Nestle closes in on deal to buy Pfizer’s baby formula brands April 18, 2012 NESTLE, the world’s biggest food group, is closing in on a deal to buy Pfizer’s infant nutrition business for up to $10bn (£6.25bn) to boost its business in China and extend its lead in the world of formula milk for babies, sources familiar with the matter said yesterday. “Nestle is in the lead position and [...]
Dim sum breakfast in London April 18, 2012 Q What’s a “dim sum bond” and why is it a big deal? A “Dim sum bond” is the name given to a renminbi-denominated bond issued outside mainland China. Up to now, this has only happened in Hong Kong. The fact that it is now happening in London shows the degree to which Beijing is [...]
Glencore seals $6bn in Xstrata merger loans April 18, 2012 COMMODITIES trader Glencore has signed a $6bn (£3.7bn) syndicated loan backing its $90bn merger with miner Xstrata after raising nearly $11bn in syndication, banking sources said yesterday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger. [...]
BP agrees settlement April 18, 2012 BP has reached a $7.8bn settlement with more than 100,000 claimants over damage done by the Deepwater Horizon spill almost two years ago. The firm, which set out the terms of the deal in February, said the plaintiffs’ steering committee thought the agreement was “fair, reasonable and accurate”. It covers both economic losses and medical [...]
US corporate results round-up April 18, 2012 New Taco Bell menu boosts Yum YUM Brands, the food group behind Pizza Hut and KFC, saw its first quarter profits rise by 73 per cent despite slower trading in its China division. The Kentucky-based company’s profits climbed to $458m (£285.8m), boosted by a revamped menu at Taco Bell. US sales at the Mexican fast [...]
BNY Mellon profit dips following forex woes April 18, 2012 BANK of New York Mellon yesterday said its first-quarter profit declined slightly while its foreign exchange revenue slid 21 per cent and legal expenses surged as it battled clients’ claims of overcharging on currency trades. BNY Mellon’s forex business has been the subject of several lawsuits in which the bank has been accused of overcharging [...]
New rules exclude all but biggest market players from the scrutiny of US regulators April 18, 2012 US REGULATORS yesterday limited the number of market players that will be slapped with a pricey “swap dealer” tag. The Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission last night finalised joint rules that will determine which firms do so much swaps business that they must register with regulators and back up [...]
Fed asks banks to bid for risky assets portfolio April 18, 2012 THE NEW York Federal Reserve said yesterday it has asked eight investment banks to bid on risky assets from its Maiden Lane III portfolio, which was created during its 2008 bailout of insurer American International Group (AIG). This move would trim the US central bank’s balance sheet which about tripled from the emergency measures it [...]
Boris Johnson promises £30 council tax cut April 18, 2012 BORIS Johnson yesterday pledged to reduce City Hall’s share of council tax by 10 per cent if he is re-elected next month. Speaking at the launch of his value for money manifesto in Fulham, Johnson said that a “war on waste” meant he could guarantee an annual reduction in the Mayor’s share of council tax [...]
SFO’s chief executive quits just days before new director arrives April 18, 2012 THE Serious Fraud Office (SFO) has lost its chief executive just days before a new director takes the reins. Phillippa Williamson, who was second in command to outgoing director Richard Alderman, has stepped down suddenly and given no reason for the departure. It comes as new director David Green takes up his role next week. [...]
