Cadbury and Kraft bosses woo investors September 22, 2009 THE bosses of Kraft and Cadbury are holding a series of meetings in London this week to drum up support from investors in the bid battle for the Dairy Milk maker. Cadbury chief executive Todd Stitzer and Kraft boss Irene Rosenfeld yesterday attended the Bank of America Merrill Lynch global consumer and retail conference and [...]
No recanting from Turner on City reform September 22, 2009 IN recent weeks Lord Turner has become the bête noire of the City. In conversation with Prospect magazine, the head of the Financial Services Authority suggested that some parts of the City may not be socially worthwhile. If anybody thought that last night’s Lord Mayor’s banquet would be an ideal opportunity for Turner to think [...]
Lloyds non-executives quit board ahead of new guidelines from Walker Review September 22, 2009 LLOYDS Banking Group yesterday announced the resignation of non-executive directors Carolyn McCall and Phillip Green. McCall, also the chief executive of media firm Guardian Media Group and Green, who is chief executive of water company United Utilities, cited worries that the role would take up too much time. The Walker Review into corporate governance recommended [...]
US to revamp M&A code in blow to firms September 22, 2009 US ANTITRUST authorities are revamping guidelines on company mergers and takeovers in a bid to encourage greater competition, potentially causing a headache for firms looking to tie the knot. The 17-year old guidelines are to be overhauled amid expectations that the Obama administration will give corporate combinations a tougher review. Federal Trade Commission Chairman Jon [...]
Goldman Sachs supports pound September 22, 2009 Goldman Sachs yesterday said it expects the pound to strengthen by about eight per cent over the next three months. The bank said the UK economy was in better shape than it first looked.
RBSconfirms possible cash call September 22, 2009 Royal Bank of Scotland (RBS) has confirmed that it is looking at ways to raise capital and has been sounding out investors about a possible cash call.The bank is looking for ways to reduce the cost of its participation in the government’s Asset Protection Scheme and is considering a £3bn-£4bn share issue to avoid having [...]
Blacks on the brink of breach September 22, 2009 Blacks Leisure shares fell 18 per cent to 42p yesterday after the outdoor clothing retailer warned it was about to breach the terms of a £35m loan. The group has been given a two-month deadline by Lloyds Banking Group to fix its loss making boardwear division.
WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2009 FINANCIAL TIMES VODAFONE TO REJIG MOBILE INTERNET STRATEGYVodafone will set out a significant revamp of its services strategy for mobile phones tomorrow as it tries to bridge the gap with global rivals. Vittorio Colao, chief executive, will outline new services that are intended to capitalise on the rising popularity of surfing the internet on mobiles.Some [...]
Neutec trio to face court September 22, 2009 A FORMERfinance director and two lawyers involved with the takeover of Neutec Pharma by Swiss rival Novartis are facing a Crown Court trial over eight counts of insider dealing. Peter Andrew King, Michael McFall and Andrew Rimmington face a total of up to 56 years in prison if found guilty of wrongdoing. They had contested [...]
Turner’s speech: pity it was so populist September 22, 2009 THERE was plenty of meat in what Adair Turner, the FSA’s chairman, had to say last night at the Lord Mayor’s Banquet. But Turner is a great showman, a canny political operator – so no sooner had we finished making toasts to the Queen and to the health of the financial services industry that he [...]
