Bernanke calls for new fiscal stimulus package October 15, 2010 US Federal Reserve Chairman Ben Bernanke said high unemployment and low inflation point to a need for a further easing of US monetary policy, but said policymakers were still weighing how aggressive they should be. “There would appear – all else being equal – to be a case for further action,” Bernanke said in remarks [...]
NESV gets go ahead for Liverpool deal October 15, 2010 Tom Hicks and George Gillett have lifted the restraining order preventing the Royal Bank of Scotland from completing the sale of Liverpool FC – but claimed they had been victims of an “epic swindle”. The pair said they would claim $1.6bn in compensation. However, New England Sports Ventures – which owns the Boston Red Sox [...]
John Lewis sales stalled by strike and sunshine October 15, 2010 RETAILER John Lewis said sales growth slowed last week, as a strike on London Underground and a brief Indian summer meant fewer shoppers in its stores. The employee-owned company, traditionally seen as a bellwether of the UK retail sector but which has outperformed competitors for over a year, said on Friday sales at its 28 [...]
Reckitt fined £10m for restricting competition October 15, 2010 HOUSEHOLD products giant Reckitt Benckiser has agreed to pay a fine of £10.2m after admitting to abusing its market position for the supply of heartburn drug Gaviscon. The Office of Fair Trading (OFT) had launched a probe into allegations that the company had restricted competition in the supply of heartburn medicines to the NHS. The [...]
Resolution to buy Bupa unit for £102m October 15, 2010 INSURANCE buyout vehicle Resolution will buy Bupa Health Assurance for around £102m as Resolution continues to snap up assets in the sector and broaden its product range. The acquisition of Bupa Health Assurance follows hot on the heels of Resolution’s takeovers of AXA’s UK life insurance arm earlier this year and last year’s purchase of [...]
Stagecoach in £52.8m deal for London bus group October 15, 2010 TRANSPORT group Stagecoach has bought the East London Bus Group in a £52.8m deal. The company has a market share of around 15 per cent in the capital. Stagecoach said it could make “back office” cost cuts to make the business – London’s third largest bus operator – more efficient. Chief Executive of Stagecoach Brian [...]
Sinochem abandons Potash bid October 15, 2010 CHINA’S Sinochem Corp has abandoned efforts to make a rival offer for Potash Corp as part of plans to spoil BHP Billiton’s $39bn (£24.35bn) bid for the Canadian fertilizer maker, sources told Reuters. The Chinese state-owned chemicals group was not expected to formalise its decision but three sources said it had given up on efforts [...]
Yahoo on alert over £13bn bid October 14, 2010 STRUGGLING internet giant Yahoo is preparing itself for a possible $21bn (£13bn) takeover bid from a private equity-backed AOL. Yahoo has retained Goldman Sachs to advise it on a bid as market speculation reached fever pitch last night. Any deal would be one of the most significant in the online world in the last decade. [...]
UN warns of currency war threat October 14, 2010 WORRIES over the US economy sent the dollar tumbling against most world currencies yesterday, prompting the UN to warn countries against an all-out currency war. The dollar reached $1.41 against the euro and near-parity with the Australian dollar, while a rush to hedge against a weak US dollar sent gold prices to a record high. [...]
HSBC cools on Nedbank bid October 14, 2010 HSBC is believed to be reconsidering its plans to launch a £5bn bid for a controlling stake in South African bank Nedbank, as its exclusive talks with majority owner Old Mutual draw to a close. Shares in Nedbank fell 0.9 per cent to 147.73 rand (£13.59) yesterday, after South African finance minister Pravin Gordhan said [...]