BP defiant in Russia July 30, 2008 Defiant BP chief executive Tony Hayward yesterday said the British oil giant would “not be intimidated by the strong arm tactics” of its warring oligarch partners at its Russian joint venture, TNK-BP. Hayward said: “The other shareholders want to tear up the agreement that they willingly signed in 2003 We are not prepared to do [...]
Crosby review fails to please industry July 30, 2008 Property industry experts yesterday sharply criticised the government commissioned Crosby report on the crippled state of the mortgage market for failing to take immediate action to relieve the problem. In his interim report, published yesterday afternoon, Sir James Crosby, the former boss of HBOS, said the mortgage markets would remain jammed another three years, possibly [...]
BA and Iberia set to merge in £4bn deal July 30, 2008 BA’s Willie Walsh seeks to put the chaotic move to Heathrow’s Terminal 5 behind him British Airways and Spanish carrier Iberia have started merger talks in a bid to create Europe’s third-largest airline, they announced yesterday. The two carriers, currently fourth and sixth in Europe by value, are working on a friendly all-share deal with [...]
Disaster-proof your business, it could save you millions July 30, 2008 In these technological times, clever companies prepare for catastrophes before they have happened, writes David Crow Here in the UK, businesses used to be able to view natural disasters as foreign and exotic. Of course, the images of destruction that played across television screens would elicit feelings of horror and sympathy, but the true cost [...]
Police close in on Antigua murder case July 30, 2008 Police in Antigua are questioning six suspects over the murder of a British doctor shot dead on her honeymoon, according to local media reports yesterday. Catherine Mullany, 31, was killed in her hotel room at a luxury resort on the Caribbean island. Her husband Benjamin Mullany, also 31, was shot in the neck and is [...]
Unilever sells off US detergents business July 29, 2008 Shares in Unilever climbed after the Anglo-Dutch consumer goods giant announced it had finally sold its North American detergents business – after almost a year of struggling to find a buyer. Private equity firm Vestar Capital Partners snapped up the business, which includes brands such as Snuggle, Wisk and Surf, for $1.45bn (£727m). Unilever has [...]
Northern Foods passes on fuel costs July 29, 2008 Northern Foods, the maker of chilled ready meals sold at Marks & Spencer, said yesterday it planned to pass on £32m of rising commodity and fuel costs to consumers. Chief executive Stefan Barden said: “We would be expecting to fully recover all the input cost inflation. We have to date and we would intend to [...]
Tesco buys out RBS in £950m deal July 29, 2008 Britain’s retail giant is to take full control of its Tesco Personal Finance joint venture Tesco, the retail giant that already dominates the grocery market, is accelerating its push into financial services with a £950m buyout of the 50 per cent it does not own of its financial services joint venture with RBS. The buyout [...]
Pearson gains buck Media sector gloom July 29, 2008 Financial Times owner Pearson Group brought some much-needed cheer to the media sector after beating analysts’ first half revenue forecasts by posting a 14 per cent rise in sales to £1.965bn, in what chief executive Marjorie Scardino described as “tough economic conditions.” Pearson shares climbed 2.85 per cent to 612.5p after the group said it [...]
KKR defies the credit crunch with surprise £7.5bn flotation July 28, 2008 The legendary firm of New York buyout experts insists that going public is the best strategy Kohlberg Kravis Roberts, the fabled US private equity group, is to go public in a deal which will see it merge with one of its listed funds and float on the New York Stock Exchange. KKR, whose founders include [...]