Sweet spell over as Twinkie maker heads for bankruptcy November 18, 2012 HOSTESS Brands, the bankrupt maker of Twinkies snack cakes and Wonder Bread, will this morning seek a US court’s permission to go out of business after failing to get wage and benefit cuts from thousands of its striking bakery workers. The 82-year-old Hostess, which has about $2.5bn (£1.5bn) in sales and is one of the [...]
Daimler extends China focus November 18, 2012 German luxury carmaker Daimler will enlarge its management board to put a top executive in charge of its troublesome Chinese car business, a German magazine reported yesterday. The additional eighth executive board seat will be created at the group’s upcoming board meeting, weekly Der Spiegel reported, without specifying its sources. A Daimler spokesman declined to [...]
Madoff accountant son in suicide November 18, 2012 The son of the accountant of disgraced financier Bernie Maddoff has committed suicide in central Ohio. Jeremy Friehling, whose father David Friehling of New City, New York pleaded guity to securities fraud in 2009, was found dead in Columbus, where he was studying at Ohio State’s medical school, according to police. Authorities said there was [...]
No deal reached in SAS crisis talks November 18, 2012 Troubled Scandinavian airline SAS and unions held vital talks yesterday aimed at ensuring the company’s survival and avoiding bankruptcy, but no deal had been reached by the evening. The Scandinavian airline, hit by competition from lower-price rivals, last week announced plans to cut some salaries by up to 17 per cent and reduce overall headcount [...]
City Moves | Who’s switching jobs November 18, 2012 Boost ETP The investment product provider has appointed Richard Kent (right) as head of product operations and Jose Poncela as senior in-house counsel. Kent joins from UBS, where he was a director in its equity and fund-linked derivatives team. He has also worked for Barclays Capital. Poncela has held roles at Nomura International, UBS and [...]
Best of the Brokers November 18, 2012 COMPASS Panmure Gordon has a “buy” rating on the outsourcing firm and an 820p price target ahead of results on Wednesday. The broker expects eight per cent operating profit growth. WM MORRISON UBS has cut its rating from “buy” to “neutral” and slashed its target from 340p to 270p. The broker thinks the supermarket’s trading [...]
Twinkie-maker Hostess Brands to liquidate November 16, 2012 Hostess Brands, which makes Twinkies, has decided to close the company after failing to get wage cuts from striking workers. Hostess has been forced to liquidate after striking members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union refused to return to work after a set deadline on the 14 November. Members of [...]
Melrose slumps as it warns on outlook November 16, 2012 Buyout group Melrose today warned of a slowdown in its businesses, which sent its shares tumbling. The FTSE 100 firm – which caters to the energy, oil and gas, mining and manufacturing industries – said that the sales outlook for next year had become more “uncertain”. Melrose said that over the past few weeks, it [...]
Revenue up at Paddy Power as it ramps up expansion November 16, 2012 Irish bookmaker Paddy Power today announced revenue growth of 23 per cent over the period from July, as it said it would open 45 new sites in the UK this year. In an interim management statement this morning, the company said its UK high street shops reported net revenue up five per cent on a [...]
BAE senior independent director to stand down November 16, 2012 BAE Systems this morning said senior independent director sir Peter Mason will retire in May, less than a month after shareholder Invesco called for him to step down. Mason’s term of appointment was due to end of 21 January, and he will retire at BAE’s AGM next May. Nick Rose has been named as his [...]