Coke chief in union talks April 21, 2010 Coca-Cola chief executive Muhtar Kent yesterday sought to ease concerns by the Teamsters union that the company’s acquisition of the North American operations of Coca-Cola Enterprises would result in fewer jobs. Even before the deal’s expected closure in the fourth quarter, fears have been raised by news that Coke Enterprises will test a programme to [...]
Top execs quit Game Group as profits dive April 21, 2010 THE chief executive and chief operating officer of Game Group stepped down yesterday after the retailer said that full-year profits had fallen by nearly a third to £90m and sales had continued to tumble. Game, which in January issued a second profit warning just over a month after poor Christmas sales, said Lisa Morgan had [...]
Heineken in beer sales slump April 21, 2010 HEINEKEN’S beer sales fell more than expected in the first quarter as western consumers drank less, underlining the group’s increasing reliance for growth on sales in emerging markets in Africa and Asia. Its shares fell more than 2.5 per cent to their lowest in eight weeks. The Dutch-based company, whose chief brands are Heineken and [...]
Ladbrokes is boosted by an £80m tax repayment April 21, 2010 HEINEKEN’S beer sales fell more than expected in the first quarter as western consumers drank less, underlining the group’s increasing reliance for growth on sales in emerging markets in Africa and Asia. Its shares fell more than 2.5 per cent to their lowest in eight weeks. The Dutch-based company, whose chief brands are Heineken and [...]
MPC vote unanimous but concerns over inflation rise April 21, 2010 IT WAS another unanimous vote from the Bank of England’s Monetary Policy Committee (MPC) this month, but minutes published yesterday revealed worries among some members about the level of inflation. The unanimity was unsurprising given the proximity of the general election and the committee agreed that the events of the past month “had not been [...]
ANZ considering Asia expansion April 21, 2010 Australia and New Zealand Banking Group is considering making a bid for Dallas-based Lone Star’s controlling stake in Korea Exchange Bank (KEB). Valued at $4bn (£2.6bn), this would expand Australia’s fourth largest bank’s influence in Asia considerably. KEB, South Korea’s sixth largest lender, was purchased by US private equity fund Lone Star in 2003. ANZ [...]
Visa set to buy CyberSource April 21, 2010 Visa said yesterday it would buy CyberSource, a company that helps retailers accept online payments, to boost its business in fast-growing areas such as emerging markets and online commerce. Visa, the world’s largest credit and debit card processor, would pay $26 a share, or about $2bn (£1.3bn), for CyberSource. That amounts to a premium of [...]
Mears secures £170m contract April 21, 2010 Leading social housing repairs and maintenance service provider Mears was awarded a long-term partnership contract with the London Borough of Lambeth yesterday. The seven-year contract, valued at £170m, will aid in providing “responsive repairs, void refurbishment, estate management, decent homes and planned maintenance” and is expected to start in October 2010.
St James’s is winner as ISA sales rocket April 21, 2010 WEALTH management group St James’s Place yesterday announced a record quarter for new business with total new investments of £1.1bn. The company said its most closely followed measure of new business, a combination of regular and single premiums, was up 42 per cent from a year earlier at £133.3m. Deutsche Bank analysts had expected a [...]
Private client managers enjoy time to grow April 21, 2010 PRIVATE client investment managers and stockbrokers have had a good recession but challenges remain as they seek to strengthen their positions against future uncertainties such as increased regulation. Last year’s massive influx of funds from the private client arena was likened to a “sugar rush” by the head of one small City stockbroker. Millions of [...]