Deloitte surprised by lack of administrations in 2010 April 19, 2010 AGGRESSIVE cost cutting and improved cash management by firms last year has seen the number of businesses falling into administration in 2010 drop. Research by the business advisory firm showed that 555 administrations were recorded in quarter one 2010, a significant improvement on the 1,028 companies in the same period last year. Deloitte said it [...]
Alliance Trust to launch bond fund as assets grow April 19, 2010 Investment firm Alliance Trust will launch its first fixed income product later this year and diversify equity exposure towards Asia while western growth appears fragile, its chief executive said yesterday. Katherine Garrett-Cox said the FTSE 100 company will capitalise on investors’ appetite for income products by launching a mainly UK-focused corporate bond fund in the [...]
Irish Nationwide losses rise tenfold April 19, 2010 IRISH Nationwide Building Society (INBS) yesterday said its loss widened tenfold in 2009 due to a jump in bad loan provisions and it was unlikely to agree soon with EBS Building Society on a merger. INBS and nationalised Anglo Irish Bank have become the two lenders with proportionally the biggest exposures to Ireland’s property market [...]
Soros: we must help Greece April 19, 2010 Greece needs help to beat its crisis and there is a risk it will fall into a “death circle” of recession and falling budget revenue if its borrowing costs stay high, financier George Soros said yesterday. He said the spike in Greek bond spreads – the premium investors pay to buy Greek debt instead of [...]
Unilever puts Italian firm on block April 19, 2010 Consumer goods giant Unilever is set to put its Italian frozen foods unit up for sale next week with private equity groups Permira and Lion Capital likely to lead the €600m plus (£527.6m) auction, sources close to the situation said yesterday. Permira, which owns Birds Eye Iglo, and Lion Capital which runs Findus Group are [...]
Novartis buys Oriel Therapeutics April 19, 2010 Swiss drugmaker Novartis has bought privately held US company Oriel Therapeutics to boost its generics portfolio in the multibillion-dollar market for respiratory drugs. The move suggests the Swiss drugmaker may see a simpler route to market with Oriel’s electronic inhaler device than with another device from Britain’s Vectura Group.
ECB: banks to face risks as earnings rise April 19, 2010 Euro area banks still face big risks even after earnings rebounded in 2009 on the back of surging investment banking profit, the European Central Bank said yesterday. “Notwithstanding the improvement in euro area [banks’] earnings in 2009, the outlook for euro area banking system stability is clouded by significant risks,” the ECB said in its [...]
Deutsche Bahn will offer Arriva £1.5bn April 19, 2010 GERMAN state rail company Deutsche Bahn is willing to offer just over £1.5bn in cash to buy Arriva, the British train and bus operator said. Arriva said it was in advanced talks with Deutsche Bahn about its offer of 775p per share and that Arriva shareholders would be entitled to receive a proposed final dividend [...]
Wal-Mart chief executive sees remuneration slump April 19, 2010 Wal-Mart Stores chief executive Michael Duke received a compensation package worth slightly more than $19m (£12.4m) in the financial year ended in January, down sharply from $28.2m a year earlier when he received a big stock award related to his promotion to the top job. Duke replaced Lee Scott, who retired as chief executive as [...]
Insider dealing case begins over Novartis buyout April 19, 2010 A FINANCE director and two lawyers appeared in court yesterday charged with eight counts of insider dealing during the £305m takeover of a biotech firm NeuTec Pharma by Swiss giant drugmaker Novartis in 2006. Andrew King, 62, is charged with disclosing inside information about the takeover of NeuTec Pharma, which he was party to as [...]