Google to buy ITA for $700m July 1, 2010 Google plans to buy ITA Software for $700m in cash, but conceded that combining its Internet search with ITA’s service, widely used by the travel industry, is sure to draw regulatory scrutiny. Google’s foray into the business of online travel information allows the Internet advertising and search leader to target users more specifically. But it [...]
Emerson wins Chloride fight as ABB retires July 1, 2010 Chloride is to start talks with Emerson Electric after rival suitor ABB pulled out in the face of an improved £997m offer from the US group. Emerson Electric raised its cash offer on Tuesday by more than a third to 375p a share, seeking to tempt the British maker of uninterruptible power supplies (UPS) away [...]
GENERAL MILLS PLANS GROWTH July 1, 2010 GENERAL Mills laid out a five-year growth plan yesterday that includes increasing earnings per share by at least 45 per cent and reaching $18bn (£11.9bn) in sales. The company, whose brands include Cheerios, Green Giant, Haagen-Dazs, Pillsbury and Wheatiesmaker, said drivers of that growth include new products and expanding in emerging markets. For the 2010 [...]
Toyota considers a recall over stalling car problem July 1, 2010 TOYOTA is considering recalling eight of its models over fears they may stall while driving. The safety action, which has not yet been decided, would involve around 270,000 cars, including seven models of the luxury Lexus. No accidents have occurred due to the fault. The problem is the latest for the Japanese car giant, which [...]
Art market fears threat from EU levy July 1, 2010 British auction houses fear that an EU levy on works of art by the likes of Pablo Picasso and Henri Matisse, due to be introduced in 2012, could undermine their position as world leaders in the field. The government has a temporary exemption from the EU’s “droit de suite” levy on the re-sale price of [...]
CITY VIEWS: WHAT IS THE FUTURE OF PENSIONS IN THE UK? July 1, 2010 ANDY DEGORSKI | DATA LOCATOR GROUP “Government pensions are not enough to live off and private pensions are struggling. I think people will start to look at investing in other places like a second property.” STEVE LAIRD | ACE GROUP “I feel lucky that my company has a good pension scheme because the state pension [...]
Pension deficit soars to £100bn in private sector July 1, 2010 THE PENSION deficit among the UK’s largest private schemes has shot up to £100bn and could get worse within the next year, according to new research. Risk management group Aon Consulting said yesterday that the government’s austerity measures could add to the woes already felt by companies sponsoring final salary schemes as short-term funding problems [...]
Debenhams sales slide in tough market July 1, 2010 DEBENHAMS said yesterday it remains cautious about consumer spending as sales dropped in the third quarter – offset by a rise in profit margins. But the retailer said that its Designers at Debenhams ranges were still performing well and predicted strong trading for the rest of the year. Like-for-like sales decreased by 0.4 per cent [...]
Diageo boosts pension with liquid gold July 1, 2010 DRINKS group Diageo has agreed a plan with its pension fund which will use up to 2.5m barrels of maturing Scotch whisky to help tackle a deficit of £862m. The defined benefit plan was agreed after a triennial valuation of the Diageo Pension Scheme last April highlighted the deficit and triggered a requirement to agree [...]
CITY MOVES | WHO’S SWITCHING JOBS July 1, 2010 Credit Suisse The investment bank has appointed Levente Kulcsar as a director and head of exchanged traded funds for Germany and Austria. He joins the firm from Commerzbank, where he was head of international sales for Comstage ETF. The firm has also promoted Annabelle Wegner to ETF specialist head for institutional clients for the same [...]