Silvio Berlusconi’s guilty verdict upheld August 1, 2013 FORMER Italian Prime Minister Silvio Berlusconi yesterday had his four-year prison sentence for tax evasion upheld by Italy’s highest court. However, Berlusconi is more likely to get community service than prison. The court also ordered a further review on whether he should be banned from holding public office.
CME Group beats Wall Street hopes August 1, 2013 CME Group, the world’s biggest futures exchange operator, reported a 27 per cent rise in quarterly profit yesterday, beating expectations, as trading jumped both at home and abroad. Net income rose to $311.2m or 93 cents a share, in the second quarter, from $244.9m, or 74 cents a share, a year earlier, the Chicago-based exchange [...]
Earnings plummet at MetLife August 1, 2013 MetLife’s second-quarter profit plunged 80 per cent due to derivative losses but still managed to beat analysts’ estimates as operating earnings increased in the company’s retail insurance business. The largest life insurer in the US is heavily exposed to persistently low interest rates. But it has long had a substantial derivatives programme designed to smooth [...]
Upbeat outlook from P&G August 1, 2013 Procter & Gamble forecast a slightly more upbeat 2014 than expected yesterday as chief executive AG Lafley tries to get the world’s largest household products maker back on track without sacrificing profitability. P&G reported lower quarterly earnings but they still topped the company’s muted expectations from April. Core earnings per share fell to 79 cents [...]
Crisp firm Tyrrells sold for £100m August 1, 2013 TYRRELLS, the premium snacks firm which uses only potatoes from local Herefordshire farmers for its UK crisps, has been snapped up by private equity firm Investcorp in a £100m deal. The firm, founded 11 years ago by farmer Will Chase as a sideline to his traditional Herefordshire farm, will continue to be led by current [...]
Theo Fennell succumbs to £2.9m takeover offer from EME Capital August 1, 2013 THEO Fennell, the premium jeweller favoured by celebrities such as Lady Gaga and Victoria Beckham, has finally agreed to be taken over by finance house EME Capital in a £2.9m deal. The firms have been locked in talks since last September, with the extraordinary length of the discussions requiring 10 extensions from The Takeover Panel [...]
Luton Airport snapped up by Aena and Axa August 1, 2013 LUTON Airport is set to expand after the rights to run the airport were snapped up by Spanish infrastructure group Aena and Axa’s private equity arm. Aena has teamed up with Axa to buy the remaining 90 per cent from fellow Spanish firm Abertis in a deal worth £433m. State-owned Aena already held 10 per [...]
Equistone takes a bite out of Charles & Alice August 1, 2013 EQUISTONE Partners, the private equity firm carved out of Barclays two years ago, yesterday backed a buyout of upmarket French dessert maker Charles & Alice Group. The deal, Equistone’s third French acquisition this year, will see the firm finance a secondary management buyout (MBO) led by Charles & Alice’s president Thierry Goubault. Terms were not [...]
Thomas Cook plots more cost cuts as summer holiday sales match forecasts August 1, 2013 THOMAS Cook’s restructuring efforts yielded a small profit in the third quarter, and cost cuts are ahead of schedule, the firm said yesterday. The travel group posted earnings before interest and tax of £1m, compared to a £45m loss in the same period last year. The firm completed a £1.6bn refinancing in the quarter, helping [...]
Stock Exchange birthday party for Winterflood August 1, 2013 CITY veteran Brian Winterflood – founder of Winterflood Securities – opened trading at the London Stock Exchange (LSE) bright and early yesterday morning. The opening bells were ringing to celebrate the firm’s milestone 25th anniversary. And The Capitalist hears that this was not the only birthday that Winterflood will be celebrating this year – 2013 [...]
