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The Business Matrix: Monday 21 April 2014
Queen’s award for animator
Glasgow-based Axis Animation, which produces sequences for blockbuster video games like Infinity Blade III, is one of 162 companies to have been awarded the Queen’s Award for Enterprise today. Other winners included the car manufacturer Jaguar Land Rover and waste management group Veolia.
Owners of firms to be revealed
The Coalition is to go ahead with a public register that will show who really owns and controls British companies. Vince Cable, the Business Secretary, said: “No longer will UK companies be able to use complex structures and trails of paperwork to hide information and keep the public in the dark.”
BMW on track to sell 2m vehicles
Ian Robertson, a director at BMW and arguably the most powerful Brit in the global car industry, said the group is on track to reach its target of selling 2 million vehicles this year. At a trade show in China yesterday, Mr Robertson added that BMW is close to choosing where it will build its next factory.
Insurers have best year since 2006
The motor insurance industry has delivered its best results since 2006, according to analysis by the accountant EY. However, there was still a marginal underwriting loss, a constant problem for two decades. Independent medical panels are to be introduced to assess whether claims are legitimate.
Malaysian mogul to rev up car sales
Vincent Tan, the Malaysian tycoon who owns Cardiff City football club, is looking to take his new luxury car business HR Owen to Asia. Mr Tan is considering opening showrooms in several Asian cities, with the Malaysian capital, Kuala Lumpur, considered a good starting point.
Floats cost firms 9.8% of cash raised
The cost of floating companies on the Alternative Investment Market, London’s junior stock exchange, has risen sharply, according to UHY Hacker Young. The cost of selling shares on Aim for the first time, known as an initial public offering, now sucks up 9.5 per cent of funds raised, up from 8.4 per cent..
What the Sunday papers said
MPs backed over Sellafield criticism
The Government has backed a committee of MPs that criticised the Nuclear Decommissioning Authority for “inappropriately” withholding information over the clean-up of the Sellafield nuclear facility in Cumbria. Details were blacked out from a critical report into how the site had been managed, citing commercial confidentiality.
The Independent on Sunday
Pfizer eyes £60bn Astra takeover
The US pharmaceuticals giant Pfizer has approached rival AstraZeneca in what would be the biggest ever foreign takeover of a British company. In recent weeks there have been informal discussions over a possible tie-up, but Astra is thought to be resisting Pfizer’s overtures at the moment. A deal could value Astra at more than £60bn.
The Sunday Times
New furore looms on bank bonuses
Royal Bank of Scotland’s annual report could be released this week, triggering a fresh backlash against banker bonuses. It could reveal that it plans big bonuses to hold on to staff in its investment banking division. Barclays’ shareholders are also set to protest over pay arrangements on Thursday.
Mail on Sunday
Sofa.com mulls possible sale
The online furniture retailer Sofa.com has asked advisers at Altium Capital to look into a potential sale of the business. Memos detailing the business’ successes, such as growing sales by 20 per cent in the year to February, are believed to have been sent to potential investors before the weekend.
The Sunday Telegraph
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