Danone announces cash call May 25, 2009 Danone said yesterday that it plans to raise about €3bn (£2.6bn) by selling shares to existing shareholders to reduce net debt and strengthen its capital structure. The French food group expects to launch the rights issue in the coming days, subject to internal and regulatory approvals. The company also reiterated its forecast for underlying earnings [...]
Brazilian bank launches UK ops May 25, 2009 BNDES, the Brazilian Development Bank, plans to open a London operation, making it the first foreign bank to do so since the beginning of the credit crunch. BNDES will use its London base to launch its European expansion plans and is expected to sign a lease for premises in the City of London or Mayfair [...]
BarCap wants 65 more in M&A May 25, 2009 Barclays Capital will recruit up to another 65 bankers to its European mergers and acquisitions team before its hiring spree ends. Global head of M&A Paul Parker said the investment banking unit of Barclays was looking to add another 30 or 40 bankers in mainland Europe and up to 25 in the UK. Mark Warham, [...]
LLOYDS TO OFFLOAD CUMMINGS’ LEGACY May 25, 2009 Lloyds Banking Group has appointed UBS to advise on the potential sales of its stakes in a slew of household name companies, including David Lloyd Leisure and House of Fraser. Lloyds inherited the stakes from the Integrated Finance unit of HBOS, which was headed up by Peter Cummings (above). but their value has since plummeted.
RBS headed for row over share awards May 25, 2009 ROYAL Bank of Scotland is at the centre of a new row over executive remuneration, after it emerged that the bank has given four senior executives share packages worth a combined £5m at current prices. The new compensation scheme will reward Ellen Alemany, the chief executive of RBS America with 5.9m shares, worth just over [...]
Versace denies dispute May 25, 2009 Italian fashion house Versace yesterday “unanimously and categorically” denied that there is friction between design head Donatella Versace and chief executive Giancarlo Di Risio. There has been speculation recently about Di Risio leaving the company, after disagreements with owner Donatella Versace over strategy and cost-cutting. Versace also reported a first-quarter fall in revenues of 13.4 [...]
SEC revises staff trading rules May 25, 2009 US financial regulator the Securities and Exchange Commission (SEC) tightened up its rules regarding employee trading, on the back of an investigation into the dealings of two unnamed enforcement lawyers. Staff will be prohibited from trading securities of any company under SEC investigation, and will be required to supply trading statements to the commission so [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 25, 2009 FINANCIAL TIMES OPINIONS SHIFT TOWARDS LONGER WORKING LIVESA majority of Britons now favour longer working lives if it means a more generous pension in retirement, a significant shift of opinion in the few years since the subject was raised by the Pensions Commission report in 2005. A Financial Times/Harris survey of 1,126 adults in Britain [...]
End of an era at AG Barr May 25, 2009 ROBIN Barr, the chairman of Irn-Bru maker AG Barr, is standing down after over 48 years at the company. AG Barr has been run by a family member for 135 years, a tradition that will end with Robin Barr’s retirement. Barr is one of only two people in the world who know the secret recipe [...]
Markets mustn’t ignore geopolitical risk May 25, 2009 FOR most investors, consumers and employees around the world, the only public policy debate that really matters is how to deal with the recession – understandably so, given the devastation it has already wreaked. In Britain, we are also seeking to rescue democracy from corrupt politicians. Yet while there is plenty to worry about at [...]
