Serco makes humiliating rebate U-turn November 1, 2010 SERCO, the FTSE 100 outsourcing firm, was forced into a grovelling apology yesterday for demanding money back from suppliers, despite promising the government it would not do so. In September Serco financial director Andrew Jenner wrote to the company’s 193 biggest suppliers saying that “like the government, we are looking to determine who our real [...]
NAB sees UK profits double October 27, 2010 THE owner of Clydesdale and Yorkshire Banks announced a rise in full year pre-tax profits of over 50 per cent yesterday after it advanced £4.7bn in mortgages and wrote down fewer bad debts. National Australia Bank (NAB) said lending had been subdued in the year to 30 September but that it was “firmly on track” [...]
Danone sours views despite sales jump October 21, 2010 FRENCH food group Danone warned yesterday the economic landscape would continue to hit sales in Europe, as it posted a 15 per cent growth in third-quarter revenue to €4.35bn (£3.86bn) after strong dairy sales in emerging markets. The world’s biggest yoghurt maker maintained its full-year targets after offsetting a 2.1 per cent like-for-like sales growth [...]
FTSE 100 hits six-month high on US and European results October 21, 2010 Britain’s leading shares surged to a six-month closing high yesterday, led by miners, as UK investors were buoyed by strong earnings in the US and Europe, but TUI Travel fell after reporting accounting errors. Europe’s largest travel firm TUI Travel slumped more than 11 per cent after it revealed its finance chief would quit and [...]
Sara Lee rebuffs potential $12bn KKR buyout offer October 4, 2010 SARA LEE shares surged seven per cent yesterday after The New York Post reported the foodmaker received an unsolicited offer from private equity firm KKR Co and could arouse the interest of Anglo-Dutch conglomerate Unilever NV. KKR approached the maker of Sara Lee bread and Jimmy Dean sausages about six weeks ago in what could [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 29, 2010 FINANCIAL TIMES WAITROSE EYES DUCHY ORIGINALS US PUSH Waitrose is making its first foray into the US through its Duchy Originals range, the label founded by Prince Charles. The supermarket arm of the employee-owned John Lewis Partnership is talking to North American retailers and distributors about selling Duchy Originals products in US stores. PENSIONS REGULATOR [...]
CITY MOVES | WHO’S SWITCHING JOBS September 29, 2010 Tullett Prebon The inter-dealer broker has re-hired Tory MP Michael Fallon as a non-executive director, just a few months after he resigned to pursue an unsuccessful campaign for the Treasury Select Committee chairmanship. Fallon, who lost out to Andrew Tyrie, rejoins Tullett a week after he replaced Lord Ashcroft as deputy chair of the Conservative [...]
L’Oréal may launch rival Culver bid September 28, 2010 UNILEVER could find itself embroiled in a multi-billion dollar bidding war for hair care specialist Alberto Culver. Analysts were yesterday bracing themselves for a rival bid for the firm, with L’Oreal said to be the most likely candidate. German consumer goods giant Henkel is also thought to be considering its position. JP Morgan analyst John [...]
Former US Treasury chief joins BA board September 27, 2010 FORMER US Treasury secretary John Snow, and Telefónica chairman César Alierta, are to join the board of the newly formed International Airlines Group (IAG) as non-executive directors, it was announced yesterday. The company, which is being formed by the planned merger of British Airways and Iberia, will create Europe’s second-largest airline by market value after [...]
Unilever is hoping for a good hair day September 27, 2010 Unilever yesterday announced it will buy US hair and skin care specialist Alberto Culver in a deal worth $3.7bn (£2.34bn). The acquisition of the firm behind household names such as V05 and TRESemme marks the single biggest Unilever acquisition in almost a decade. The new brands will complement Unilever’s existing portfolio, which includes Dove, Clear [...]