Candover reshuffles its top management, shares jump

Candover Investments, a private equity firm in UK has resorted to reshuffling of its management in order to fix its cumbersome structure, in a move that sent its shares up. Marek Gumienny has been appointed as the chairman of the subsidiary Candover Partners. Earlier he was the MD of Candover Partners.

Malcolm Fallen has been appointed as group's first executive director. John Arney will be the managing partner of the subsidiary and in charge for strategic direction.

John Lewis sales fall 4.1% for second week

Department store chain John Lewis said its sales dropped 1.4 per cent to settle at 46.5 million pounds during the week ended August 15.

 

It was John Lewis' second consecutive week of lower sales.

 

John Lewis said electricals and home technology sales were down by 2.1 per cent, while the sales in home department were down by 3.6 per cent, with fashion sales flat. Sales had plunged 5.3 per cent in the previous week.

 

British Gas and E.ON pursuing price war

A price war being pursued by the energy companies has of course cheered customers.

British Gas and E. ON have trimmed down their dual tariffs. As British Gas Unveiled Web Saver 4, pricing £993 per year on an average, E. ON released FixOnline 3, which costs £984 per year, cheaper by £10 than Web Saver 4. Under the E. ON tariff plan customers can fix their prices until 1 Dec. 2010. It may be noted here that earlier in 2009, British Gas slashed gas as well as electricity bills by 10 per cent after lifting them by 26 per cent in 2008.

Chelsea suffers £41m mortgage fraud

UK's Chelsea Building Society has plunged into a loss for the first half of 2009 after it was hit hard by an alleged mortgage fraud of £41million.

Buy-to-let loans have caused problems for Chelsea, which said the alleged fraud cases occurred between 2006 and 2008. 

Chelsea has blamed third-party professionals like mortgage brokers and surveyors. Chelsea holds them responsible for the artificial inflation of the property values, which is used as a base for providing loans.

Scrappage scheme eases fall in UK car production

The number of new cars produced in Britain was down 17.9 per cent in July as compared with a year earlier, but it was the smallest decline this year owing to the scrapping schemes.

According to the Society of Motor Manufacturers and Traders, 107,635 cars were manufactured in July 2009, up from 91,718 cars in June 2009.

FCC to review wireless industry

The Federal Communications Commission said on Thursday that it would review the practices of the wireless industry and for the same; the commission has sought comments from the public over the Internet services being provided to the customers.

The FCC has issued a notice on www. fcc. gov, commission's website.

The FCC has been drafting a national broadband plan, which will be tabled before the Congress in February.

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