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.
Munich’s Olympic Hopes Face Wrath From Locals
As Munich officials woo Olympic committee inspectors in a pitch to stage the 2018 Winter Games, they face one major snag: a broad coalition of local farmers and environmentalists is trying to kill the bid.
Unlike those contenders, Munich faces growing resistance to its bid close to home. So far, about six dozen local farmers have refused to cede their land for use during the games, arguing that the event would be too costly and environmentally destructive.
Swiss Central Bank had Loss as Franc Rose
The Swiss National Bank announced that it posted a book loss of 19.2 billion Swiss francs in 2010 as the franc’s appreciation eroded the value of its foreign-currency holdings.
The consolidated loss, which compares with a profit of 9.96 billion francs in 2009, was largely driven by currency movement. The Swiss central bank said that its currency interventions to help stem the franc’s relentless rise against the euro, the US dollar and the UK pound resulted in exchange-rate losses of 32.7 billion francs in 2010.
5 British Institutions that Need Some Magic
Pontins’ owner says that it needs Disney-style appeal. It is not alone. Here are five UK institutions that require some magic power as well.
1. Eastenders
2. The Royal Family
3. The police
4. The NHS
5. The BBC
Home Scheme’s End Leaves GBP 400m Bill
The termination of government support for home buyers has left taxpayers holding GBP 400 million of mortgage debt considered too high risk to be taken on by banks.
However, the scheme has also left the state exposed to the riskiest slice of a GBP 2.5 billion bundle of mortgages.
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