Hopes of global recovery as markets soar January 4, 2010 WORLD stocks closed the first day of trading this year at a 15-month high, leading to increased hopes of a sustainable economic recovery. The FTSE 100 index reached a 16-month peak, up 1.6 per cent, to reach 5,500.34. The closing figure was the highest point since September 2008 when Lehman Brothers collapsed. The Dow Jones [...]
Novartis eyes deal to buy up rest of Alcon January 4, 2010 NOVARTIS yesterday said it wanted to buy the rest of leading eye care firm Alcon for $39.3bn (£24.3bn) to reduce reliance on prescription drugs, but is offering minority shareholders a worse deal than major owner Nestlé. The Swiss drugmaker, which bought 25 per cent of Alcon in 2008, said it was exercising an option to [...]
Apple to unveil new device January 4, 2010 APPLE is set to unveil a new tablet device later this month, as anticipation builds about what could be the company’s biggest product launch since the phenomenally successful iPhone. Apple is understood to be planning to ship a multimedia tablet with a 10-to 11-inch touchscreen in March. The much-anticipated device has been dubbed the iSlate [...]
Morgan Stanley names financial unit executives January 4, 2010 MORGAN Stanley named investment bankers Eric Bischof and Jonathan Pruzan as global co-heads of its financial institutions group (FIG), replacing Ruth Porat who was named as the group’s chief financial officer last month. The bank also named John Esposito as the head of FIG Americas, according to a memo send out on 29 December, that [...]
CITY VIEWS: WHAT WILL HAPPEN NEXT IN THE CADBURY BID BATTLE? January 4, 2010 JEREMY BATSTONE-CARR | CHARLES STANLEY “Our “Reduce” recommendation is predicated on the view Cadbury will do enough to ensure sufficient shareholder support to see off its rivals. We think it unlikely that [the next trading] update will have disappointed, judging by the strong anecdotal evidence to suggest robust Christmas-related sales activity.” HENK POTTS | BARCLAYS [...]
Nestlé fuels Cadbury bid speculation January 4, 2010 NESTLÉ was again mooted as a potential rival to consumer goods giant Kraft in its £10.1bn bid to acquire confectioner Cadbury yesterday, after boosting its balance sheet by selling its stake in eye care group Alcon. Speculation exploded in the City about the ramifications of the sale, with analyst Warren Ackerman at Evolution Securities noting [...]
Oil surges to two-month highs as cold weather boosts demand for heating January 4, 2010 Oil rose more than two per cent to touch two-month highs over $81 a barrel yesterday as cold weather battered the US and other big consumer regions, driving up demand for heating fuel. Frigid temperatures are expected to drive up US heating demand to 21 per cent above normal, with consumption in the US Northeast, [...]
M&B appoints Joe Lewis man to board of directors January 4, 2010 MITCHELLS & Butlers (M&B), the pub and restaurant group, said yesterday it will appoint Ronald Robson, a representative of rebel shareholder Joe Lewis, to its board from 22 January. The appointment will need to be ratified by shareholders at the company’s annual general meeting on 28 January, it added. Lewis’s investment vehicle, Piedmont, which is [...]
Cambridge to sell bonds January 4, 2010 CAMBRIDGE University is considering selling bonds for the first time in its history. The university is following the lead of several Ivy League institutions that have benefited from the scheme. It hopes to raise £300m to invest in new buildings. The university’s director of finance Andrew Reid told City A.M.: “This is something we have [...]
Dubai opens tallest tower in the world January 4, 2010 DUBAI’S Emaar Properties yesterday opened the Burj Khalifa, the world’s tallest skyscraper, marking the completion of the last of its big local landmark projects and the start of a new strategy which is expected to focus on overseas projects. “We will be focusing on our subsidiaries — hospitals and hospitality — which will create a [...]