THE Church of England has sold its entire £1.9 million stake in News Corp over concerns about the group’s response to the phone-hacking scandal at the News of the World.
The church, which manages £8 billion of assets, said its Ethical Investment Advisory Group recommended the sale after a year of dialogue with Rupert Murdoch’s media conglomerate failed to convince it that enough had been done to reform corporate governance.
HMV quick to name Wolffe’s successor
MUSIC retailer HMV yesterday named its replacement for finance director David Wolffe, who announced on Monday that he was leaving along with chief executive Simon Fox.
Ian Kenyon joins from Carphone Warehouse, where he has been finance director of its Best Buy Europe joint venture since 2008. He takes up his new role on 3 September, the same day that former Jessops boss Trevor Moore replaces Fox.
Scottish Futures names consortium
A CONSORTIUM consisting of Equitix Holdings, Kier Project Investments, Galliford Try Investments and John Graham Holdings was yesterday named as the preferred bidder to construct £500 million-worth of public sector buildings in Ayrshire, Dumfries and Galloway and Lanarkshire.
The Scottish Futures Trust said the deal covered 18 public sector bodies in the south-west Scotland “hub”.
Xstrata exceeds analysts’ forecasts
MINER Xstrata posted a smaller-than-expected drop in first-half profit as it cut costs to cushion the effect of weaker markets.
Profits were down 31 per cent in the six months to 30 June at $4 billion (£2.6bn), ahead of analysts’ censensus forecasts of $3.9bn. Revenues dipped by 7 per cent to $15.6bn.
The world’s fifth-largest miner was hit by falling commodity prices, in line
with its peers.
Newton era at L&G brings profits rise
LEGAL & General’s first results under new chief executive Nigel Newton produced a 5 per cent rise in half-year operating profits to £518 million.
The better-than-expected performance was helped by a 10 per cent rise in protection premiums and triggered an 18 per cent rise in the insurer’s half-year dividend payment to 1.96p. Newton said L&G will make small takeovers to underpin growth.
