The Business Matrix: Thursday 10 October 2013


Four directors leave the Co-op

Troubled Co-op Bank has removed four long-standing directors ahead of its £1.5bn debt for equity swap and stock market flotation. Among the casualties are Group chairman Len Wardle, former deputy chairman Peter Harvey, Duncan Bowdler and Bob Newton.

Sir Nigel behind Invensys sale

Sir Nigel Rudd has launched a vigorous defence of the £3.4bn sale of Invensys, saying the industrial controls group was "probably bust" when he arrived as chairman four years ago. The industrialist said Britain would have to sell fewer of its top companies if it backed national champions in the same way as France or Germany.

London ticks the Box for US chief

The founder of one of Silicon Valley's fastest-growing companies has hailed London as "by far and away the best location" for a tech firm to set up.

Box chief executive Aaron Levie said his online storage firm conducted a "very exhaustive search" across Europe before choosing London as its main non-US hub.

Curved screens are hot in Korea

Korean curves were all the rage in the mobile market yesterday, with Samsung following LG in announcing a smartphone with a curved glass screen.

The South Korean electronics giant revealed its new Galaxy Round handset, just days after rival LG said it would begin production of a curved-screen phones next year.

£1bn regeneration for City's gateway

A new "gateway to the City" will take shape on the South Bank in London over the next decade after a £1bn regeneration scheme including a 48-storey skyscraper and a new public square was granted approval. Ludgate House will be overhauled to create nine new buildings as part of the plans.

Confidence shows real capital gains

London's businesses are in their most upbeat mood for nearly three years, according to the CBI's latest snapshot of sentiment in the capital. The organisation's London Business Survey showed 56 per cent of respondents more optimistic over the economy than three months.

AlertMe's fresh start on Old Street

AlertMe, the fast-growing technology firm headed by the former boss of Tiscali, has moved to London Old Street's 'Tech City' area as it closes in on a deal to break into Asia and new European markets. The £18m company was spun out of Cambridge University in 2006.

Thorntons sales rise by 11 per cent

Sales at chocolate maker Thorntons have risen 11 per cent to £23.8m in supermarkets and other shops over the last 13 weeks, although sales in its own shops declined 6 per cent to £23.2m as it closed another 8 outlets. Thorntons report strong Christmas orders.

Do what Germans do, says Cable

Britain must take a leaf out of Germany's book if exports are to underpin growth across the country, the Business Secretary has warned. Vince Cable said the gulf between the number of exporters in the UK and Germany needed to narrow.

Plasma screens under threat

Panasonic, the Japanese electronics company, is considering stopping production of plasma TV screens in 2014, reports in Asia claim. The company will reportedly close its plasma screen factory in Amagasaki and put it up for sale.