DEALMAKER OF THE YEAR August 1, 2012 INVESTMENT bankers have had a difficult year, with London’s IPO market virtually closed, and M&A deals few and far between. Our fourth short-list for the third annual City A.M. awards, though, highlights some superb individual performances in such difficult markets. Jonathan Rowley, for example, was on at least three M&A deals in just one week [...]
Reckitt growth offset by fall in US and Europe July 30, 2012 RECKITT Benckiser warned yesterday that trading in Europe and the US remained tough due to weak consumer demand and fierce competition, after posting weaker than expected half-year sales in the region. The household and toiletries giant, which owns brands such as Nurofen and Vanish fabric cleaners, said like-for-like sales in its Europe and North American [...]
Reckitt reassures on earnings after rival’s problems July 30, 2012 Reckitt Benckiser is growing faster than its markets despite tough trading in southern Europe and some slowing in emerging markets, as the British consumer goods group focuses on its top brands and fastest-growing regions. Chief executive Rakesh Kapoor, who took over last September after Bart Becht’s shock decision to retire, today reported half-year earnings rose [...]
LONDON WEEK AHEAD July 29, 2012 RESULTS season continues with a slew of banks, energy and leisure firms due to update this week, while the Bank of England’s monthly decision on interest rates is due on Thursday. Today’s biggest news comes in the form of interims from under-fire banking giant HSBC and household goods behemoth Reckitt Benckiser. The Bank is set [...]
BEST of the BROKERS June 28, 2012 EVRAZ Goldman Sachs rates the steel maker “buy” but has slashed its target price from 700p to 410p. The broker has cut its forecasts for commodity prices, resulting in a four per cent fall in assumptions across the industry this year. However, Goldman remains positive about steel, and thinks Evraz is well-positioned to improve as [...]
Libor scandal drags FTSE 100 into the red as banking stocks plunge June 28, 2012 BANKING shares dragged Britain’s FTSE 100 into negative territory yesterday, battered by concerns over the financial impact of an investigation into the fixing of interbank lending rates that has already engulfed Barclays. Barclays slumped 15.5 per cent in its worst daily fall since 2009, with four times the usual number of shares traded in London. [...]
Meissner hires co-heads for BofAML Europe June 25, 2012 CHRISTIAN Meissner, the global corporate and investment banking head at Bank of America Merrill Lynch, has appointed two of his former charges to become co-heads of the bank’s investment banking arm for Europe, the Middle East and Africa. Meissner is hiring Diego de Giorgi from Goldman Sachs and is promoting Bob Elfring, with whom he [...]
FTSE pares back gains after China’s weakness punctures Eurozone relief June 21, 2012 BRITAIN’S leading share index dropped back yesterday, snapping a four-session winning streak on falls in heavyweight commodity stocks which were hit by fresh signs of economic weakness in China and concerns over growth in the United States. Energy stocks and miners were the biggest blue chip casualties, with the two sectors particularly sensitive to the [...]
Market report: FTSE benefits from caffeine hit as inflation falls June 19, 2012 Coffee and a promise to safeguard the Eurozone from further contagion pushed the FTSE up 0.4 per cent in early trading this morning. As a result London’s blue chip index broke through the 5,500 level – a technical level seen as key for spurring further buying. Last night European leaders at the G20 summit in [...]
Man jailed for drug scam that cost Reckitt £2m May 28, 2012 A CODEINE addict whose drug-swapping scam ended up costing Reckitt Benckiser £2.4m in a huge recall of Nurofen Plus packets was yesterday jailed for 18 months for causing a public nuisance. Christopher McGuire sparked panic last August when strips of anti-psychotic drug Seroquel were found in packets of the pharmacy-only painkiller Nurofen Plus. Reckitt spent [...]