold.html (2016-02-12)
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  • Mortgage Figures Paint A Shaky Foundation | MakeMoneyReviews.co.uk
    society s neighborhood The number of premium residential mortgages have also come down from 3 803 deals in July 2007 to 2 540 which is a southward slide of 33 The Council of Mortgage Lenders CML stated that gross lending had come down to 24 billion pounds in February from 25 9 billion pounds in January which was the lowest level since the past 2 years In the month of June 2007 the amount was at 35 billion pounds and it has been a downhill slide since that month onwards Micheal Coogan the director general of CML said that as the property market had slowed down substantially the Bank of England needed to play a proactive role if the problems afflicting the mortgage funding market were to be solved He also said that the demand for mortgages had remained strong but could not be fulfilled through existing funding and that this had forced many lenders to either cut down on their product range or raise their interest rates or in some cases even reduce the loan amount New figures available to the Bank of England also show that most of the loans being taken out are re mortgages These low figures give an indication of the hardships faced by borrowers trying to get a loan or a re mortgage Even people trying to sell their homes have been cautioned to look at the current situation and expect around 10 to 15 lower rates as compared to the previous summer as per Henry Pryor of Primemove com a property website He also said that many property buyers will realize that they cannot buy the property of their dreams since they might not get the mortgage approval from lenders at their rate and hence would be forced to walk away Another expert warned that due to the market scenario only one in three property owners could expect to sell their homes The Bank of England too has met the bosses of England s 5 largest banks to find out about the various problems plaguing the credit markets But until it comes out with a long term solution lenders are changing their lending terms on a day to day basis as they try to adapt to the fast changing market conditions Dunfermline Building Society too has just recently changed its mortgage terms and only Abbey is offering the 100 mortgage deal to borrowers The CML has already predicted that there could be a funding gap of 30 billion pounds between the borrowers who are applying for mortgages and the actual money available to be loaned to them All lenders have already stopped giving out 125 loans to borrowers Some experts however feel that the market has not touched the bottom yet and it could be another 2 to 3 years before any recovery could take effect According to the chief economist at Global Insight Howard Archer the February figures given by the CML already indicate that the housing market was already hit by

    Original URL path: http://www.makemoneyreviews.co.uk/news/mortgage-figures-shaky-foundation.html (2016-02-12)
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  • Michael Sherwood Of Goldman Sachs Strikes Gold | MakeMoneyReviews.co.uk
    mortgage rates have in fact started increasing their rates for new and existing customers citing a shortage of liquid funds in the market and also due to a sharp increase in the cost of funding So even as Kent Reliance and NatWest have raised the repayment figures for existing clients Nationwide has raised its rates for new customers and others like Chelsea Building Society and First Direct have withdrawn some of their existing deals and changed the pricing levels of some of their other deals These changes could affect millions of homeowners whose fixed rate deals are about to come to an end in the current year Kent Reliance is raising their rates on their variable rate deals to 7 59 from the existing 7 34 Nationwide too has raised the price by up to 57 on some of its base rate tracker mortgages The rates for new borrowers too have been increased to 7 from the earlier 6 43 with a 5 deposit on the 2 year tracker mortgage It has also withdrawn many of its fixed rate and tracker mortgage deals Commenting on the current situation Louise Cuming of moneysupermarket com said that as there is less money coming into the mortgage market there could be a correction which even as it might be good in the long term could at present affect the first time buyers adversely Even as other analysts felt that Nationwide s decision to hike the interest rates were shocking Mathew Carter director of Nationwide explained that they continued to offer a range of fixed and variable mortgage rates which were up to 95 centering on prudent and responsible lending instead of just concentrating only on volume Other lenders like the Bank of Ireland have also discontinued many of their two three and five year fixed rate loans along with its two year discounted rates Chelsea Building Society has also come up with new schemes where their short term fixed rates have increased by 2 and short term tracker rates have increased by 35 Yorkshire Building Society has also followed suit and raised their interest rates by 0 15 to 0 25 Lloyds TSB s mortgage division Cheltenham and Gloucester have also increased some of its two year tracker rates thereby taking it to 6 99 Due to the stagnant property prices in some areas and a fall in property prices in other areas and with the credit crunch in full swing the number of mortgage deals accessible to home purchasers has already decreased currently to 5 700 from 15 600 in July 2007 The sub prime crisis and the inter banking credit crunch has rattled lenders so much that many of them have started turning their backs on new business while some small building societies are giving loans only to lenders from their own locality The days of getting loans over 100 of the property value also seems to have been done with by all the lenders as they are too afraid of

    Original URL path: http://www.makemoneyreviews.co.uk/news/new-mortgage-mantra.html (2016-02-12)
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  • Ocado Latches On To Tesco’s Prices | MakeMoneyReviews.co.uk
    6 billion pounds in the previous year Tesco s chief executive office Sir Terry Leahy had in fact at one time compared Ocado to a charity because of the long time it had taken for them to get into the black Ocado is however banking on its excellent service record to make this new bid successful It has claimed that it controls half the grocery home shopping market in London and has also planned a marketing blitzkrieg to inform everyone about its lowered rates So from 12th March onwards Ocado s Price Match will display the slashed prices of around 3500 items out of the 12000 items According to feedback received from the market Ocado felt that they were perceived to be too expensive but they felt that from the 12th of March 2008 this impression could be changed According to the chief executive of Ocado Mr Tim Steiner Ocado s Price Match coupled with our delivery charges which are the lowest in the industry will make us accessible to millions of new customers who will be able to enjoy the benefits of a superior service without being penalized on price Mr Tim also believed that in addition to this move benefiting new customers it would also reward their loyal customers especially in the South of England where it has a large base Its partnership with Waitrose a John Lewis owned company would also benefit if this move succeeds One of its 3 founders Mr Jason Gissing said that he wanted to change the impression that Ocado was an expensive retailer He said that that Ocado could afford to make this bold move and that it would make the prices more transparent and competitive by matching it to Tesco According to him his customers wanted to buy Pamper s at

    Original URL path: http://www.makemoneyreviews.co.uk/news/ocado-latches-on-to-tesco.html (2016-02-12)
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  • Sainsburys plans to take on rivals | MakeMoneyReviews.co.uk
    in on any future increases in real estate rates This deal indicates Sainsbury s optimistic view of the future and its plans to go on the offensive could also be due to the fact that it needs more space for fulfilling increasing demand for its non food divisions like electrical items electronics especially flat screen TV s and clothing and to compete efficiently with competitors such as Asda and Tesco Mr King said that the off take of its non food items were 3 times more as compared to its grocery sales and that division was now selling products worth 300 million pounds per year He also said that there were over 16 5 million customers who were not only spending money in Sainsbury s but also spending money in other stores every week and he wanted those customers to spend more money with Sainsbury s This joint venture is sure to hurt Robert Tchenguiz a property magnate who has a 10 stake in the Sainsbury s after he had bought shares at an average rate of around 520p in the previous year and who has been clamoring the company s board to sell a majority of its real estate and lease it back to add value to the company and hopefully increase the share price which were currently being traded at 348p This has resulted in a loss on paper of around 300 million pounds for Mr Tchenguiz Two bids in the previous year at 600p per share one from Delta Two and the other by an equity group CVC also failed to materialize The supermarket chain s stock value is now worth less than 6 billion pounds but 286 of its most profitable freehold stores are valued at around 8 6 billion pounds Analysts seem to be happy with this move and according to James Anstead analyst at Citigroup that even though it seemed that Sainsbury s was doing the reverse of what was expected of them from the market it seemed to be a good move in the long term and that both the parties would now have a shared interest in developing those stores Sainsbury s has posted better results with like for like sales excluding fuel increasing by 4 1 in a 12 week period up to 22nd March which were much higher than City expectations Mr King said that he had confidence in touching 480 million pounds in pre tax profits for the current year much in tune with market analysts expectations He said that even as customers were shopping more carefully there were no indications of a downturn even as he admitted that the prices of milk eggs and bread and butter had risen enormously Mr King also dispelled rumors that the revival of its competitor Wm Morrison had eaten into their sales but reiterated that in fact that it was in the south that Sainsbury s had seen the fastest increasing sales and also hinted that it was not Sainsbury s which

    Original URL path: http://www.makemoneyreviews.co.uk/news/sainsburys-plans-rivals.html (2016-02-12)
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web-archive-uk.com, 2016-10-25