CITY MOVES | WHO’S SWITCHING JOBS September 14, 2011 NS&I Lord Sassoon, the commercial secretary to the Treasury, has appointed Sir John de Trafford as the new chairman of the board of NS&I to replace Martin Gray, effective from 1 January 2012. De Trafford, who joined the board of NS&I as a non-executive director on 1 January 2010, spent his early career at Unilever [...]
FirstGroup’s Carr moves over to Ahold September 14, 2011 DUTCH supermarket group Ahold yesterday appointed Jeff Carr as its new chief financial officer, picking an executive with experience at Unilever, Associated British Foods and easyJet. Carr, 49, is currently a board member at transport company FirstGroup and personal care products group McBride. Both firms said that he will be standing down, and FirstGroup said [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 8, 2011 FINANCIAL TIMES DEADLINE LOOMS TO OUT SECRET SUITORS Companies covertly circling UK acquisition targets are being warned by advisers that they risk the disclosure of their identities to the market in coming days if they pursue bid talks. On 19 September, the UK Takeover Panel, which regulations M&A of public companies, brings into force new rules [...]
Global growth fears drain confidence from markets August 18, 2011 Renewed fears over spluttering global economic growth dragged back world markets with commodity and financial stocks suffering in the increasingly bleak climate. Morgan Stanley cut its forecast for global growth, citing “recent policy errors” in the US and Europe, plus prospects of further fiscal tightening in 2012. MSCI’s world equity index fell 0.8 per cent [...]
Unilever invests in new areas August 17, 2011 CONSUMER goods group Unilever expects to see three-quarters of its turnover from emerging markets by 2020 as heavy investment in these fast-growing regions and sluggish growth elsewhere take effect. “Europe and the US will be, for the next 10 years, low-growth territories, I’m afraid. So, soon we will have 75 per cent of our turnover [...]
FTSE recovery gains traction after Fed boost August 10, 2011 The FTSE continued its rally in early trading today after an unprecedented pledge by the Fed to keep interest rates low to stimulate economic growth encouraged investors. Wall Street rebounded yesterday setting the tone for markets across the globe. In tandem with positive export data from China showing a lift in July the move by [...]
Unilever sells Ragu sauce brand August 8, 2011 Consumer goods group Unilever yesterday agreed to sell its Ragu and Chicken Tonight sauce brands in the UK and Ireland to privately-owned food group Symington’s. The two brands, which had combined sales of around £20m in 2010, will remain under Unilever’s ownership in all other markets, while the Anglo-Dutch group will focus on its Bertolli [...]
Unilever beats forecasts thanks to price increases August 4, 2011 CONSUMER goods giant Unilever raised its prices sharply in the second-quarter to offset a hike in commodity costs, helping to beat forecasts with 7.1 per cent rise in quarterly sales. The firm behind Ben & Jerry’s ice cream and Dove soaps said growth was driven by the group’s big emerging market presence in Asia, Africa [...]
FTSE crashes to lowest level in 11 months on Euro turmoil August 4, 2011 BRITAIN’S top share index tumbled and closed lower for the fifth consecutive trading day yesterday, depressed by global growth concerns and sovereign debt worries ahead of key US jobs data. Inmarsat shares plunged 19.3 per cent, hitting their lowest level in more than two and a half years after the satellite operator abandoned growth forecasts [...]
FTSE fightback foiled by bank weakness August 4, 2011 The banking sector put the brakes on potential gains on the FTSE 100 in early trading after poor results from Lloyds. The index was expected to be given new impetus today as hopes of a new package to breathe life into the US economy encouraged investors elsewhere. Former Federal Reserve vice chairman Donald Kohn said [...]