Danone benefits from price hikes April 14, 2011 FRENCH food group Danone stuck to its full-year goals yesterday despite rising commodity costs and tough economic conditions, after price hikes fuelled stronger-than-expected first-quarter sales. The world’s largest yoghurt maker with brands like Actimel and Activia said business picked up in all divisions, with water and baby food particularly strong and it benefited from its [...]
Omega Pharma forecasts profits will equal last year April 14, 2011 BELGIAN health products distributor Omega Pharma yesterday forecast improvements in Russia and southern Europe in the second-half of 2011 and a profit margin this year at least as high as in 2010. The company, which sells non-prescription products such as wart treatment or sun tan lotion to pharmacists, said yesterday it reiterated its outlook, but [...]
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 [...]
Renault could name Pelata’s successor from internal list April 13, 2011 THE chief executive of French carmaker Renault has said that the company has several possible internal candidates to replace chief operating officer Patrick Pelata, who resigned this week over an industrial espionage fiasco. Renault, 15-per cent owned by the French state, fired three executives in January, saying its high-profile electric vehicle project had been targeted [...]
CITY MOVES | WHO’S SWITCHING JOBS April 13, 2011 PricewaterhouseCoopers Amit Aggarwal has been appointed to lead the retail M&A team at PwC’s corporate finance business. Aggarwal brings more than 15 years’ experience in M&A and private equity to the role, having previously held senior positions at JP Morgan and Baugur. Aggarwal moves from the position of partner at Retail Partners, the retail-focused advisory [...]
FTSE rallies after banks and retailers deliver good news April 13, 2011 THE UK’s top share index closed higher yesterday, boosted by retailers and banks after a sell-off on Tuesday described as “overblown”. At the close, the FTSE 100 was up 45.97 points, or 0.8 per cent at 6,010.44, recouping half of Tuesday’s 1.5 per cent drop and recapturing the 6,000 level. Banks gained after better-than-expected results [...]
MEET THE ADVISERS April 12, 2011 BANK OF AMERICA MERRILL LYNCH BANK of America Merrill Lynch (BofAML) is joint global coordinator and joint bookrunner on the IPO of Russian Helicopters, alongside BNP Paribas and VTB Capital. Leading the team is Riccardo Orcel, BofAML head of CEEMEA corporate & investment banking. Riccardo is the brother of Andrea Orcel, BoAML’s head of emerging [...]
BP deal in doubt as Rosneft chair leaves April 12, 2011 BP’s $16bn (£9.8bn) share swap deal with Rosneft looks shaky following the departure of the Russian oil giant’s chairman, Igor Sechin. Sechin, also deputy prime minister of Russia, has followed orders from Russian president Dmitry Medvedev that ministers should resign from their positions leading state-owned companies to separate business and politics. BP is also under [...]
BP partners cause chaos April 11, 2011 THE CHAIRMAN of Rosneft stepped down yesterday, creating further uncertainty for BP and its plans for a £10bn share swap and exploration deal with the Russian state-owned oil giant. Igor Sechin, who is also Russia’s deputy prime minister, announced his resignation at a shareholder meeting yesterday as part of a country-wide removal of politicians from [...]