In June last year, Canaccord Capital quit as broker to drug maker Phytopharm after an incendiary device exploded under the car of its European finance chief. And in 2001, John Ablewhite served nine months in prison for attacking the home of Leonard Cass, the brother of HLS managing director Brian Cass. Last month, Ablewhite was one of four activists who pleaded guilty to a long-running terror campaign against a guinea pig farm which culminated in the theft of pensioner Gladys Hammond’s body from her grave. Glaxo said it would continue to work with HLS “as long as they continue to meet their current high standards of animal welfare in line with Home Office requirements”.. Staff costs at Lazard, the US-listed investment bank, shot through $200m (£107m) during the first three months of the year, an increase of more than 31 per cent on the same period in 2005. The revelation came as the bank reported first-quarter results yesterday, unveiling a 68 per cent rise in profits, boosted by higher merger and acquisition fees.

However, the numbers fell at the bottom end of analyst expectations, sending the shares down 3.5 per cent in early trade in New York to below $45.
The company advised on $70bn of takeovers in the quarter, compared to $42bn a year ago, while its advisory fees rose more than 41 per cent. It recently defended ITV against a failed private-equity bid.Although salaries increased, this was more than offset by the rise in revenues. The pay-to-revenue ratio fell from 57.5 per cent to 57 per cent for the quarter.Commenting on the results yesterday, Bruce Wasserstein, the chairman and chief executive of Lazard, said: “The positive momentum across the firm continues, reflecting the investments we have made. Both our financial advisory and asset management businesses produced record first-quarter revenue.”Steven Golub, the vice-chairman, said: “The investments we made in each of our businesses, and across geographies, have strengthened our competitive position. We continue to see opportunities for success.” He added that M&A activity, as a percentage of US market capitalisation, is still well short of its historical peak, claiming there was still an element of “sustainability” to the current cycle.He also said there was a “pretty impressive list” of deals in the pipeline from which Lazard can expect to reap revenue.. Unions representing more than 1,000 textiles workers in Nottinghamshire are seeking urgent talks with management after Courtaulds, the historic maker of underwear for Marks & Spencer, was offloaded by its US parent. Sara Lee, the cheesecake-to-bubble bath conglomerate which bought the business in 2000, has handed it to PD Enterprise, a privately owned Hong Kong company with nine factories overseas.
The deal brings to a close a disposal process that has dragged on for more than a year, and Sara Lee is, in effect, paying to have Courtaulds taken off its hands.

The business was removed from a parcel of European clothing businesses sold to private equity this year, and the US company has agreed to take over the $483m (£260m) deficit in Courtaulds’ defined benefit pension fund. It said: “The corporation will not receive a material amount of consideration as a result of the sale.”PD Enterprise, which makes lingerie, swimwear and pyjamas, is described as leading a consortium of buyers. Unions said they wanted more clarity on the new ownership structure and its plans for the UK business. “There has been a great deal of uncertainty about who the potential buyer would be, so we are glad that is over,” a spokesman for the union Community said. “We will seek talks as soon as possible.”Sara Lee paid £150.5m for Courtaulds after a takeover battle in 2000. At the time, the company relied on M&S for 40 per cent of its business and had suffered as shoppers deserted the chain.