Infineon rows with investors over chairman January 27, 2010 GERMAN chipmaker Infineon tried to appease hostile investors yesterday by saying chairman-designate Klaus Wucherer would serve only one year of his five-year term if elected, while searching for a better candidate to take over the role permanently. The announcement came as opposition rose to Infineon’s choice of Wucherer to head its supervisory board. US investor [...]
LG widescreen TVs lift profits January 27, 2010 LG Electronics yesterday posted a four-fold rise in operating profits riding on better-than-expected flat-screen television sales, helping it to achieve the best quarterly results in the company’s history. The group’s fourth quarter profits, including overseas affiliates, rose to £238m from £54m a year earlier outperforming analysts’ estimates of £215m. LG is the world’s second largest [...]
Boris Johnson to step down from policing role January 27, 2010 MAYOR of London Boris Johnson said yesterday he would stand down as head of the capital’s police authority, reversing an election pledge that he would personally take charge of the fight against crime. “I think it would be a good thing we changed the chair of the MPA (Metropolitan Police Authority) and I am proposing [...]
Inequality widens as elite grow richer January 27, 2010 THE gap between the wealthiest and most deprived households in the country has widened dramatically over the past 30 years, according to a report published yesterday. People in the richest 10 per cent of the population are now more than 100 times better off than those in the poorest 10 per cent, the Anatomy of [...]
CITY MOVES | WHO’S SWITCHING JOBS January 27, 2010 Aviva The insurance giant said yesterday Patrick Regan, its incoming chief financial officer and executive director, will step up to his new role on 22 February. Regan was previously group chief operating officer and chief financial officer at Willis Group, and has also held finance roles in the past at the likes of RSA and [...]
BEST OF THE BROKERS January 27, 2010 SABMILLER Only 90p of SABMiller’s 185p slide to £16.55 since 11 January can be explained by its failure to acquire Mexican company FEMSA Cerveza, says Evolution Securities. The broker thinks the rest is due to poor sentiment and fears over beer VAT hikes in Colombia rather than fundamentals, and reiterates “buy” with a target of [...]
Britvic says growth to slow on cold snap January 27, 2010 SOFT drinks company Britvic yesterday reported an 11 per cent rise in first-quarter revenues but expects to see slower second-quarter growth due to tougher comparisons and recent bad weather. The producer and licensed bottler of brands including Robinsons, Tango, J2O, Pepsi and 7Up, on Tuesday posted first-quarter sales of £243m for the 12 weeks to [...]
Heavyweights beef up Cowdery buyout vehicle Resolution January 27, 2010 RESOLUTION, the buyout vehicle founded by entrepreneur Clive Cowdery, has taken on former Swiss Re chief Jacques Aigrain, ex-Aviva Spain boss Gerardo Arostegui and Mel Carvill, founder of private equity firm PPF Partners, as independent directors. Aigrain left Swiss Re last year after holding the position of chief executive since 2006. Prior to joining the [...]
Software firm SAP sees higher 2010 sales and profits amid tough market January 27, 2010 GERMAN software maker SAP yesterday said it expects to increase core sales and operating margins in 2010 but cautioned that market conditions are still tough because companies remain wary about investing. “What we see is that the markets are still cautious … but what we see in 2010 is it’s going to be a very [...]
Praise for German minister January 27, 2010 Germany’s economy minister yesterday said Axel Weber was doing an excellent job as Bundesbank president but declined to comment on whether he should succeed European Central Bank president Jean-Claude Trichet. A German government spokesman said last week the government had not yet made a decision on who it would like to succeed Trichet as ECB [...]