Ferrero: We will not bid for Cadbury January 24, 2010 ITLALIAN chocolatier Ferrero has ruled out making a rival bid for Cadbury leaving clear Kraft Foods to complete its £11.7bn proposed takeover of the British confectioner. Hershey has already said it had no intention of bidding for Cadbury while Nestle has also confirmed that it does not intend to make a bid. Ferrero said in [...]
Ericsson profits dive by 92 per cent January 24, 2010 PROFITS at Swedish telecoms giant Ericsson plunged 92 per cent in the fourth quarter triggering a cull of 1,500 staff. The company has been hit by an ongoing dip in orders and the costs of its restructuring. Its net profit was 314m kronas (£11.3bn) from October to December compared with 3.89bn kronas during the same [...]
Hornby sales back in the fast lane January 24, 2010 THE popularity of Scalextric sets helped to put toymaker Hornby’s sales into the fast lane over Christmas. Hornby said the racing game had received a boost after current Formula One grand prix teams were introduced. Toys from Disney/Pixar’s Cars has also helped to fuel the sales rise. The company said demand for its brands from [...]
Obama: Bernanke will return January 24, 2010 THE WHITE House yesterday said it was confident that Ben Bernanke would be confirmed for a second term, as it sought to see off a last minute swell of opposition to the chairman of the Federal Reserve. Bernanke, a survivor of the Bush administration, is under fire for his handling of the economic crisis and [...]
Saab now in Spyker’s web January 24, 2010 THE long-anticipated sale of Saab could finally be completed this week. Financial terms are believed to have been reached between General Motors and Dutch luxury car maker Spyker. The two sides are now thrashing out production and management issues before they can finalise the deal. One possible stumbling block is the role Vladimir Antonov, Spyker’s [...]
We must learn from financial history January 24, 2010 SPEAKING to this newspaper last night, Lord Myners, the City minister, points out that banks’ proprietary trading and investments in hedge funds and private equity were “in no way central” to the problems which led to the global financial crisis. I agree: Barack Obama’s plan to ban banks with retail arms from those activities – [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 24, 2010 THE SUNDAYS The Sunday Telegraph TCHENGUIZ BROTHERS IN £2BN BANK CLAIMS Companies linked to Robert and Vincent Tchenguiz, the property entrepreneurs, have filed creditors’ claims totalling £2.26bn against Kaupthing, despite being among the failed Icelandic bank’s biggest borrowers. It emerged last summer that Robert Tchenguiz had borrowed €1.7bn (£1.5bn) from the bank and Vincent Tchenguiz [...]
HBOS extends hotel loan January 24, 2010 A CASHFLOW crisis threatening luxury hotel group the Rocco Forte Collection has been averted by a £300m loan extension from HBOS, part of Lloyds Banking Group. The 18-month extension, which pre-empts a long-term solution, follows urgent talks between owner Sir Rocco Forte and the bank, the Times reported. It is understood the hotel group, whose [...]
Vodafone to resurrect Otelo January 24, 2010 Vodafone plans to resurrect its German Otelo brand as a no-frills mobile product to grab market share from rivals and boost revenue, the company said.
Centrica wants more protection January 24, 2010 Centrica chairman Roger Carr is urging the government to consider protection for the owner of British Gas from foreign predators, The Mail on Sunday said. Carr was quoted, saying: “I’m going to tell them (the government) that if they don’t decide that this (Centrica) is a strategic asset then there is the possibility of the [...]