PEPSICO SIGNALS RENEWED FOCUS ON CORE INDULGENT BRANDS
PepsiCo, the US drinks and snacks company, has signalled that it will renew its focus on its core “indulgent” brands. The move marks a shift in strategy after mounting criticism from investors that it had invested too much in less profitable health products.
SIX FORMER SIEMENS EXECS CHARGED
Six former Siemens executives, including a former board member, and two of their agents were indicted on criminal charges for allegedly conspiring to bribe senior Argentine government officials to win a $1bn contract, US officials said. The former Siemens’ officials were charged with authorising $100m in bribes to Argentine officials, members of the opposition party and political candidates over a decade to win an identity card project.
EON SECURES INTEREST IN PIPELINE UNIT SALE
German insurer Allianz and Belgian gas network group Fluxys are among five companies that have shown interest in a domestic gas pipeline operator being sold by Eon, the German utility. People briefed on the matter told the FT that some five companies – other financial groups and rivals from the energy sector – had voiced interest in Open Grid Europe, which Eon wants to sell by mid-2012.
UK’S FINANCIAL REPORTING COUNCIL STICKS STRICTLY TO COMPLY OR EXPLAIN PRINCIPLE
The Financial Reporting Council, which oversees the UK’s voluntary codes on governance of companies and shareholders, has set out its bluntest defence yet of the UK principle of “comply or explain”, and its determination to protect shareholders and companies from rigid statutory requirements
BONUS FOR THE DISASTER YEAR IS UNBELIEVABLE
The chief executive of the Financial Services Authority was awarded a £114,000 bonus for the year in which he made the disastrous decision not to block Royal Bank of Scotland’s fatal acquisition of ABN Amro. Hector Sants, who has been lined up to head the new Prudential Regulatory Authority, received the bonus as part of a pay package that rose 37 per cent from £483,000 to £662,000 in 2007-08.
TESCO CHANGES MIND OVER INDIA
Tesco has eased back on plans for an expansion of its wholesale operations in India, amid growing doubts over the prospects for foreign supermarkets to open their own stores in the country. The world’s third-biggest retailer has shelved plans to open its own cash-and-carry stores in some of India’s biggest cities.
The Daily Telegraph
CONFUSION OVER BRITAIN'S £30BN SHARE OF IMF RESCUE FOR EUROPE
Concerns are mounting that Britain may have to contribute a further £30bn to Eurozone rescue loans through the International Monetary Fund, matching the sorts of burdens shouldered by Germany, France and other EMU states. The fund revealed in its official Survey Magazine that non-euro countries would put up a quarter of all new money under the EU summit deal.
APPLE'S FOUNDING DOCUMENT SOLD FOR $1.59M AT AUCTION
The original three-page document that established technology giant Apple has been sold for $1.59m (£1m), smashing an initial estimate of $150,000 at an auction in New York. The contract, which is on typewriter paper, is signed by Apple’s three co-founders.
THE WALL STREET JOURNAL
POLAND PROTESTERS BLAST EU PLAN
Thousands of protesters marched through the heart of the Polish capital last night, shouting their opposition to the European Union’s latest plans to rescue the Eurozone and demanding that Poland’s government not participate -- waving red-and-white Polish flags and chanting, “We want sovereignty, not the euro”.
MICROSOFT CO-FOUNDER TO BUILD MASSIVE JET FOR SPACE LAUNCHES
Microsoft co-founder Paul Allen indicated he is prepared to commit $200m or more of his wealth to build the world's largest plane as a mobile platform for launching satellites at low cost, which he believes could transform the space industry. The high-risk project conceived by renowned aerospace designer Burt Rutan seeks to combine engines, landing gears and other parts removed from old jets.