New rules may bar takeovers July 21, 2011 CITY experts warned yesterday that new rules governing UK takeovers ignored the concerns of market participants and could further damage an already sluggish market for deals. New changes to the Takeover Code say bid approaches must be made public from the outset and all interested parties named, while the “put up or shut up” deadline [...]
FSA will launch inquiry into the failure of HBOS July 21, 2011 THE Financial Services Authority intends to launch an inquiry into the collapse of HBOS once its “enforcement investigation” of the firm is complete, FSA chief Hector Sants revealed yesterday. In a letter to Andrew Tyrie MP published yesterday, Sants reveals that as soon as the current investigation is closed, the FSA intends to start work on [...]
Brevan’s Vernon to leave firm July 21, 2011 JAMES Vernon, one of the founders of Europe’s biggest hedge fund Brevan Howard, is to leave the firm in September, City A.M. has learned. Vernon, who has served as the firm’s operating officer since founding it with four Credit Suisse First Boston colleagues nine years ago, told City A.M. when called that he could not [...]
Microsoft profits up 30pc but market frets over PCs July 21, 2011 MICROSOFT posted a 30 per cent rise in its fourth-quarter profit yesterday, smashing market forecasts, as sales of its Office software and Xbox games consoles continued to soar. Revenues hit a record high of $17.4bn (£10.8bn), up eight per cent from the same quarter in 2010, while net profit was $5.9bn, up from $4.52bn in [...]
US prescription firm Express Scripts pens £18bn takeover of rival Medco July 21, 2011 US MEDICINE administrator Express Scripts said it had bought its rival Medco Health Solutions for $29.1bn (£18bn) yesterday. The deal creates a US powerhouse in managing drug prescriptions – but investors remained unsure that it would get past regulators on antitrust grounds. It would give the combined group control of at least 30 per cent [...]
RBS warns that Eurozone crisis will hit its earnings July 21, 2011 THE second-quarter earnings of Royal Bank of Scotland’s global banking and markets business will reflect the weakness in fixed-income markets due to debt woes in the Eurozone, an executive has said, warning that bond markets will remain tough in the third quarter. The comments come a few days before RBS, 83 per cent owned by [...]
Revolt over Pluthero pay July 21, 2011 NEARLY 40 per cent of Cable & Wireless Worldwide (CWW) shareholders refused to back new chief executive John Pluthero’s controversial incentive scheme yesterday. A further 27 per cent withheld support for the embattled firm’s remuneration plans during a humbling annual meeting for the telecoms giant. While CWW was braced for a protest vote given its [...]
De La Rue says turnaround is on track but business mixed July 21, 2011 BANKNOTE maker De La Rue yesterday said business over the past three months had been satisfactory and its turnaround strategy was working, but warned that some of its divisions were still facing headwinds. Its currency printing division saw high volumes while its identity systems division, which produces passports, also performed strongly, De La Rue chairman [...]
MPs fume at the FSA for dismissing reform advice July 21, 2011 A SQUABBLE broke out yesterday between the Treasury Select Committee and the FSA, after the financial regulator brushed off recommendations from MPs. Parliamentarians have said there ought to be a year’s delay before the implementation of the Retail Distribution Review (RDR), scheduled for January 2013, to give financial advisers more time to comply. The review [...]
Pepsi warns on US demand and cost inflation July 21, 2011 US food and drink maker PepsiCo scaled back its full-year earnings forecasts on ongoing economic uncertainty yesterday. Pepsi said performance in its North American drinks business was worse than expected, due to weakened consumer demand and intensifying competition, which has made it difficult to raise prices to offset soaring commodity costs. “Of the three factors [...]
