There’s still no such thing as a free lunch November 7, 2010 MILTON Friedman said that there is no such thing as a free lunch, but even he might have been surprised by the cost of a meal today. World food prices have soared back up to levels last seen in the crisis of 2007-2008, leading some to warn of renewed food riots. Russia recently extended its [...]
Growth in China on the cards at Boots November 7, 2010 HIGH STREET health and beauty retailer Boots hopes to make headway in China when its executive chairman travels to the country as part of David Cameron’s first official visit as Prime Minister. Stefano Pessina has reportedly organised talks with potential partners in Beijing and Shanghai while he is in the country, as part of a [...]
Russia in talks for Potash bid November 5, 2010 A RUSSIAN group said yesterday it was in intensive talks ahead of launching a rival bid for Potash Corp, as BHP Billiton said its blocked $39bn (£24.7bn) bid for fertiliser group Potash Corp was not dead and pledged to work with the Canadian government. Phosagro claimed it was in intensive talks with the Russian government [...]
SocGen sees income more than double November 3, 2010 SOCIETE Generale reported group income more than doubled in the third quarter compared to a year earlier as a result of healthy retail banking activities with growth in international retail banking revenues. It said group income increased €900m (£787m) in the third quarter taking total income for the first nine months to €3bn compared to [...]
RBS in MUFJ project deal November 3, 2010 ROYAL Bank of Scotland (RBS) is in talks to sell a $6.4bn (£4bn) project finance book to Japan’s Mitsubishi UFJ Financial, which includes loans for London’s orbital M25 motorway and a gas pipeline between Russia and Germany. Sources told City AM the sale would help the government–backed bank boost its balance sheet. RBS, led by [...]
AB InBev tips profit surge November 3, 2010 Anheuser-Busch InBev, the world’s largest brewer, forecast profit would grow at an even faster pace in the fourth quarter than the third after beer consumption shot up in growth markets Brazil, China and Russia. The brewer of Budweiser, Stella Artois and Beck’s said growth of its much-watched core profit (EBITDA) would be “materially” higher than [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 2, 2010 FINANCIAL TIMES ITV BLAMES REGIME FOR NEED TO CHASE RATINGS ITV could invest more in arts, factual programming and drama were it not for regulations, its managers told a Lords committee. Archie Norman, chairman of the UK’s largest commercial broadcaster, and Adam Crozier, chief executive, told the communications committee that ITV had been driven into [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 2, 2010 FINANCIAL TIMES ITV BLAMES REGIME FOR NEED TO CHASE RATINGS ITV could invest more in arts, factual programming and drama were it not for regulations, its managers told a Lords committee. Archie Norman, chairman of the UK’s largest commercial broadcaster, and Adam Crozier, chief executive, told the communications committee that ITV had been driven into [...]
Imperial sees profit double November 2, 2010 BRITISH group Imperial Tobacco, the world’s fourth-biggest cigarette maker, met forecasts with an 11 per cent rise in full-year earnings as price increases and cost savings offset lower sales volumes. The maker of Lambert & Butler, West and Gauloises has seen cigarette volumes fall as smokers switch to cheaper, and sometimes illicit, cigarettes in the [...]
Lebedev bank is stormed by armed and masked cops November 2, 2010 Armed police stormed a Moscow bank controlled by the billionaire owner of the Independent and Evening Standard in a dramatic raid yesterday. Around 30 Russian police carrying Uzis and clad in balaclavas terrified staff as they demanded access to documents. Tycoon and former KGB spy Alexander Lebedev was in the offices of his National Reserve [...]