United Utilities feels the pressure in the recession November 25, 2009 UNITED UTILITIES, the biggest water company in the UK, yesterday said its profit had risen by one per cent to £370m, but that it had been hit by tumbling demand from businesses and homes in the downturn. Turnover rose 0.5 per cent to £1.2bn in the six months to 30 September, and the group proposed [...]
Kraft asks its bankers for exclusivity November 24, 2009 KRAFT has sealed “exclusivity” deals from the banks it is using to finance its £10.3bn ($17bn) bid for Cadbury – leaving other contenders with fewer lenders to bankroll their proposals. The US food giant has tied banks including Citigroup and Deutsche Bank into agreements where they cannot operate for its rivals. Family-owned Ferrero of Italy and US [...]
The FSA must make sure that its tough new approach doesn’t backfire November 24, 2009 FINANCIAL services firms have come under the increasingly intense gaze of the Financial Services Authority (FSA) in recent months. Its supervisory approach has changed dramatically as a result of the credit crisis. The upshot of this is that the risks for somebody who is FSA authorised, or is an “approved person” at an FSA authorised [...]
Ex-FSA boss to grow deals at JC Flowers November 24, 2009 JC Flowers, the US private equity firm, has strengthened its ranks in the City and Europe by hiring former Financial Services Authority boss Callum McCarthy and veteran Australian banker David Morgan. London managing director Ravi Sinha will step down to make way for the high-profile recruits to the $11bn (£6.6bn) fund. JC Flowers was founded [...]
London market falls on back of revised USGDP figures November 24, 2009 BRITIAN’S leading share index ended 0.6 percent lower yesterday, with sentiment dampened by data showing the United States economy grew at a slower pace than previously thought, pressuring banks and commodity stocks. The FTSE index ended 31.54 points lower at 5,323.96, reversing earlier gains, to mirror falls on Wall Street after third quarter US economic [...]
THE LONDON REPORT November 23, 2009 BRITAIN’S top share index ended sharply higher yesterday, snapping a four-day losing streak, with commodity and banking stocks rallying after comments by a senior US Federal Reserve official. The FTSE 100 index finished up 104.09 points, or 2 per cent, at 5,355.50 and recorded its biggest one-day percentage rise in more than six weeks. The [...]
Lawson sets up think-tank on the climate November 23, 2009 EX-CHANCELLOR and climate change sceptic Lord Lawson launched a cross-party global warming think-tank yesterday, which will have an ex-senior policy adviser to the Prime Minister and a former deputy chairman of Barclays on its board. The Global Warming Policy Foundation (GWPF), which is being launched just a fortnight before the United Nations’ (UN) climate change [...]
End is nigh for free banking as OFT ruling looms November 22, 2009 THE UK faces an end to free banking this week, as the Supreme Court makes its final ruling over whether customers have been unfairly charged on their overdrafts. The government has piled the pressure on banks to settle the matter quickly rather than appeal, and millions of customers could be eligible for a payout after [...]
L&Gready to name chair November 19, 2009 Legal and General will name its next chairman within the next ten days, City A.M. understands. The group is understood to have picked John Stewart, former boss of Woolwich, as its front-running candidate. Sources close to L&G say the candidate has been picked, but must now be vetted by City watchdog the FinancialServices Authority. L&G [...]
Blackstone to snap Birds Eye Foods up in $1.3bn cash deal November 19, 2009 Private equity titan Blackstone is set to buy Birds Eye Foods through its portfolio firm Pinnacle Foods. Pinnacle Foods, which already owns pancake mixture company Mrs Butterworths, will pay more than $1.3bn (£700m) for the biggest frozen-vegetable firm in the US. Birds Eye is majority owned by private equity firms Vestar Capital Partners, while New [...]