WHAT THE OTHER PAPERS SAY THIS MORNING February 25, 2010 FINANCIAL TIMES BASF CHIEF DAMPS HOPES OF RAPID ECONOMIC RECOVERY One of Europe’s leading industrialists damped hopes of a quick economic recovery yesterday when he warned of persistent overcapacity and at least two years of flagging growth in developed countries. JЯrgen Hambrecht, chief executive of BASF, the world’s largest chemicals group by revenues, said economic [...]
More Japanese firms recall cars February 25, 2010 Nissan, Suzuki and Daihatsu have joined Toyota in recalling vehicles over problems with their electronics. Fear is spreading through the industry after Prime Minister Yukio Hatoyama rebuked Toyota, angry at the damage to Japan’s brand as a reliable manufacturer.
Palm cuts outlook on weak sales February 25, 2010 Palm has slashed its revenue targets on weak demand for its smartphones, renewing concerns about its ability to compete against rivals like Apple and sending shares down 16 per cent. The warning came only weeks after Verizon Wireless began to sell Palm’s Pre and Pixi phones, suggesting that the addition of the sales partner was [...]
Glaxo boss gets £8m in rewards February 25, 2010 The chief executive of drugs developer GlaxoSmithKline has been given a 76 per cent pay rise after one year in the job. Andrew Witty took home more than £8m in total remuneration in 2009, a deal that could reawaken controversy surrounding the high pay levels enjoyed by his predecessor Jean-Pierre Garnier.
Probe into US banks’ Greek debt dealings February 25, 2010 GOLDMAN Sachs is among Wall Street banks being investigated for helping Greece mask its alarming financial woes, US Federal Reserve boss Ben Bernanke revealed yesterday. Bernanke said the Fed and the US Securities and Exchange Commission were “interested” in complex derivative deals arranged by the big banks for the previous Greek government. Goldman Sachs is [...]
Coca-Cola bottling unit eyes UK listing February 25, 2010 COCA-COLA yesterday bought the struggling US operations of its largest bottler for roughly $15bn (£9.75bn), including debt, in a deal that gives a London base for the European operations of the bottling operations, Coca-Cola Enterprises (CCE). Based in Uxbridge west London, where it employs 4,000 people, CCE may now be listed on the London Stock [...]
Walkie-talkie picks up signal February 25, 2010 Land Securities, the property developer, is preparing to revive its 500ft “Walkie-Talkie” skyscraper in the heart of the City. The company has sounded out construction firms for fees after shelving the project 18 months ago as the recession led to a savage downturn in the property market.
Rank Group reinstates dividend February 25, 2010 Bingo hall operator Rank Group said it would start paying dividends again after reporting a 19.8 per cent increase in pretax profit, ahead of market expectations. The company behind Mecca Bingo made an adjusted pre-tax profit of £48.5m compared with £40.5m the year before.
Lehman settles JPMorgan claims February 25, 2010 Lehman Brothers agreed with JPMorgan Chase to settle a $7.7bn (£5bn) claim stemming from collateral obligations after Lehman’s bankruptcy filing, court documents show. JPMorgan provided various services to Lehman’s primary broker-dealer unit prior to its bankruptcy filing in September 2008. As worries about Lehman’s financial condition deepened, large blocks of the bankrupt investment bank’s assets [...]
Liberty close to selling US malls February 25, 2010 Shopping centre owner Liberty is in discussions with Miami-based investment trust Equity One over the sale of its $560m (£368m) US mall portfolio. Liberty is thought to be trading the properties in return for a stake in the US trust, giving it a share of future growth.
