AIG reaches deal with government on plans to pay back US taxpayers September 30, 2010 AMERICAN International Group (AIG) laid out a plan yesterday that sets the company on a path for an accelerated payback of taxpayer bailout money, but also increases the risk for the government. The plan, which comes a little over two years after AIG was rescued from the brink of collapse, will see the Federal Reserve [...]
Canada, France probe HSBC’s Swiss accounts September 30, 2010 FRENCH investigators are probing some 1,500 Canadian-registered Swiss bank accounts at HSBC as part of a crackdown on unreported wealth, the head of Canada’s revenue agency said yesterday. Authorities are looking into accounts obtained from a former HSBC worker who allegedly stole the records from the bank and handed them over to investigators. Canadian tax [...]
CHEESE BUSINESS BOOSTS DAIRY CREST September 30, 2010 DAIRY CREST, the food business which makes Clover and Cathedral City, said in a trading update its sales over the last six months were in line with expectations and ahead of the same period last year. The firm, led by chief executive Mark Allen (inset), said its cheese products had led the growth in the [...]
Cenkos denies Panmure bid as profit falls September 30, 2010 CENKOS Securities has no interest in the sector’s prime bid target, Panmure Gordon, although Cenkos’ chief executive said his company could benefit from any disruption at Panmure. “I’m more interested in acquiring teams and individuals,” Cenkos chief executive Simon Melling said, as the company reported lower first-half profits yesterday. Britain’s mid-tier stockbroking sector has recently [...]
Tate & Lyle is sweet on 2010 September 30, 2010 SWEETENER and starches maker Tate & Lyle said it expects annual profit to rise, after building on an encouraging start to the year over the summer. Chief executive Javed Ahmed said he expects “progress” in full-year pre-tax and operating profits, driven by growth in the speciality sweeteners and starches business including its sucralose sweetener Splenda. [...]
Premium cake market slump hits Finsbury sales September 30, 2010 BAKER Finsbury Food Group saw sales fall for the first time in its history as the recession took its toll on the premium cake market. Group revenue for the 52 weeks to 3 July 2010 was £168.3m, down 5.9 per cent year-on-year, although the company did manage to increase profits before tax by seven per [...]
Regal Petroleum chief executive steps down after Ukrainian disappointment September 30, 2010 OIL explorer Regal Petroleum said its wells in Ukraine had performed poorly and it would carry out a strategic review, adding that its chief executive David Greer was stepping down. The company said yesterday it had agreed to sell its licence in Romania to Chevron for $25m (£15.9m), as part of a move to refocus [...]
BEST OF THE BROKERS September 30, 2010 MICHELIN Citigroup believes the market will take until the end of 2010 to get more comfortable with Michelin’s investment case. The broker, which rates the stock as “overweight”, estimates the €1.2bn rights issue causes around 11 per cent dilution, which implies new cash is utilised at a similar return as the rest of the business [...]
CITY MOVES | WHO’S SWITCHING JOBS September 30, 2010 Threadneedle The investment manager has appointed Vanessa Donegan, a founding member of its investment team, as head of Asia and global emerging markets. Donegan has 30 years of experience in fund management, including her most recent role as Threadneedle’s head of Asia Pacific equities. She will now be responsible for overseeing the management of £6.5bn [...]
MEREDITH WHITNEY FEARS BANK APOCALYPSE September 30, 2010 A DIRE warning yesterday to the investment bankers of the world, as one of Wall Street’s most famous banking analysts, Meredith Whitney, called the apocalypse (Part II). Whitney, a former Oppenheimer & Co analyst who now runs her own advisory firm, is one of the most dedicated bears in the business, having begun by betting [...]
