Nestl boosts share buyback and mulls Alcon sale October 22, 2009 Cash-rich Nestlé, the world’s biggest food group, said yesterday it was speeding up a programme to buy back shares and was likely to raise fresh funds from the sale of its stake in eye care firm Alcon. The firm declined to comment on any possible counterbid for Cadbury, though it said it was always open [...]
Ericsson sees profits dive as crisis hits October 22, 2009 SWEDISH telecoms equipment giant Ericsson yesterday blamed the global downturn for a 71.5 per cent plunge in third-quarter profits. The firm had hitherto proved resilient to the global financial crisis, managing to maintain profits and sales, but the reality finally caught up with it as capital spending cuts by operators fed through. Ericsson’s sales fell [...]
Pernod Ricard in sales decline October 22, 2009 DRINKS company Pernod Ricard, the maker of Jameson whisky, yesterday reported a four per cent decline in revenue to €1.64bn (£1.48bn), in line with company expectations. Sales in the group’s first quarter ending 30 September fell 6.3 per cent, with wine and champagne sales diving 13 per cent. Chief executive Pierre Pringuet said that the [...]
AT&T profits beat forecasts October 22, 2009 AT&T reported stronger-than-expected third quarter profits as the wildly popular iPhone helped it land a record number of new wireless customers for the period. Investors have worried about AT&T’s dependency on Apple’s iPhone for growth, but for now it is paying big dividends. AT&T, which has exclusive US rights to the phone, said it was [...]
Business news has helped the market to recover October 22, 2009 MERRILL Lynch. Lehman Brothers. HBOS. These three once mighty institutions were among the big-name banks we set out to cultivate when this newspaper launched four years ago. The names may live on in one form or another, but all three are now consigned to the history books as independent entities. Who would have thought the [...]
Anglo to sell off assets in restructuring October 22, 2009 ANGLO AMERICAN, the resources group which owns stakes in the biggest diamond and platinum producers in the world, has unveiled massive restructuring plans in a bid to focus on mining. Anglo said it was reorganising into seven arms, whose directors will report straight to chief executive Cynthia Carroll. Ian Cockerill, boss of the miner’s coal [...]
Pubcos cheer OFT decision October 22, 2009 Beer campaigners have failed in a bid to force leased pub operators to allow their landlords to buy beer supplies from rivals, boosting shares in the sector. The Office of Fair Trading (OFT) has rejected a complaint from the Campaign for Real Ale (Camra), which claimed that tied arrangements forcing pub tenants to buy solely [...]
City Moves for 23 October 2009 | Who’s switching jobs October 22, 2009 Grosvenor Fund ManagementThe fund management firm has hired Dominic Field as director of business development, responsible for advising on and supporting new business initiatives and investor relations. Field was previously director of the real estate private fund group at Credit Suisse, where he worked on over 30 fund raisings across Europe, the US and Asia. [...]
China growth picks up in third quarter October 22, 2009 CHINA saw its rate of annual GDP growth pick up in the third quarter as a combination of breakneck investment and buoyant bank lending compensated for a slump in exports. Growth accelerated to 8.9 per cent in the third quarter, from 7.9 per cent last quarter. The figures came a day after the government said [...]
Luminar sees profits slump October 22, 2009 NIGHTCLUB owner Luminar yesterday said profits for the first half of the year almost halved as the leisure market continues to suffer from the lack of ready cash lining consumers’ pockets in the downturn. Pre-tax profits for the half year to 27 August fell to £4.9m, from £8.4m a year ago, which the firm blamed [...]
