BEST OF THE BROKERS December 1, 2009 DIAGEOS&P Equity Research yesterday raised its 12-month target price for Diageo from 970p to 1,080p ,partly based on good results at Cointreau and Campari. But it kept its “hold” recommendation, saying Diageo’s earnings are holding up but that the stock is at a premium compared to Pernod Ricard, Campari and Constellation. QINETIQInvestec yesterday put out [...]
Alstom and Schneider in Areva deal December 1, 2009 SHARES in Alstom and Schneider Electric rose yesterday after the duo pushed aside non-French rivals to enter exclusive talks to buy Areva’s nuclear transmission and distribution business. Several analysts said the French consortium’s €4.09bn (£3.7bn) offer appeared to be fair and the bid removed uncertainty that Areva might sell to Japan’s Toshiba and American General [...]
CITY MOVES WHO’S SWITCHING JOBS December 1, 2009 RBC Capital MarketsRBC Capital Markets, the corporate and investment banking arm of Royal Bank of Canada, yesterday announced that it had hired Simon Ballard as a director and senior credit strategist in London. Ballard, who will be based in RBC’s London office, has over 20 years of credit experience, including roles at ABN AMRO Asset [...]
BNP Paribas ups savings forecast for Fortis buyout December 1, 2009 BNP PARIBAS yesterday raised its forecast for savings from the integration of former Fortis assets and said it was not planning any big acquisitions. BNP Paribas, one of just a few banks to emerge relatively strong from the credit crisis and among the first to pay back the government for financial support, raised its savings [...]
CITY VIEWS: AS GOLD HITS $1,200 AN OUNCE, WHY ARE INVESTORS STILL PUTTING THEIR MONEY IN THE COMMODITY? December 1, 2009 PETER J CALLOW RISK MANAGEMENT“Gold is a solid commodity, and there is so little confidence in the market that it’s little surprise investors are flocking to invest in it. Analysts were saying two years ago that gold would soar, and hearing what it’s worth today I’m now regretting not investing back then.” PETER THOMPSON PWC“Gold [...]
JD Sports Fashion says its trading has improved December 1, 2009 Sportswear and fashion retailer JD Sports Fashion said yesterday its trading has improved over the last 11 weeks and it is confident of its prospects for the rest of the year. The firm last updated the market on 12 September when it reported like-for-like sales up 0.5 per cent for its sports-based stores and up [...]
Carmaker Geely seeks $1bn loans to buy Volvo December 1, 2009 Geely, the Chinese carmaker picked as the preferred bidder for Ford Motor’s Volvo unit, is seeking at least $1bn (£602m) in loans from Chinese banks to finance its $1.8bn bid, sources said yesterday. Geely, which means “lucky” in Chinese, is hungry for modern and innovative technologies from the Swedish brand to upgrade its car line [...]
Starbucks names new international president December 1, 2009 Retail coffee chain Starbucks said yesterday that Martin Coles, the president of its international operations, is resigning just three months after taking up the post and that John Culver will succeed him. Coles is resigning to pursue new opportunities, Starbucks said. Culver, who has been with Starbucks for seven years, will now oversee operations and [...]
SAVINGS GIANTS IN MEGA-MERGER December 1, 2009 YORKSHIRE Building Society is in advanced merger talks with beleaguered competitor Chelsea, in a deal experts said could fuel further consolidation in the sector. A tie-up, yet to be approved by the FSA, would create a major force in the building society arena. With £38bn assets and 2.7m members it would be second only to [...]
GM BOSS IS OUSTED AFTER JUST EIGHT MONTHS IN JOB December 1, 2009 GENERAL MOTORS, the ailing car giant that recently emerged from the biggest bankruptcy in US history, last night ousted its chief executive Fritz Henderson after just eight months in the top role. Henderson, a GM veteran who has been with the car firm since 1984, was appointed as chief executive at the end of March [...]