US Treasury nets $2bn as it offloads shares in Citi to cut its stake to 18pc July 1, 2010 THE US Treasury said yesterday it has earned a gross profit of about $2bn (£1.3bn) on sales of about one-third of its common stock holdings in Citigroup as the government ramps up efforts to unwind bailout programmes. The sales have cut the Treasury’s stake in the bank from nearly 27 per cent to about 17.6 [...]
WHAT DO YOU THINK OF THE NEW STEWARDSHIP CODE? July 1, 2010 ROGER BARKER | INSTITUTE OF DIRECTORS “Institutional shareholders have a key role to play in the corporate governance system. This code should be a catalyst for them to rethink how they can fulfil this role effectively.” JOHN CRIDLAND | CBI “Boards are being asked to raise corporate governance standards and increase engagement with investors. We [...]
WHAT DOES THE NEW CODE MEAN? July 1, 2010 Q.What is the Stewardship Code? A.The Stewardship Code, the first of its kind for the Financial Reporting Council (FRC), seeks to create greater transparency around the way investors oversee the companies they own by encouraging better dialogue between shareholders and company boards. Q.what does the frc hope to achieve? A.The FRC hopes that the new [...]
William Grant seals C&C deal July 1, 2010 William Grant & Sons yesterday completed its purchase of C&C’s spirits and liqueurs division for €300m (£246m) The Scottish distillery will now own brands including Tullamore Dew Irish Whiskey, Carolans, Frangelico and Irish Mist, The new business will operate as William Grant & Sons Irish Brands Ltd. Its portfolio already includes Glenfiddich and The Balvenie [...]
Genmab hit by Glaxo deal revision July 1, 2010 GlaxoSmithkline (GSK) and Denmark’s Genmab said yesterday they had amended a licensing agreement for their Arzerra cancer drug in a way that will have a “material impact” on Genmab’s 2010 prospects. The companies did not specify the effect on Genmab which will receive an upfront payment of £90m from GSK but will see planned milestone [...]
Greece to strike again July 1, 2010 Greece’s main labour unions called a 24-hour strike for 8 July yesterday in protest against sweeping pension reforms to help end a debt crisis. It will be the sixth joint stoppage this year by Greece’s main public and private sector unions, which together represent about 2.5m workers, or half the Greek workforce. Private sector union [...]
ITV: Broadcasting reform is urgent July 1, 2010 ITV has launched a plea to the government to overhaul the “archaic” regulatory system it says is strangling the industry. Chairman Archie Norman used the firm’s annual Parliamentary Reception to implore MPs to tear up the broadcasting rule-book. Norman said: “You must be wondering why we have put on this party when we can’t afford [...]
Kindle price cut for second time in a week as war hots up July 1, 2010 Amazon cut the price of its Kindle range of e-readers for the second time in a week yesterday as it unveiled its updated DX model. In a bid to stave off fierce competition from Apple’s iPad, Amazon cut the price of its high-end reader from $489 (£327) to just $379. The new version features a [...]
Orange and T-Mobile finish merger July 1, 2010 ORANGE and T-Mobile officially completed their merger yesterday, with all staff now officially working for Everything Everywhere. The firm also announced three new vice presidents at the firm; Neil Macgeorge, VP of products; Simon Frumkin, VP of procurement and supply chain; and Stephen Harris who will take the role of chief of staff. The firm’s [...]
Microsoft pulls plug on first venture into lucrative smartphone market July 1, 2010 Microsoft has pulled the plug on a new generation of smartphones less than three months after it unveiled the devices in an attempt to catch-up with Apple and Google in the fast-growing mobile market. Microsoft said it had cancelled plans to sell its “Kin” phones in Europe later this year. The company added the internal [...]