Investors Press RIM to Reform Board
RIM–the Canadian manufacturer of BlackBerry smartphones and PlayBook tablets, are facing fresh stress from activist shareholders who are worried about the company’s recent performance and plunging share price before the company announcing its second-quarter results.
The companies is currently being pushed by activist investors to have its co-chiefs with as many as five of its independent board members changed.
Lloyds in Sell-off Peace Offer
In a last-ditch peace offering to the Independent Commission on Banking, Lloyds Banking Group is willing to sell up to a third more current accounts than it actually needs to.
According to people that is familiar to the situation, it is said the bank has set up plans to start offering current accounts through its Cheltenham & Gloucester brand along with 632 branches and a 4.6% share of UK current accounts.
Lloyds Failed to Heed Debt Warning
Facing the collapse of the luxury hotel chain–von Essen, Lloyds sufers loss of millions of pounds.
The bank was warned that the 28-hotel chain, which includes Cliveden in Berkshire and the Royal Crescent, was at risk of failing under the weight of its debts more than a year before it was forced to call in the administrators.
French Minister to Seek Top I.M.F. Job
Finance Minister Christine Lagarde of France issued an unusual joint complaint to one of the most important jobs in global finance about the custom of always naming a European.
Ms. Lagarde declared at a news conference that being European should not disqualify her and that she would be traveling over the next few weeks to listen to and search for support from other I.M.F. members.
Windfall for Wood Group’s Investors
The Oil services group–Wood Group is going to hand its investors a windfall of more than £1bn through a share buyback that will net the family of its founder £127m. According to the company, it is said that the group would buy up to 32.1% of its own shares at between 605p and 625p.
The Wood family, which owns 11.7% of the company, stands to rake in up to £127.5m from the buyback. Wood Group will pay for the offer with some of the proceeds from the £1.7bn sale of its well support division to US giant–GE.
London Tube Driver Strike in May and June
According to the RMT union, it is announced that the driver members on the Tube will strike for periods between 9:00 to 24:00 from May 16 to May 20 and again from June 13 to June 17. The news comes after a 2-1 vote in favour of walkouts by RMT members in protest against the dismissal of Bakerloo Line driver Arwyn Thomas and Northern Line driver Eamon Lynch.
The union said that the action will cast a major impace on the service, likely to wreak havoc on the Tube over a period of two weeks.
Invensys Relaces Chief Executive
Invensys has sacked Ulf Henriksson, its chief executive, whose approach to running the group differed from that of Sir Nigel Rudd.
The news unsettled investors and came after Mr Henriksson had apeared to have made a good job of returning the previously crisis-ridden industrial group to financial health.
The low-key Swede had been in charge ever since 2005.
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