SIEMENS PROMISES WORKERS JOBS FOR LIFE
Siemens’ German workers have struck a deal that will see their jobs secured indefinitely, in an arresting move that highlights how the financial crisis has triggered a fresh consensus between labour and management in corporate Germany. The engineering group said it had sealed an agreement with its works council and the IG Metall workers’ union that includes a pledge not to make any forced redundancies among its 128,000 German workforce.
LOUIS DREYFUS EYES COMMODITY BUSINESS SELL-OFFS
Louis Dreyfus, the French family-owned conglomerate that owns one of the world’s largest agricultural commodities trading houses, is exploring an initial public offering of some of its businesses, according to people close to the company.
BANKS LOSE DOMINANCE IN LOANS TO COMPANIES
The banking crisis has led to a structural shift in the way UK companies fund themselves, with a greater share of funding coming from bond markets, according to a report from Standard & Poor’s. Bond markets have replaced banks to become the main provider of new debt financing on a net basis since the third quarter of 2008, according to the report, which is based on Bank of England data.
AXIOM TELECOM PLANS DUBAI IPO
Axiom Telecom, a UAE-based mobile phone retailer, plans to launch an initial public offering that could raise Dh200-300m ($54-$82m) for troubled conglomerate Dubai Holding , one of the retailer’s main shareholders. Bankers say that the Dubai-based distributor could offer a 30 per cent stake on Nasdaq Dubai.
LEHMAN TO EXIT BANKRUPTCY EARLY NEXT YEAR
Lehman Brothers could emerge from bankruptcy early next year, having returned more money than expected to its creditors, the Wall Street Bank’s liquidator said. In a statement to the US Bankruptcy Court in Manhattan, Lehman Brothers Holdings said that it was optimistic that its reorganisation plan would be ready for the court’s confirmation in early 2011.
ADOBE REDUCES ITS REVENUE EXPECTATIONS
The leading software manufacturer said while demand for its flagship Creative Suite 5 (CS5) software program, which includes Photoshop, continued to be positive, sales in Japan and to its US education customers could be weaker than expected. At least three brokerages cut their ratings on Adobe’s stock to “neutral”.
The Daily Telegraph
FORMER DISNEY SECRETARY PLEADS GUILTY TO INSIDER TRADING
Bonnie J. Hoxie used her position as secretary to Disney’s head of communications to obtain price-sensitive information. It has all the ingredients for a film but not one that family-friendly Walt Disney would typically make. FBI agents posing as hedge fund traders; confidential information about a corporate giant; a young woman on the make from Los Angeles.
SAINSBURY'S RELAUNCHES £1BN TASTE THE DIFFERENCE RANGE
Sainsbury’s looks to take on rivals Waitrose and Marks & Spencer using products aimed at people who are eating in more. J Sainsbury has radically relaunched its £1bn range of upmarket food as it looks to capitalise on the trend for eating in and steal market share from rivals.
WALL STREET JOURNAL
NOVARTIS' MS DRUG WINS US APPROVAL
The Food and Drug Administration approved for sale the US market’s first oral drug to treat multiple sclerosis—a disease typically treated with more cumbersome injections and infusions—in another sign of the improving picture for MS treatment. The drug, fingolimod from Swiss pharmaceutical giant Novartis, is one of a group of new oral therapies being developed for MS.
BOJ OFFICIAL SUGGESTS MORE EASING AHEAD
A Bank of Japan policy board member said Wednesday that the central bank would take action if downside risks to the Japanese economy materialise, suggesting the BOJ is inching toward a looser monetary policy stance amid growing concerns over the health of the global economy.