F&C’s Bramson lines up target
Edward Bramson, the activist investor who is executive chairman of F&C Asset Management, is preparing to take on another midsized UK public company. He has launched a second Guernsey vehicle, backed by Soros Fund Management, that will sit alongside Sherborne Investors Guernsey A, the fund through which Mr Bramson controls 22 per cent of F&C.
Starbucks takes on Vietnam coffee
Starbucks will take on the traditional coffee culture of Vietnam next month when it opens its first outlet in the Communist-ruled country. The Seattle-based company would open its debut coffee shop in Ho Chi Minh City in early February, it said yesterday, increasing its presence across Asia to 12 countries.
Ex-SAC official denies claims
Mathew Martoma, a former portfolio manager with a unit of the hedge fund SAC Capital, has pleaded not guilty to allegations that he traded shares in two pharmaceutical companies after learning the confidential results of a clinical drug trial, in a $276m insider trading scheme. Mr Martoma was arrested in November and charged.
Ulster Bank to close 20 branches
About 20 branches of Ulster Bank will close in the wake of Ireland’s banking crisis, the Royal Bank of Scotland-owned organisation said yesterday.
US gun investor buys stake in pubs
The US investment firm that holds a stake in the maker of the rifle used in last month’s Connecticut school massacre is to acquire one of Britain’s biggest pub companies. Cerberus Capital Management is in talks to acquire Admiral Taverns.
The Daily Telegraph
Italy bans card payments in Vatican
Italian authorities have stopped all electronic payments inside the Vatican City after the Bank of Italy complained that it had failed to bring in new procedures to prevent money laundering.
Thomson Reuters buys publisher
Two former City lawyers are in line for multi-million pound payouts after selling their legal publishing company Practical Law Company to Thomson Reuters, the business information giant.
THE WALL STREET JOURNAL
Boeing likely reigns as No. 1
Boeing said yesterday that it delivered 601 commercial jets last year, likely topping rival Airbus to become the world’s largest aircraft manufacturer for the first time since 2002.
Orange-juice futures tumble
Futures of frozen orange-juice concentrate plunged more than four per cent to the lowest settlement in more than six weeks on above-average temperatures expected for top US citrus grower Florida.