|Game Group plc collapse to boost profits of rival entertainment retailer HMV Group plc|
|Friday, 04 May 2012 08:24|
News round up: HMV, Game, Royal Bank of Scotland, UK homeowners, Cobham, Aviva and Trinity Mirror.
Royal Bank of Scotland
Nationalised lender Royal Bank of Scotland is to repay the final tranche of notes issued under the government's Credit Guarantee Scheme (CGS) next week, after posting a profit of more than a billion pounds in the first quarter of 2012.
Wealth among Britain's homeowners will not return to pre-recession levels until 2019, as almost 1m highly indebted "zombie" households hold back recovery, a leading think tank has warned. The National Institute of Economic and Social Research (NIESR) said the main drag on wealth in Britain would be house prices, which it forecast would fall by an average of 1.5% every year for the next five years, accounting for inflation.
British satellite technology chiefs are pledging to bring something of Cobham to the state of Denmark. The defence and aerospace supplier has landed a satellite antennae rival, Thrane & Thrane, after a short-lived takeover battle. The acquisition, which has the recommendation of the Thrane board, presents an enlarged Cobham satellite communications threat to industry giants such as Honeywell of the United States.
The board of Aviva must have thought that chief executive Andrew Moss had taken the sting out of a looming showdown with investors when he agreed to waive a near-5% pay rise. It wasn’t to be, and another annual meeting has been used by shareholders to vent their anger over executive pay. No sooner had the Aviva vote come through than Swiss bank UBS and Premier Foods also felt the backlash from disgruntled investors.
A shareholder revolt has prompted Sly Bailey to quit Trinity Mirror amid unrest over her pay package. The chief executive announced her decision a week before the newspaper publisher’s annual meeting, at which many shareholders are expected to vote against its remuneration report.
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