Sports Direct fraud probe dropped October 19, 2010 Sports Direct International has been told that no charges will be brought against it by the Serious Fraud Office. The SFO had launched an investigation into Sports Direct International and JJB Sports over alleged anti-competitive practices. Office of Fair Trading and the SFO officials visited Sports Direct’s head office in September 2009 as part of [...]
IBM hit as new service contracts dry up October 19, 2010 BM won fewer technology services deals than expected in the third quarter, sending its shares 3.7 per cent lower, although it announced stronger profits and raised its full-year outlook A decline in services and outsourcing contracts signed in the quarter, a key indicator of future revenue growth, prompted some investors to take profits after the [...]
Citigroup profit tops expectations October 18, 2010 Citigroup reported a better-than-expected quarterly profit on Monday as credit losses slowed and the bank set aside much less money to cover bad loans. Analysts said the results were mixed. Revenue rose slightly from a year earlier but fell from the second quarter, and the bank dipped into reserves to cover bad loans. Investors expressed [...]
Beazley move for Hardy rejected October 18, 2010 Lloyd’s of London insurer Beazley said smaller peer Hardy Underwriting had rejected a takeover approach made earlier this month but that it still hoped to clinch a deal. Dublin-based Beazley said that on 6 October it had proposed paying 300 pence per share in cash for Hardy, valuing the company at about £155m. The approach, [...]
BP in $1.8bn asset sale October 18, 2010 Russia’s TNK-BP, half-Owned by BP, said it would acquire BP’s production and pipeline assets in Vietnam and Venezuela for $1.8bn (£1bn). The company will use its own funds to finance the new acquisitions, TNK-BP said in a statement. “The acquisitions in Venezuela and Vietnam mark a milestone in TNK-BP’s strategic expansion in the global energy [...]
RBC in £1bn deal for BlueBay October 18, 2010 BlueBay Asset Management has agreed an all cash takeover by Canadian bank Royal Bank of Canada (RBC). The deal values the company at around £1bn. BlueBay shareholders will receive 485p in cash for each of their shares. Shareholders will also get the dividend of 7.5p proposed at the end of last year. BlueBay is one [...]
SABMiller trading “in line” October 18, 2010 SABMiller has announced that it has been trading in line with expectations in the first six months. Lager volumes for the six months to the end of September rose one per cent compared to the previous year at the drinks giant. Some raw material cost reductions helped to keep the company on track, it said. [...]
BHP Billiton and Rio Tinto ditch joint venture October 18, 2010 BHP Billiton and Rio Tinto scrapped their proposed $116bn (£72.6bn) iron-ore joint venture as expected, caving in to opposition from regulators, steelmakers and major investors 16 months after unveiling the plan. The collapse of the deal marks top global miner BHP’s second failed attempt to grab a piece of Rio Tinto’s superior iron ore assets [...]
HSBC halts £5bn move for Nedbank stake October 15, 2010 HSBC has ended talks to pay $8bn (£5bn) for a majority stake in South African lender Nedbank from Old Mutual. HSBC had been in exclusive talks with Anglo-South African insurer Old Mutual to buy up to 70 per cent of South Africa’s fourth-largest bank, and an eight-week period of exclusivity was due to end on [...]
Bernanke calls for new monetary stimulus package October 15, 2010 US Federal Reserve Chairman Ben Bernanke said high unemployment and low inflation point to a need for a further easing of US monetary policy, but said policymakers were still weighing how aggressive they should be. “There would appear – all else being equal – to be a case for further action,” Bernanke said in remarks [...]
