De La Rue sees profits drop November 24, 2009 BRITISH printer De La Rue yesterday reported a six per cent fall in pre-tax profits after it was hit by a hike in interest charges. The bank note printer and cash handling machine specialist reported a $44.2m profit (£26.5m) in the six months to 26 September. As well as higher interest charges, the cost of reorganising its [...]
Kraft asks its bankers for exclusivity November 24, 2009 KRAFT has sealed “exclusivity” deals from the banks it is using to finance its £10.3bn ($17bn) bid for Cadbury – leaving other contenders with fewer lenders to bankroll their proposals. The US food giant has tied banks including Citigroup and Deutsche Bank into agreements where they cannot operate for its rivals. Family-owned Ferrero of Italy and US [...]
EuropeanCommission to drop its Qualcomm case November 24, 2009 THEEuropean Commission closed antitrust proceedings against Qualcomm yesterday, after big technology companies dropped their four-year old complaints against the US mobile chip supplier. The Commission’s decision came as Ericsson, the world’s biggest mobile network equipment maker, and Texas Instruments, Qualcomm’s biggest wireless chip rival, both announced that they were withdrawing their complaints. The case, which [...]
Koenigsegg pulls out of Saab deal November 24, 2009 TINY Swedish luxury carmaker Koenigsegg yesterday pulled out of talks with General Motors (GM) over its purchase of the US car giant’s loss-making Saab unit, putting its future in doubt. Koenigsegg said it had “come to the painful and difficult conclusion” that it could not push on with the acquisition, while GM said it was [...]
BEST OF THE BROKERS November 24, 2009 BLACKS LEISURE Seymour Pierce yesterday upgraded to “Outperform” from “Sell” its rating on Blacks Leisure. It said the approval of a Company Voluntary Arrangement eighteen months into turnaround plans at the company was the catalyst for the upgrade. The terms return financial stability to the store’s portfolio, Seymour Pierce said, leaving it in substantially better [...]
CITY MOVES WHO’S SWITCHING JOBS November 24, 2009 Clifford Chance The law firm has elected Andrew Forryan as the new London leader for its capital markets practice, for a period of four years.Forryan, who takes over from David Bickerton, recently elected as the firm’s regional managing partner in the UK and Middle East, has been a partner at Clifford Chance since 1997. He [...]
London market falls on back of revised USGDP figures November 24, 2009 BRITIAN’S leading share index ended 0.6 percent lower yesterday, with sentiment dampened by data showing the United States economy grew at a slower pace than previously thought, pressuring banks and commodity stocks. The FTSE index ended 31.54 points lower at 5,323.96, reversing earlier gains, to mirror falls on Wall Street after third quarter US economic [...]
England one-day side blossoms at last November 24, 2009 CRITICS have always been quick to knock England’s one-day set-up, but Sunday’s second ODI against South Africa was as good a limited-overs performance as I have seen from an England side for a long, long time. In the wake of the shambolic series with Australia in the summer, the England selectors have had a lot [...]
Wall St dips despite the Fed’s bullishness November 24, 2009 US stocks fell yesterday on lacklustre economic data in a session marked by low volume and choppy trading, but losses eased after the Federal Reserve raised its expectations for growth in 2010. Stocks fell early in the session as revised government data on gross domestic product showed the US economy grew at a slower-than-expected pace [...]
Gunners win dampened by injury worry November 24, 2009 ARSENAL (2) Vs STANDARD LIEGE (0) ARSENAL secured top spot in Group H and a place in the last 16 of the Champions League with a smooth attacking display, but their satisfaction was soured by a serious injury to full-back Kieran Gibbs. The outstanding Samir Nasri capitalised on a defensive slip to tuck the opening [...]
