Keep Cadbury independent, says its chief September 16, 2009 CADBURY chief executive Todd Stitzer yesterday said the Dairy Milk maker should remain independent, as he put his case to a group of shareholders and industry analysts. Stitzer attempted to win shareholder support, stressing that Cadbury was on the hunt for acquisitions and not just the bid target of Kraft’s £10.2bn takeover approach. Stitzer said [...]
EC says it has not told Lloyds to sell Halifax September 16, 2009 THE European Commission said yesterday that it had not struck a deal with Lloyds Banking Group that would see the lender dispose of Halifax in return for approval of the state aid it has received from the government. EC competition commissioner Neelie Kroes has repeatedly signalled that the bank will have to dispose of assets, [...]
ITV execs in the frame for C4’s top job September 16, 2009 TWO ITV executives were yesterday being hotly tipped to succeed Andy Duncan as chief executive of Channel 4 (C4) when he steps down later this year. Peter Fincham, ITV’s director of television, and John Cresswell, the commercial broadcaster’s chief operating officer, are both believed to be favourites for the high-profile role. C4’s Duncan ended months [...]
Yen surges on currency pledge September 16, 2009 THE Yen surged to a seven month-high against the dollar yesterday, after Japan’s incoming finance minister said the government would not interfere to halt the currency’s recent ascent. The Yen reached a high of Y90.16 against the dollar, its best reading since February, when Hirohisa Fuji said the new centre-left Democratic party opposed intervention in [...]
Cuomo to grill BoA directors September 16, 2009 NEW York attorney general Andrew Cuomo has issued subpoenas to five directors of Bank of America (BoA), according to US sources. Cuomo is seeking information from the executives on what they knew about Merrill Lynch and the bonuses that were paid at the bank in the lead-up to last year’s rescue merger with BoA. His [...]
Pity in the City for Lehman victims September 15, 2009 YESJEREMY HAZLEHURSTWHEN City workers lose their jobs, there will always be plenty of people who cheer. There is a perception out in the country that everybody who works in the Square Mile is an unscrupulous, greedy moneybags banker, spending their evenings wallowing in champagne and caviar. The truth is that most people who work for [...]
Lloyds tops list of complaints against high street banks September 15, 2009 LLOYDS Banking Group has emerged as the major UK bank with the highest level of successful complaints made about it by consumers in the first half of the year, according to the Financial Ombudsman Service (FOS). FOS data reveals that 81 per cent of cases settled in the six months to 30 June involving Lloyds [...]
Ashmore team sells shares as profits hit September 15, 2009 EMERGING markets fund manager Ashmore unveiled a £35.3m fast-track share placing that will see its employees reduce their holdings in the company by 2.2 per cent, as it reported a fall in full-year profits. The group said banking giants Goldman Sachs and UBS are to oversee the sale of 15.6m shares to institutional investors under [...]
CITY MOVES WHO’S SWITCHING JOBS September 15, 2009 Conduit Capital MarketsThe mid-market institutional derivatives and securities dealer has appointed Rakesh Chhabra as its new chief financial officer. Chhabra qualified at Moore Stephens and joined Coopers and Lybrand in 1994. He worked at Mesirow Europe before being appointed to his most recent role as finance manager at Knight Equity Markets International Limited, where he [...]
CITY VIEWS: WHAT ANNOYS YOU ABOUT YOUR BANK? September 15, 2009 PETER BOARDLEY CUNNINGHAM LINDSEY“I think things are much the same now as they have always been, and changes are due. Banks still overcharge for overdrafts and bounced cheques, although I understand that this could soon be addressed. Currently a lot of people get free banking at the expense of others who maybe go a small [...]