Credit Suisse picks M&A head December 21, 2009 CREDIT Suisse has promoted banking veteran Boon Sim to lead its global and European mergers and acquisitions businesses. The Swiss bank announced the decision in an internal memo yesterday, in which it confirmed Sim would take up the new role from 1 January next year. He succeeds Marc Granetz, who is also co-head of global [...]
Wal-Mart looks to Brazil for huge expansion push December 21, 2009 WAL-MART Stores, the world’s largest retailer, will invest up to 2.2bn reais (£740m) in Brazil next year, the largest-ever expansion plan by the company in Latin America’s biggest economy, a top executive said yesterday. Wal-Mart, which ranks third among Brazil’s largest retail chains, plans to open between 100 and 110 stores in 2010, Hector Nunez, [...]
Copenhagen disappointment hammers the European carbon trading markets December 21, 2009 THE benchmark contract for European Union carbon emissions futures closed at a six-month low on Monday, having fallen as much as nine per cent in intra-day trade after a weak UN climate deal disappointed investors. EU Allowances (EUAs) for December 2010 delivery closed 8.62 per cent lower at €12.41 (£11.04) a tonne, after falling as [...]
US healthcare share rise as medical bill progresses December 21, 2009 HEALTHCARE shares rose yesterday as a bill to reform the health system passed a first critical test in the US Senate, without many of the provisions, such as a government-run health insurance option, that investors most feared would hurt profits. The S&P Healthcare Index rose 1.4 per cent, while the Morgan Stanley Healthcare Payor stock [...]
EDF Powerlink workers to strike December 21, 2009 Members of the Unite union working for EDF Powerlink are set to go on strike for four days from today after last-minute talks with the company broke down. The strike could bring London Underground services to a halt over the Christmas period as the workers maintain its electrical systems. They rejected a two-year pay deal [...]
Opec to leave output on hold December 21, 2009 Opec producers are set to leave output limits unchanged at a meeting in Angola today, officials from the cartel said, but look likely to call for improved compliance with existing curbs. “For this meeting – no change,” Opec secretary- general Abdullah al-Badri told reporters. “There is consensus that there is no change. If you look [...]
Thomas Cook strikes Gold December 21, 2009 Thomas Cook has struck a £47.5m deal to buy the remaining 49.99 per cent stake in UK travel company Gold Medal from its founder, Ken Townsley. Thomas Cook acquired a 50.01 per cent holding in April for £24.9m. It hopes to make annual cost savings of £10m from integrating Gold Medal with its other businesses [...]
GALLEON INNOCENT PLEA December 21, 2009 GALLEON hedge fund founder Raj Rajaratnam (above) and co-defendant Danielle Chiesi yesterday pleaded innocent to charges of securities fraud in what US prosecutors describe as the biggest hedge fund insider trading case ever. Sri Lankan-born Rajaratnam, 52, is the most prominent defendant among 21 people criminally or civilly charged in an insider trading case involving [...]
CORPORATE SCROOGES FAIL TO PUT DAMPENER ON XMAS PARTY SPIRIT December 21, 2009 ANOTHER year, another load of City types wistfully remembering the good old champagne-soaked extravagances of old? Well, not exactly. Company bosses are certainly trying to give the impression of having left behind those days for good, what with all those blanket bans on corporate decorations, measly £10-a-head allowances at the likes of Royal Bank of [...]
BAA in airports victory December 21, 2009 BAA has won its appeal against an order to offload three of its seven UK airports – after the initial decision was ruled to have been subject to “apparent bias”. The Competition Commission ruled in March that the operator must sell Gatwick, Stansted and either Edinburgh or Glasgow airports. But an appeal tribunal reversed the [...]