France goads Britain over EU jobs win November 29, 2009 FRENCH president Nicolas Sarkozy fired a salvo at the City of London yesterday, describing Britain as the “big losers” in the appointment of Frenchman Michel Barnier to the EU’s finance brief. Sarkozy’s remarks, which were instantly condemned by City figures, underline the difficulties London can expect in dealing with Barnier. France is seen as favouring [...]
Cadbury keen on Hershey as a bid battle with Kraft looms November 29, 2009 A BID battle looks set to break out for takeover target Cadbury after it emerged Hershey had lined up £4bn for a possible approach and Cadbury’s boss said the UK firm may fit well with the US chocolate giant. Hershey, known for its Hershey bars and Kisses in the US, is understood to have lined [...]
Bank of America salaries cut November 29, 2009 Bank of America has been forced to cut the salaries of two senior executives after a review by the White House pay czar Kenneth Feinberg. Chief financial officer Joe Price and mortgage unit president Barbara Desoer will both earn salaries of $500,000 in 2009, compared to $800,000 last year. The bank is under review after [...]
White House calls on big bosses November 29, 2009 Top US companies such as Google, AT&T, FedEx and Disney are set to attend a White House summit to devise ways of fighting unemployment. Around 130 business leaders and academics will be at the 3 December forum, which is aimed at decreasing joblessness from its current rate of 10.2 per cent. It is the first [...]
Promethean aims for top of class November 29, 2009 Promethean, the UK-based maker of interactive whiteboards, is planning an initial public offering valuing it at £400m-£500m. A £400m IPO would value Promethean, founded by Tony Cann, at 18 times last year’s earnings before interest, tax, depreciation and amortisation of £22m. But its profits rose 60 per cent from the previous year. The firm is [...]
Japanese PMI at four-month low November 29, 2009 Japanese manufacturing fell to a four-month low in November, according to the Nomura/JMMA Japan Manufacturing Purchasing Managers Index (PMI) released today. The index fell to 52.3 in November from 54.3 in October. The output level of 54.4 was the lowest in five months. The figure 50 is the mark that separates growth from contraction.
Advisers head to the Gulf as rumours swirl November 29, 2009 Aidan Birkett is beginning a week of intense negotiations as the full implications of Dubai World’s debt problems emerge. The managing director for corporate finance at Deloitte is leading the process to shore up Dubai World’s crippled finances. The state-owned property and financial conglomerate announced last week it needed a six-month respite from its debt [...]
WHAT ASSETS COULD DUBAI BE FORCED TO SELL? November 29, 2009 DP WORLD: The P&O owner is one of the world’s largest port operators and among the crown jewels of Dubai. STANDARD CHARTERED: Istithmar World Capital (IWC) bought a 2.7 per cent stake worth about $1bn (£606m) in October, 2006. MGM MIRAGE: In 2007, Dubai World invested about $5bn in casino operator MGM by buying shares [...]
EXPATS WHO’VE MADE IT IN DUBAI BUSINESS November 29, 2009 DAVID ELDONCHAIRMAN DUBAI INTERNATIONAL FINANCIALCENTREEldon, 64, has been working on and off in Dubai since 1968.He has an illustrious career in banking, having spent 37 years at HSBC.He spent more than a decade working for the bank in the Middle East before moving to Asia, where he went on to become chairman.Eldon joined DIFC, which [...]
HOW THE DUBAI CRISIS UNFOLDED November 29, 2009 Friday 20 NovemberUpheaval in Dubai’s financial elite begins as three key figures are removed from the state’s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World. Sunday 22 NovDubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to [...]