DS Smith in £1.3bn deal for packager January 17, 2012 DS Smith is buying the recycled packaging operations of Svenska Cellulosa Aktiebolaget for €1.6bn (£1.3bn) in a move to secure more business from the world’s top consumer goods companies. The company said the acquisition, which excludes two mills in Sweden that use virgin pulp, would be financed by a combination of debt and £466m from [...]
Growing Hyperion mulls IPO January 17, 2012 INSURANCE group Hyperion has moved nearer to a flotation after reporting a rise in revenue and earnings. The broker and underwriter, which is backed by 3i, Britain’s oldest private equity firm, increased revenue by 21 per cent to £87m for the year to 30 September. The firm bought smaller insurance groups in Israel and the [...]
Lansdowne fund hit by 2011 slump January 17, 2012 HEDGE fund Lansdowne Partners has emerged as the latest casualty of a dire 2011 for the industry with a slump of more than a fifth at a key British fund. The Lansdowne UK Fund lost 20.07 per cent last year, its first annual loss since it was launched 10 years ago. The $1.7 trillion (£1.1 [...]
Barack Obama vs Mitt Romney January 17, 2012 This week, we’re asking members of our readers’ panel how they would vote if the 2012 Presidential race ends up pitting Republican frontrunner Mitt Romney against incumbent Barack Obama. We also want to know who you think is most likely to win. And will Romney’s experience running Bain Capital help or hinder his campaign? To [...]
Soft landing in China as euro hits exports January 17, 2012 ECONOMIC growth in China slowed to a two and a half year low in the fourth quarter of 2011, though the data points to a “soft landing” rather than the hard deterioration economists feared. Chinese GDP grew by 8.9 per cent in the year, compared with 9.1 per cent in the 12 months to the third [...]
Union rejects Tube Olympics deal January 17, 2012 Transport union the RMT has rejected a new pay offer from London Underground, warning that it could start dispute action if further progress is not made. The RMT said the offer of a £100 target-based bonus plus a £15 per shift payment during the Olympics for operational staff was “derisory, inadequate” and that it would [...]
Study: Stop focus on tech growth January 17, 2012 Governments are wrong to focus exclusively on technology start-ups when looking to promote high-growth businesses, claims research from the Strathclyde Business School. Innovation schemes in many countries focus on the sector and on university research spin-offs, when they only actually produce very few successful firms. “It is dangerous to adopt policies which pre-judge where high-growth [...]
Romney hints at his tax rate January 17, 2012 US Republican presidential candidate Mitt Romney, under increasing pressure to release his tax returns now, insisted yesterday he planned to make them public in April but said he “probably” pays a rate of around 15 per cent. Romney, who used to lead Bain Capital, said most of his income came from his investments, suggesting he [...]
Inflation plummets as high street sales help the consumer January 17, 2012 CONSUMER prices increased at their slowest pace for six months in December, the Office for National Statistics revealed yesterday, with alcohol and tobacco prices down in the month and fuel rises slowing. The headline consumer price index increased by 4.2 per cent in the year to December – down from 4.8 per cent the month [...]
House prices drop for eighth month running January 17, 2012 HOUSE prices in the UK declined again in November, the Department for Communities and Local Government (DCLG) revealed yesterday. The index fell 0.3 per cent on an annual basis in November, slower than the 0.4 per cent decrease seen in October and representing the eighth consecutive monthly fall. Meanwhile the typical sum paid for homes [...]
