UK asks EU to probe Sara Lee deal March 17, 2010 Competition watchdog the Office of Fair Trading has asked the European authorities to investigate the UK aspects of Procter & Gamble’s takeover of Sara Lee’s air freshener unit over concerns the deal may be anti-competitive.
OFT paves way for Indie sale March 17, 2010 THE Office of Fair Trading (OFT) has paved the way for ex-KGB man Alexander Lebedev to buy the Independent, after ruling it would not launch an investigation over competition issues. Lebedev recently bought a 75 per cent stake in the London Evening Standard. The OFT had until 26 April to decide whether to investigate but [...]
Rio four spying trial this month March 17, 2010 The trial of four Rio Tinto staff charged with commercial spying in China will begin on 22 March in a Shanghai court, Australia’s foreign affairs department said yesterday. The four employees of the Anglo-Australian miner, including Australian citizen Stern Hu, have been in Chinese custody since July over accusations of illegally obtaining commercial secrets. The [...]
Promethean rewards staff for flotation March 17, 2010 EDUCATIONAL technology company Promethean celebrated its successful stockmarket flotation by handing most of its 870 employees a “golden thankyou” yesterday. Recognising their contribution to the growth of the business, the interactive whiteboard maker gave staff with more than six months’ service bonuses of up to £30,000, with an average payout of £3,500. Those who had [...]
Nasdaq OMX buys Nordic power bourse March 17, 2010 Nasdaq OMX is buying the Nordic power exchange Nord Pool for an undisclosed sum, the US exchange firm said yesterday. Nord Pool is the world’s largest power derivatives exchange, covering the Nordic countries, as well as a major European carbon exchange. The deal does not include the Nordic physical electricity market operated by Nord Pool [...]
Ocado confident on float March 17, 2010 ONLINE grocer Ocado is looking at a summer flotation, confident its rapid sales growth and expanding marketplace will win over investors despite jittery equity markets and its lack of profit. Finance director Andrew Bracey said proceeds from selling new shares would be used mainly for growth, such as building a second centre for processing customer [...]
EU’s Barnier pledges to tackle CDS March 17, 2010 The European Commission will propose controls on how investors bet on the chances of government debt defaults as soon as June to curb speculation blamed for aggravating Greece’s borrowing problems. Restricting trading by hedge funds of sovereign credit default swaps (CDS) or debt insurance, is high on the European Union’s political agenda as finance ministers [...]
Mecom will look online for revenue March 17, 2010 Newspaper firm Mecom will shift its focus to online advertising after a double digit drop in print ad revenue. Hopes of a recovery in the advertising sector stalled last month as Mecom’s sales dipped eight per cent. Pre-tax profit for the year plunged by 28 per cent to £113m. It was dragged down by an [...]
Property developers hit by lack of funding March 17, 2010 GOLDMAN Sachs yesterday admitted that banks were holding back property development in central London by not providing capital for new projects. Developers want to take advantage of the current uptick in demand for office space but have been unable to find funding, they told City A.M. at MIPIM, Europe’s largest property fair. “Demand is there [...]
Siemens may cut 1,000 jobs March 17, 2010 German group Siemens will cut at least 1,000 jobs in its SIS information technology business as part of a restructuring prior to its spinoff, two company sources said yesterday. One source said the job cuts range would run into four figures. The Handelsblatt newspaper in Germany had reported Siemens would slash 1,000 jobs as part [...]
