MPs condemn Rosenfeld’s Cadbury snub May 23, 2011 MPs condemned Kraft’s chief executive Irene Rosenfeld (pictured) in the strongest language yet yesterday for refusing to give evidence about the firm’s £11.5bn acquisition of Cadbury. Kraft’s third refusal for Rosenfeld to meet MPs either in person or via a videoconference “fell short of an explicit contempt of the House, but not by much”, the [...]
Mexico to challenge Lagarde for IMF job May 23, 2011 FRENCH finance minister Christine Lagarde’s candidacy for IMF chief is gaining momentum in Europe, while Mexico has put forward its own candidate, ensuring competition for the top job. The Mexican finance ministry said it would nominate central bank chief Agustin Carstens, placing a prominent emerging market name into the race to lead the global lender. [...]
LinkedIn shares fall 5pc raising fears firm’s value is over-inflated May 23, 2011 LINKEDIN slumped almost 10 per cent during trading yesterday before closing five per cent lower at $88.30, sparking fears the initial rush on its shares may have over-inflated the firm’s value. The low-point of $84 a share was still far higher than its IPO price of $45 a share but a big slip from the [...]
CITY VIEWS: SHOULD GORDON BROWN BE THE NEXT HEAD OF THE IMF? May 23, 2011 ADAM POSNER | CATLIN GROUP “I don’t think so. People have lost faith in him after his role as the chancellor so I don’t think he is the right person. I can see why David Cameron doesn’t want him in the running.” MARK FOSTER | WATTS “No. He has made a shamble of our economy [...]
Mitie profit climbs as order book fills May 23, 2011 CONSTRUCTION and outsourcing firm Mitie said increased demand for bundled services had helped boost its full-year profit and that significant outsourcing and energy opportunities would help sustain growth. Mitie, which provides services from cleaning to engineering, said revenue for the year to 31 March was up 10 per cent to £1.89bn, with profit before tax [...]
Energy expertise key for growth, says chief exec May 23, 2011 RUBY McGregor-Smith yesterday unveiled a strong set of results at her FTSE-250 listed outsourcing company Mitie while predicting that energy advice would help to fuel future revenue growth. The trained accountant, with a reputation as a personable, effective operator, told City A.M. that government cuts had not dented its order book. On the contrary, she [...]
British Land upbeat as its rents climb May 23, 2011 BRITISH Land yesterday reported a profit rise but its shares were dented after some analysts went lukewarm on the stock. The company reported a 12.5 per cent rise in net asset value (NAV) to 567p and a 2.8 per cent increase in underlying profit to £256m. But its shares were hit as some brokers downgraded [...]
US in a push to limit speculation in oil markets May 23, 2011 THE US Congress should take steps to limit speculation in oil markets, which has boosted prices as much as 30 per cent, a new report from the Democratic staff of a House of Representatives oversight committee said yesterday. The report, based on data and opinions from industry experts, cites comments from Exxon Mobil chief executive [...]
ANALYST VIEWS: IS BRITISH LAND LAYING SOLID FINANCIAL FOUNDATIONS? May 23, 2011 GRAHAM JONES | ARBUTHNOT Ordinarily these would be regarded as good results from British Land, but following the blockbuster results posted by Land Securities these look pedestrian. Performance was similarly driven by developments which increased in value 21.8 per cent, reflecting the positive sentiment in the lettings market. JOHN CAHILL | EVOLUTION The result squarely [...]
The changing of the guard at Goldman Sachs May 23, 2011 A changing of the guard at Goldman’s UK investment banking division is always closely watched and so it is that there is much discussion about the two thirtysomethings that have been put in charge of UK investment banking. The recent departure of Julian Metherell, the former head, who is going to start an investment firm [...]
