Santander to pay out over Madoff claim May 26, 2009 SPANISH banking giant Santander has agreed to pay $235m (£148m) to a trustee representing victims of Bernard Madoff’s $65bn alleged fraud, to avoid a claim against two hedge funds managed by its Optimal investment unit. The settlement represents the first big victory for the trustee, Irving Picard, who has filed suits against a bevy of [...]
Russian firm invests $200m in Facebook May 26, 2009 THE queue of investors itching to cash-in on social networking site Facebook was long. But Russia’s Digital Sky Technologies (DST) pipped the competition to the post yesterday when Facebook, run by 24 year old Harvard drop-out Mark Zuckerberg, accepted a $200m (£126m) investment from the company, controlled by Yuri Milner. Milner’s company owns Russia’s largest [...]
Rio Tinto cuts metal prices May 26, 2009 Mining giant Rio Tinto cut its iron ore prices for supplying Japan by a third yesterday, as the commodities market shows little sign of recovery. The pricing will set the tone for other sellers like BHP Billiton and other big Asian buyers. The deal between Rio and Nippon Steel, the Japanese producer, comes after months [...]
McDonald’s in coffee expansion May 26, 2009 Fast food major McDonald’s yesterday unveiled ambitious plans to usurp Starbucks as Europe’s biggest coffee chain, and said it would open several hundred McCafé stores selling cakes and coffees this year. Although Starbucks has been putting the brakes on its expansion in Europe, McDonald’s hopes to increase the number of McCafé stores in Europe to [...]
Ofcom says no to more TV ads May 26, 2009 Broadcasters will not be allowed to increase the amount of advertising carried on television, media regulator Ofcom said yesterday. But it said it would allow teleshopping on commercial public service channels, to allow broadcasters to generate additional revenues. Teleshopping will be allowed from midnight to 6am.
Pearl rescuer close to deal May 26, 2009 THE potential new investors in Pearl Assurance, Hugh Osmond’s highly-indebted insurance group, could end up with 60 per cent of the equity as part of a refinancing deal currently being discussed, CityA.M. has learned. Liberty Acquisition Holdings, an Amsterdam-listed special purpose vehicle headed by two private equity investors, Nicholas Berggruen and Martin Franklin, is in [...]
Albemarle & Bond boosted as consumers turn to pawn May 26, 2009 PAWNBROKER Albemarle & Bond said yesterday it expects full year results to be significantly ahead of expectations as out-of-pocket consumers continue to frequent its shops to exchange valuables for ready cash. Albemarle said it had upped predictions for the year to the end of June after retail sales rose in the recession. It also benefited [...]
Danone shares stumble as it announces a 3bn rights issue May 26, 2009 FOOD group Danone yesterday said that it is planning a €3bn (£2.6bn) rights issue aimed at helping it snap up smaller rivals hurt by the financial crisis and aiding its growth through the downturn. The firm said it planned to launch a sale of new shares to existing shareholders in coming days, subject to internal [...]
CARLUCCIO’S COMES OFF THE MENU May 26, 2009 CARLUCCIO’S, the Italian restaurant and delicatessen chain, yesterday said that take over talks with a potential bidder, believed to be private equity group Hutton Collins, had ended. The group said it was “no longer in an offer period”. Its shares plunged 14.4 per cent to 83.5p as the stock lost the gains achieved in the [...]
Virgin beats rival BA with rising profits May 26, 2009 AIRLINE Virgin Atlantic, controlled by Richard Branson’s Virgin Group, saw its pre-tax profit almost double to £68.4m in the year ending February – trouncing British Airways (BA), which last week announced record losses. Virgin said profits were boosted by an increase in premium travel. It is taking market share from rivals, including BA, in the [...]