Former HSBC exec named as BT Openreach’s next chief executive January 13, 2014 BT ANNOUNCED yesterday that Joe Garner will take up the role of chief executive of its infrastructure business Openreach in February, replacing Liv Garfield, who is leaving to become chief executive of Severn Trent. Garner previously worked at Procter & Gamble and as UK chief at HSBC, where he helped lead the bank through the [...]
Carney to act on foreign risks to Britain’s banks January 13, 2014 BRITISH banks will have to build up bigger capital buffers against foreign loans if the Bank of England deems the other nations to be experiencing bubbles, the financial policy committee (FPC) said yesterday. The Bank of England argued that if it could have cut banks’ exposures to US sub-prime mortgages, the credit crunch may have [...]
Amec sets out £1.9bn offer for Foster Wheeler January 13, 2014 ENGINEERING firm Amec has provisionally agreed to buy US rival Foster Wheeler for $3.2bn (£1.9bn), both parties said yesterday. Samir Brikho, chief executive of the FTSE 100-listed company, described the acquisition as “transformational” for Amec, enhancing its position in the downstream energy sector and in developing markets such as Latin America. Threadneedle Investments, a top [...]
Rice firm Tilda taken over by Hain Celestial January 13, 2014 AMERICAN organic food products company Hain Celestial has swallowed rice company Tilda in a $357m (£218m) deal that will retain the UK firm’s management to drive growth in new markets. Hain Celestial, whose companies include Ella’s Kitchen and Almond Dream, beat firms such as Associated British Foods (ABF), Spanish rice company Ebro and Uncle Ben’s [...]
Ashley swoops on Debenhams January 13, 2014 MIKE ASHLEY’S Sports Direct is set to meet with the board of Debenhams after the sportswear giant made a surprise swoop on the struggling retailer and snapped up a 4.6 per cent stake. Neither of the companies commented on when the meeting was likely to take place, but both sides said they were open to [...]
Bottom Line: Sports Direct designs on retailer will pay off January 13, 2014 AMID yesterday’s M&A frenzy, which saw billions of dollars changing hands across the world, Mike Ashley’s move for a £46m stake in Debenhams looks like small fry. But as the inimitable Geordie has proved in the past, he’s not a man to be underestimated. Though not an immediately obvious fit, there are certain parts of [...]
Business groups welcome latest shale incentive January 13, 2014 BUSINESS groups and industry players yesterday welcomed the government’s move to give greater financial benefits to local communities hosting shale gas exploration sites. Councils can now keep 100 per cent of business rates from the sites, double the current 50 per cent figure. The government claims this increase will be worth up to £1.7m per [...]
Total taps into UK’s shale gas potential January 13, 2014 TOTAL yesterday became the first international energy major to tap into the UK’s burgeoning shale gas market, as it unveiled a 40 per cent stake in two exploration licences. The French energy group said it had acquired two interests in the Gainsborough Trough area of the East Midlands, for up to $48m (£29.3m). “This opportunity [...]
Sept 11 deal for Cantor agreed January 13, 2014 A US judge yesterday approved a $135m settlement between American Airlines and Cantor Fitzgerald over business and property losses suffered by the financial services company in the September 11 attacks on the World Trade Centre, in which 658 of Cantor’s employees were killed. The agreement averts a trial that had been scheduled to begin this [...]
Salmond’s glee over Treasury debt guarantee January 13, 2014 THE PRIME Minister’s spokesman has denied that a Treasury note, confirming the UK would guarantee all national debt even if Scotland became independent, was issued as a result of concern from bond markets. The note, published yesterday, stated that in the event of a vote in favour of independence: “The continuing UK government would in [...]
