Commerzbank and Kfw join forces to launch fund May 26, 2010 COMMERZBANK and the German state development bank KfW are planning to launch a massive fund for Germany’s critical small and mid-sized companies dubbed collectively the Mittelstand. The administrative council of the KfW is due to meet on 10 June to decide on the fund, whose volume would be between €300m-€500m, according to the Financial Times [...]
BEST OF THE BROKERS May 26, 2010 THORNTONS Execution Noble reiterates its “sell” rating on Thorntons. The group’s profit warning and the resignation of the chief executive shows that it is time for a new plan, according to Execution, which sees no catalyst for a positive investment case until the appointment of a new chief and the formulation of a plan that [...]
Brewin profit jumps despite market havoc May 26, 2010 INVESTMENT manager and stockbroker Brewin Dolphin saw its profits jump over the first half of the year as it benefited from the long-term outlook of many of its risk-averse clients. Brewin Dolphin posted a pre-tax profit of £15.2m for the half-year to March, 37 per cent above the £11.1m it made in the corresponding six [...]
For corporate advisers, small can be beautiful May 26, 2010 BEING a mergers and acquisitions (M&A) banker in one of the bulge bracket banks used to be a fast-track way to find yourself labelled one of the elite Masters of the Universe. But these days it is as easy to find the rising stars of corporate finance in smaller advisory boutiques. Recent data for the [...]
Facebook boosts privacy controls May 26, 2010 FACEBOOK has announced efforts to better guard the privacy of its more than 400m users, addressing mounting pressure on the world’s most popular online social network to protect personal data exchanged on its site. Facebook chief executive Mark Zuckerberg said yesterday his firm would soon make it easier for users to change privacy settings, giving [...]
AstraZenca nabs Pfizer’s top man May 26, 2010 TOP Pfizer research executive Martin Mackay has left the world’s biggest drugmaker to head research at rival AstraZeneca as both companies brace for patent expirations on their top-selling medications. Pfizer will consolidate its research and development under Mikael Dolsten, who had worked with Mackay as co-head of research and development since October in a split [...]
Burberry on track to open new stores May 26, 2010 BURBERRY is stepping up its expansion plans after a surge in profits. The fashion house – famous for its check designs – said yesterday it will open between 20 and 30 stores this year as it posted pre-tax profits of £215m for the 12 months to the end of March. That was up 23 per [...]
AB InBev to sell Bass as it puts focus on lager brands May 26, 2010 BASS has been put up for sale by its owner Anheuser-Busch (AB) InBev, the world’s biggest brewer. The estimated price tag of the beer, which was once Britain’s most popular, is between £10m and £15m. The sale of Bass could be followed by other small British brands including Boddingtons and Flowers. AB InBev, created through [...]
Eurotunnel ad banned for boast that weather will not stop trains May 26, 2010 A EUROTUNNEL advert claiming the service runs in any weather has been banned by advertising watchdogs after a complaint from a passenger who was left stranded when snow halted services in December. The email promotion had the headline: “France in just 35 minutes”, adding: “Whatever the weather.” One person who received the email, who spent [...]
Fresh Ocado deal boosts plans to float May 26, 2010 OCADO has struck a new 10-year partnership deal with Waitrose – strengthening its position as it presses ahead with plans to float. The two firms said yesterday they had sealed a deal under which Ocado will be able to continue selling Waitrose products until September 2020. A previous agreement had been due to expire in [...]
