A string of strong earnings reports sends FTSE jumping April 20, 2011 COMMODITY stocks helped power the FTSE 100 index sharply higher yesterday, while earnings from Reckitt Benckiser and Home Retail, following US tech bellwether Intel, boosted risk appetite. The FTSE 100 closed up 125.39 points, or 2.1 per cent, at 6,022.26 following a 0.5 per cent gain on Tuesday. This wiped out Monday’s 2.1 per cent [...]
Reckitt beats forecasts despite chief’s shock exit April 20, 2011 Reckitt Benckiser beat first-quarter earnings forecasts – boosted by its SSL recent acquisition after last week’s surprise news that chief executive Bart Becht was to retire sent its shares tumbling. The British maker of Cillit Bang cleaners and Nurofen painkillers which took over Durex condoms and Scholl sandals maker SSL late last year, said it [...]
S&P’s US downgrade sparks stock sell-off April 18, 2011 Alarm over deteriorating public finances in the US, Greece and other peripheral eurozone nations hit markets today, pushing the FTSE down to its lowest close in four weeks. Credit rating agency Standard & Poor’s cut its outlook on the US’ rating outlook to negative, from stable, citing a lack of decisive action to rein in [...]
Reckitt Benckiser to be sued for £89m over supply of Gaviscon April 17, 2011 THE health authorities are suing Reckitt Benckiser for £89m over the supply of its heartburn medicine Gaviscon, the company said yesterday. “We will be vigorously defending it [the lawsuit],” a Reckitt spokeswoman said. In October, Reckitt was fined £10.2m by the Office of Fair Trading after admitting abuse of its dominant position in Britain for [...]
THE WEEK AHEAD in association with GFT April 17, 2011 COMPANY NEWS ● On Tuesday, RBS will hold its AGM. The Treasury, on behalf of British taxpayers, still owns the majority of its shares. ● Tesco will report on Tuesday. Every little helps. Fellow FTSE 100 companies Reed Elsevier and Hargreaves Lansdown will be posting first quarter and third quarter results respectively. It’s a busy [...]
He earned £200m in six years. Now we know why: Becht’s exit reduced Reckitt’s value by £2bn April 14, 2011 CONSUMER giant Reckitt Benckiser saw up to £2bn wiped off its value yesterday after the shock announcement that boss Bart Becht is standing down. News of his exit stunned the market and its share price dived by nine per cent at one stage, eventually closing down 7.5 per cent at £31.15. Becht has earned an [...]
Chief exec goes out with a bang April 14, 2011 BART Becht has spent more than a decade at the helm of Reckitt Benckiser. During that time the value of the company increased five-fold and it has become one of the most profitable consumer goods businesses in the world under his stewardship. He took the role in December 1999 when Dutch detergent maker Benckiser and [...]
FTSE falls with investors still cautious ahead of US results April 14, 2011 BRITAIN’S top share index fell yesterday, led by Reckitt Benckiser after the company said its chief executive was retiring, and with banks weaker on renewed worries about sovereign debt levels. The FTSE 100 fell 46.64 points, or 0.8 per cent, to 5,963.80, its lowest close since 31 March. The index is up 1.1 per cent [...]
FTSE at two-week low as banks and Reckitt fall April 14, 2011 The FTSE returned to a downward path today to close at a two-week low after household goods giant Reckitt Benckiser broke the news that its chief executive had unexpectedly stepped down. The FTSE 100 lost 46.6 points or 0.8 per cent to close at 5,963.80 as banks and miners also suffered, with fears over Asian [...]
Reckitt chief in shock retirement April 14, 2011 British consumer goods group Reckitt Benckiser shocked investors by saying its 54-year old star chief executive Bart Becht is to retire and be replaced by Reckitt veteran Rakesh Kapoor, sending its shares sharply lower. Marketing chief Kapoor, who has been with Reckitt for 25 years, will become chief executive on 1 Sept, with Becht staying [...]