Brecel bounces back to stun King December 5, 2012 SNOOKER: Teenager Luca Brecel stunned Mark King 6-4 from 3-0 down at the UK Championships to reach the quarter finals for the first time.
It’s business as usual as Osborne fiddles December 5, 2012 WHEN expectations are low enough, anything short of a disaster is inevitably hailed as a good performance. That, I’m afraid, is the best way of looking at George Osborne’s Autumn Statement, and the main reason why so many Tory MPs were happy last night. There were no massive, pasty-tax style blunders; all of the bad [...]
Tesco US chief quits as retailer signals retreat December 5, 2012 TESCO shares climbed 3.3 per cent yesterday after chief executive Philip Clark revealed the likely closure of its loss-making US chain and the departure of the division’s head. The supermarket giant has hired investment bank Greenhill to conduct a strategic review of Fresh & Easy that could lead to the sale or closure of its [...]
It is never easy to attempt something this fresh December 5, 2012 AS TIM Mason departs and Tesco announces a strategic review of its US venture Fresh and Easy, it is Sir Terry Leahy’s judgement that is under scrutiny. But despite the failure of his American dream, critics should not use hindsight to throw too many brickbats Leahy’s way. It is important to remember both how bold [...]
UK firms have had mixed fortunes in the United States December 5, 2012 CADBURY SCHWEPPES Bought Dr Pepper/Seven Up in 1995. Then in 2000 bought the Snapple Group. Combined the two, but had to demerge its US fizzy drinks business by May 2008, so spun off Dr Pepper Snapple Group in a listing on the New York Stock Exchange. MARKS & SPENCER Bought the 155-store male outfitter Brooks [...]
11,000 jobs to go in Citi’s new efficiency drive December 5, 2012 THE FINANCIAL services sector took a new blow yesterday as Citi announced a restructuring plan that will see 11,000 jobs go by the end of next year – the first major decision under new chief executive Michael Corbat. London will bear some of the losses. Citi employs roughly 10,000 staff in the capital, but declined [...]
Thai tycoon snaps up HSBC’s £5.8bn slice of insurer Ping An December 5, 2012 A CONGLOMERATE controlled by Thailand’s richest man has bought a minority stake in China’s Ping An Insurance for $9.38bn (£5.83bn) from HSBC in a move that ranks as Asia’s second-largest deal this year. CP Group bought the 15.6 per cent stake in a deal that marks a departure from its core food businesses, such as [...]
What the other papers say this Morning December 5, 2012 FINANCIAL TIMES Deutsche hid $12bn losses, say staff Deutsche Bank failed to recognise up to $12bn (£7.5bn) of paper losses during the financial crisis, helping the bank avoid a government bailout, three former bank employees have alleged in complaints to US regulators. Deutsche denied the claims, and said they were more than two and a [...]
Hula Hoops owner snapped up in £500m merger December 5, 2012 UNITED BISCUITS yesterday struck a deal to sell its subsidiary KP Snacks, the maker of Hula Hoops crisps, to Germany’s Intersnack, in a deal valued at around £500m. Blackstone and PAI Partners, the private equity owners of United Biscuits, put their salty snack division up for sale earlier this year, attracting interest from both rival [...]
Obama tells Republicans not to use debt talks as a weapon December 5, 2012 PRESIDENT Barack Obama bluntly warned Republicans yesterday that he would not engage in another debt ceiling standoff and predicted a “fiscal cliff” deal could be reached in a week if his opponents would compromise on taxes. Obama, speaking to the Business Roundtable group of chief executives, said any suggestion that Republicans would have more leverage [...]
