Business diary

Market morals from Chief Rabbi

By Candice Krieger, February 18, 2009

The Chief Rabbi Sir Jonathan Sacks has endorsed a new initiative by the Jewish Association of Business Ethics (JABE) to encourage companies to become members of a network of businesses which recognise ethical business as good business.

Appropriately named Good Business Practice, the initiative will provide business leaders and their organisations with a set of “Guiding Principles for Ethical Business Behaviour”, plus other business-related material.

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Recession? Enjoy it, says Paphitis

By Candice Krieger, February 18, 2009

Has Dragons’ Den judge Theo Paphitis got himself a new pair of glasses? Specifically, rose-coloured ones?

The retail entrepreneur believes we are “very lucky” to be living through this recession. Speaking at a Norwood Young Finance reception last week, a spirited Mr Paphitis told more than 200 business professionals: “This is the most exciting working period of my life. There are more opportunities now than there have ever been.

“You are very lucky to be living through this. You will never ever see it again.” Let’s hope so.

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BT boss backs... BT

By Candice Krieger, February 18, 2009

Nothing like practising what you preach.

British Telecom’s chief executive Ian Livingston reportedly bought 99,500 shares at 99.7 pence each last week.

The telecoms group has come under pressure recently after several profit warnings. from its Global Services division.

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Noe rescues Israeli mall

By Candice Krieger, February 18, 2009

It is understood that Leo Noe’s British Israel Investments Ltd has given a NIS 40 million loan to a company controlled by businessman Gad Zeevi.

Mr Zeevi, a partner with British Israel in Haifa’s Grand Canyon shopping mall, has reportedly been forced to mortgage his entire 29.5 per cent holding in the mall as a guarantee against repaying the loan.

The interest of NIS 4 million on the loan will be repayable with the principal after six months — representing an annual interest of around 21 per cent.

Apparently, Mr Zeevi plans to repay the loan in a lump sum on August 9, 2009..

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Marc Jacobs makes his mark in UK

By Candice Krieger, February 12, 2009

US Fashion designer Marc Jacobs is setting up shop — again.

Jacobs is reportedly due to open the brand’s second central London store in the 3,000 sq ft site at 56 South Audley Street next month.

His other boutique is in Mount Street in Mayfair.

But even Jacobs, who will be showing his autumn/winter collection at London Fashion Week (which starts next Friday), has been affected by the economic downturn. The designer has reportedly cancelled his traditional Fashion Week after-party.

He has also reduced the number of guests (in case you were wondering where your invite was).

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Diamond dealers sparkle online

By Candice Krieger, February 12, 2009

Fancy getting your hands on some diamonds?

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Spielberg’s Disney contract

By Candice Krieger, February 12, 2009

Good news for film buffs. Steven Spielberg’s DreamWorks Studios has agreed to a long-term exclusive distribution deal with Walt Disney Studios. Under the terms of the new contract, Walt Disney Studios will market six DreamWorks live-action movies a year. The first such movie, released under Disney’s Touchstone Pictures banner, is due for screening in 2010. “Disney is the birthplace of imagination and has always been as close to the worldwide audience as any company ever has,” said Spielberg.

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Help is here for firms

By Candice Krieger, February 12, 2009

Simon Walters, the managing director of FD Solutions, a provider of part-time finance directors, is making the most of the economic crisis.

His firm has launched a business turnaround division aimed at companies in need of restructuring. The new service involves working with clients for three to four days a week and, in some cases, full-time — rather than just a few hours or a day a week for conventional cases.

FD will also work closely with business recovery departments of accounting firms and banks on behalf of clients during the period of the restructuring.

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Mr Bagels

By Candice Krieger, February 12, 2009

We reported on 30 January 2009 that Mr Bagels, the bagel manufacturer, had gone into administration. We would like to clarify that we were referring to The Bagel Group PLC and not Mr Bagel's (2000) Ltd in that report. Mr Bagel's (2000) Ltd, run by Avi Kahalani, is not connected to The Bagel Group PLC and has not been in administration. We apologise for any confusion caused.

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Taxi for Tchenguiz?

By Candice Krieger, February 5, 2009

Property’s Robert Tchenguiz might be driving himself around for a bit — or hailing a cab. His long-standing chauffeur has reportedly won the lottery. Tchenguiz is understood not to be seeking a new driver. But who could blame his employee of 17 years for taking some time off after getting five correct numbers on the draw?

And who could blame Tchenguiz, who has emerged as one of the high-profile victims of the credit crunch, for trying his luck on next week’s Thunderball?

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