Tesco to tie up with C&W November 19, 2009 Tesco, the UK’s biggest supermarket, is set to spark a price-war in the telecoms sector when it ties up with Cable & Wireless. The new venture will threaten rivals BT, Virgin Media and Carphone Warehouse. The tie-up is forecast to generate £2bn in annual sales and £200m in yearly profits over the medium term.
Royal Mint ramps up gold output November 19, 2009 The Royal Mint has more than quadrupled its production of gold coins in the third quarter after demand for the precious metal increased as investors sought it to hedge currency fluctuations. Output rose to 32,735.8 ounces from 7,500.2 ounces a year before.
BA trustees stick by boss in pension row November 19, 2009 THE trustees of British Airways’ pension scheme have stood by chairman Roger Maynard amid further calls for him to resign and be replaced by an independent figure. A spokesman said the trustees were satisfied there was no conflict of interest in Maynard’s roles as director of investments at BA, director of Spanish carrier Iberia and [...]
Private equity giants enter first stage fight for Matalan November 19, 2009 MATALAN, the discount clothing chain, is believed to have entered the first stage of its sale process as five private-equity titans go head to head in the preliminary bidding process. TPG, Blackstone, Warburg Pincus and BC Partners are all understood to have entered the first round of bidding for the retailer, which has so far [...]
Analysts split over a tie-up between Reckitt and Colgate November 19, 2009 Shares in Reckitt Benckiser were in the spotlight yesterday, with three times the usual daily volume traded, as speculation mounted about a potential multi-million tie-up. Analysts were split as to whether the Cillit Bang maker was eying and merger with Colgate Palmolive, or a potential takeover of Durex maker SSL International. But there was a [...]
Belgian PM to be EU President November 19, 2009 AFTER months of speculation Belgian Prime Minister Herman Van Rompuy was last night named as Europe’s first President, with trade commissioner Lady Ashton recruited to head up the Commission’s foreign policy. Rompuy – who beat former BritishPrime Minister Tony Blair to the feted role – is Belgium’s centre right Prime Minister, and is credited with [...]
FSA secures new powers November 19, 2009 CITY watchdog the Financial Services Authority (FSA)will have powers to claw back bank bonuses that breach globally agreed rules on remuneration and force hedge funds to provide data, a draft law published yesterday showed. The draft law’s main provisions were announced during Wednesday’s Queen’s Speech and enforce pledges Britain and other members of the G20 [...]
Blackstone to snap Birds Eye Foods up in $1.3bn cash deal November 19, 2009 Private equity titan Blackstone is set to buy Birds Eye Foods through its portfolio firm Pinnacle Foods. Pinnacle Foods, which already owns pancake mixture company Mrs Butterworths, will pay more than $1.3bn (£700m) for the biggest frozen-vegetable firm in the US. Birds Eye is majority owned by private equity firms Vestar Capital Partners, while New [...]
CITY VIEWS: HOW USEFUL WERE THE POLICIES OUTLINED IN THE QUEEN’S SPEECH? November 19, 2009 CHRISTIAN PRYCE WILLIS“I think it is almost as if the Queen’s speech has become insignificant in the grand scheme of things. To me, it was more of a royal event that served as a political mouthpiece for Gordon Brown than anything else of importance.”CHRIS TAGG LOCKTON INSURANCE“From an economic viewpoint, I don’t feel the legislation [...]
Investec bad debts peak over first half November 19, 2009 SOUTH African bank Investec yesterday said profits dipped by a tenth in the first half, though it added confidence is starting to return and that impairments appear to have peaked. Operating pre-tax profit at the group fell 10.7 per cent to £216m over the six months to September, mainly due to a 62 per cent [...]
