Dismal sales at Diageo as crunch hits October 14, 2009 Diageo, the world’s biggest spirits group, said yesterday its underlying sales fell a sharper-than-expected six per cent in its first quarter, sending its shares lower, while it kept its annual profit target. The maker of Smirnoff vodka, Captain Morgan rum and Guinness beer reported the sales decline for its July-September first quarter, compared to analyst [...]
MILLIONAIRE LEAVES THE LAP OF LUXURY TO GET BY ON 64 A WEEK October 14, 2009 CHANNEL 4-gazers might have been surprised last night by the sight of a familiar face popping up on the box: Pimlico Plumbers boss Charlie Mullins. Mullins, himself the subject of a classic rags-to-riches tale as a self-made business tycoon, was taking part in the channel’s popular “Secret Millionaire” show, for which he travelled to a [...]
BRUCE WASSERSTEIN, WALL STREET LEGEND (1947-2009) October 14, 2009 BRUCE Wasserstein, the most celebrated dealmaker of the past 30 years, has died aged 61. Wasserstein, who served most recently as chairman and chief executive of investment bank Lazard, was admitted to hospital earlier this week with an irregular heartbeat and was said to be recovering until his death was announced last night. No cause [...]
Dow at 10,000 on JP Morgan October 14, 2009 JP MORGAN Chase sparked exuberance on Wall Street yesterday, as it surprised analysts by reporting third-quarter profit of $3.6bn (£2.25bn), driven by a barnstorming three months for its investment bank. The Dow Jones enjoyed a 1.47 per cent bump, closing at 10,015.86 on the back of the bank’s success and the expectation that rival Goldman [...]
City lives in Bruce Wasserstein’s shadow October 14, 2009 ANYBODY who really wants to understand today’s City of London – its culture, its customs and its personalities – needs to acquaint themselves with the life of Bruce Wasserstein, one of the greatest corporate financiers of all time who died last night at the cruelly premature age of 61. He was, of course, a New [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 14, 2009 FINANCIAL TIMES INVESTORS IN MADOFF SCHEME SUE SECTwo investors who lost more than $2.4m in the Bernard Madoff “Ponzi” scheme have filed suit against the US Securities and Exchange Commission, claiming that the government agency responsible for protecting investors was negligent in its oversight of Madoff’s operations. CHINA AND KENYA IN KEY INFRASTRUCTURE TALKSKenya’s government [...]
Mandelson delays worker laws October 14, 2009 Business secretary Lord Mandelson has delayed the introduction of new rights for workers, in an effort to give businesses a break as they try to recover. The new laws would have increased the rights of agency workers and given employees the entitlement to take time off for training or to perform “civic duties”.
Cairn to explore Greenland October 14, 2009 Oil company Cairn Energy has raised $310m (£196m) to fund exploration in Greenland, seen as one of the most likely sources of new oil reserves. Petronas, a stakeholder in Cairn’s Indian subsidiary, has contributed $70m in exchange for 10 per cent of the exploration sites off the coast of the country.
Alliance Trust in first buyback October 14, 2009 Investment firm Alliance Trust has staged its first ever share buy-back. The company bought 0.72 per cent of its equity capital for £15.4m at a price of 317p per share. The price is an 18 per cent discount to net asset value, but shares are trading at their highest in a year due to the [...]
Brokers open fire in High Court battle October 14, 2009 BGC PARTNERS offered well over £40m to key broking staff at fellow inter-dealer broker Tullett Prebon as part of a “carefully constructed raid”, a court heard yesterday on the opening day of a long-anticipated legal case between the two firms. Tullett, headed by City veteran Terry Smith, has accused its arch-rival of conspiring to poach [...]