MOVE TO QUASH HERMÈS’ POISON PILL
Minority shareholders in Hermès have sought to quash the luxury goods group’s poison pill defences devised by its controlling family, potentially bolstering LVMH’s protracted takeover push for its smaller rival.
CHINESE SET A NEW STANDARD IN BUYING GOLD
China overtook India to become the largest market for gold bars and coins in the first quarter of this year, as rising inflation inspired a surge in bullion investment. Chinese investors bought 93.5 tonnes of gold between ¬January and March in the form of coins, bars and medallions, a 55 per cent increase from the previous quarter and more than double the level of a year earlier, according to data released by the World Gold Council on Thursday.
US NETWORKS VIE FOR $18BN IN AD CONTRACTS
Criminals, housewives and dinosaurs will dominate the all-important autumn schedules at the big US TV networks, a blend that has advertisers jostling to secure commercials during the best programmes. The so-called “upfronts”, at which cable and broadcast networks debut their new shows to advertisers and media buyers, have taken over some of the biggest theatres in Manhattan this week.
QUAKE IMPACT LESS SEVERE THAN FEARED, SAYS PANASONIC
Panasonic’s chief executive has said the impact on sales from March’s earthquake is looking less severe than was first feared, in the latest sign that Japanese industry is recovering more quickly than expected from its disaster-related supply-chain problems. In April, it said it might lose several hundred billion yen in revenues in the current quarter as a result of the quake and tsunami.
FRESHFIELDS RAISES STAKES IN THE BATTLE FOR LEGAL TALENT
One of the City’s oldest law firms has broken ranks with its rivals to increase salaries for rank-and-file lawyers amid concerns that a war for talent could break out as the legal market recovers. Freshfields Bruckhaus Deringer said that it would increase rates for newly qualified solicitors from £60,000 to £61,500.
ADMINISTRATOR CHASES TCHENGUIZ EMPIRE FOR £600M
The administrator of Britain’s biggest property management group is going after Vincent Tchenguiz’s freehold empire in an attempt to recover nearly £600 million for creditors. Zolfo Cooper said it had discovered an outstanding loan of £594m from one of the Tchenguiz Family Trust’s companies that never actually reached its Peverel management group.
The Daily Telegraph
AL GORE SAYS NEWS CORP ABUSED ITS POSITION OF POWER
Al Gore has accused Rupert Murdoch’s News Corporation of abusing its position of power by forcing the former US Vice President’s television channel off air in Italy. Mr Gore said News Corp forced his CurrentTV off Sky Italia because Current hired Keith Olbermann, who has been critical of the media conglomerate in the past.
HSBC REITERATES ASIA FOCUS AS IT LOOKS FOR SAVINGS
HSBC will not exit its Indian and Chinese retail banking businesses despite losing money in the countries as deposits there are needed by the bank. Stuart Gulliver, chief executive of HSBC, said that despite losing money in both countries the lender would hold on to the businesses because of its requirement for large yuan and rupee deposits.
THE WALL STREET JOURNAL
TECH GIANTS DEFEND PRIVACY PRACTICES
Google, Apple and Facebook defended their privacy practices Thursday to lawmakers considering how to update privacy laws to include more protections for Internet users. At a Senate hearing on mobile privacy issues, lawmakers grilled technology executives on their policies and how they share consumer information with other companies.
CHICKEN COMPANIES WAIT IN VAIN FOR INDUSTRY CUTBACK
Hurt by soaring feed costs and lackluster demand, chicken companies think cutting back production to stave off a glut is a great idea—as long as it is their competitors doing the cutting. None of the large producers—including Sanderson Farms Inc., Tyson Foods Inc. and Pilgrim's Pride Corp.—wants to be the first to cut back.