Hershey bows out of race to win Cadbury January 21, 2010 HERSHEY yesterday conceded defeat in the battle to win Cadbury, admitting the recommended bid of 840p per share, plus a 10p dividend, is too high for it to top. The decision follows a unanimous vote by Hershey’s board of directors late on Wednesday against a competing offer. The decision by Hershey was widely expected. “It [...]
EasyJet expects profits to surge on soaring passenger numbers January 21, 2010 EASYJET yesterday forecast a “substantial” improvement in full-year profit as revenues and passenger numbers increase. First quarter revenues jumped by 10.5 per cent to £607m ($982m) at the low cost airline. Passenger numbers jumped by nine per cent to 11m. Easyjet said it managed to operate 90 per cent of its flights in December, despite [...]
Hedge funds report best performance in a decade January 21, 2010 HEDGE funds had their best performance in a decade and their greatest rebound since records began, according to new figures. The rate of recovery outpaced many analyst expectations. An astonishing 83 per cent of all funds posted positive performance in 2009, recouping 77 per cent of the value they lost from the previous peak in [...]
Inflationary fears fuel a gold rush January 21, 2010 GOLD’S 25 per cent price appreciation in 2009 was driven by investors running to take cover from the prospect of rising inflation, according to the World Gold Council. The trend of developing nations increasing their gold reserves also contributed to the precious metal’s ninth consecutive year of gains, the organisation said in an update. Gold [...]
NEWS | IN BRIEF January 21, 2010 Airbus talks are adjourned Airbus and seven European NATO nations adjourned crucial talks over the troubled A400M military transporter plane yesterday, with a source close to the talks saying they remained far apart on a possible rescue package. Germany is understood to be the major sticking point in the negotiations, which have become more urgent [...]
Timis scores a victory with £80m issue January 21, 2010 FRANK Timis, the controversial entrepreneur, yesterday announced an £80m fund-raising for African Minerals, a company where he is executive chairman. The successful money-raising shows that Timis, despite his colourful background, retains strong City support. Late last year Aim’s disciplinary committee levied its largest ever fine on Regal Petroleum for misleading investors about an oil find. [...]
Begbies Traynor profits rise after historically busy year January 21, 2010 Insolvency firm Begbies Traynor has emerged as a big winner of the recent crash. Its profits rose 69 per cent after six months of “historically high” levels of work. In the first half of last year it made pre-tax profits of £3.6m. Turnover was up 21 per cent to £34.2m. Earnings before exceptional costs increased [...]
Deloitte merges property unit with Drivers Jonas consultants January 21, 2010 DELOITTE has merged its real estate arm with property advisory firm Drivers Jonas to create a new business with revenues of £110m. The deal marks a push by the consultancy titan to expand its property capabilities. Around 650 Drivers Jonas partners will join a 50-strong team from Deloitte¹s corporate finance division. Drivers Jonas managing partner [...]
Agius: banks face tsunami of pressure January 21, 2010 BARCLAYS chairman Marcus Agius yesterday hinted that the firm’s annual bonus round next month will see it concede in part to the “tsunami” of pressure faced by bankers in the wake of the economic crisis. “The architecture of our pay round will be very different to anything we have seen before, in accordance with the [...]
Deutsche boss says bonuses boost financial sector stability January 21, 2010 DEUTSCHE Bank chairman Josef Ackermann yesterday waded into the debate over banking remuneration, arguing that the talented staff attracted by bumper pay deals provide a stronger buffer against financial instability. Speaking at an ICAEW (Institute of Chartered Accountants in England and Wales) banking conference yesterday, Ackerman said: “Calls to limit pay in the financial services [...]
