Price of everything going up too fast January 19, 2010 BRITAIN has a credibility problem – and no, I’m not only talking about the government’s hypocritical and self-serving protectionist rhetoric on Cadbury. Yesterday’s inflation figures were even more damaging. The consumer price index (CPI) rate jumped to 2.9 per cent from 1.9 per cent in November; when the Vat hikes kick in, inflation is bound [...]
Drugmakers give FTSE a lift as investors bet on healthcare January 19, 2010 BRITAIN’S top share index ended up 0.3 per cent yesterday, led by pharmaceuticals on hopes that US President Barack Obama’s healthcare reforms could be hampered, while banks fell after results from US bank Citigroup. The FTSE 100 index rose 18.75 points to 5,513.14, extending Monday’s gains when the market rose 0.7 per cent. Pharmaceuticals echoed [...]
Banks and miners lift FTSE but retail shares take a dive January 14, 2010 STRENGTH in miners helped Britain’s top share index to a 0.5 per cent rise by yesterday’s close after soaring output figures from Rio Tinto boosted the sector, but retailers fell on weak trading updates. The FTSE 100 ended 24.72 points higher at 5,498.20 after falling for two days, pressured by China’s decision to tighten banks’ [...]
BEST OF THE BROKERS October 28, 2009 CADBURYInvestec said that Cadbury’s interim management statement should be good for valuations of the firm, but that a more contingent approach to the potential end-games leads it to be less bullish overall. The broker decreased its target price for the stock to 840p and downgraded its rating to “hold”. BPCitigroup said that, with BP trading [...]
Hershey needs to get the green light from its trust November 18, 2009 HERSHEY, the US candy giant that makes the iconic Kisses chocolate and Reese’s peanut butter cups, has its own hurdles to overcome before it can make an offer for Cadbury. The group’s Hershey Trust Company – an independent trust company founded by Milton S. Hershey in 1905 – controls 30 per cent of the candy [...]
Health fears hit Lazard’s Wasserstein October 12, 2009 BRUCE Wasserstein, the 61-year-old chairman and chief executive of Lazard who is leading the team advising Kraft on its £10.2bn bid for Cadbury, has been hospitalised with an irregular heartbeat. Lazard yesterday said Wasserstein is in “a serious but stable condition and is recovering”. Lazard shares yesterday dropped two per cent to $41.01 on the [...]
M&A outlook is positive for 2010 December 16, 2009 MERGERS and acquisition activity was down 33 per cent in 2009 compared to the year before, but things could be changing in 2010. A survey by the Association for Corporate Growth and Thomson Reuters has found that M&A professionals are optimistic about a pickup of M&A in the next six months. This is heartening news, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 11, 2009 FINANCIAL TIMES BLUECREST TO RELOCATE 50 STAFF TO GENEVABlueCrest Capital, one of the UK’s largest hedge funds, is moving a significant portion of its operations to Geneva amid growing concerns about London’s status as a centre for alternative asset managers. Founded in 2000 by former JPMorgan traders Bill Reeves and Mike Platt, the $15.5bn firm [...]
UK plc doing better than in past slumps November 1, 2009 THERE are many reasons why the stock market has bounced back, despite the severity of the recession. The fact that corporate earnings didn’t collapse as much as originally feared is one such explanation, as highlighted this weekend by Lombard Street Research. The operating profits of UK companies have fallen 8.4 per cent from their peak, [...]
PUT UP OR SHUT UP September 30, 2009 Kraft has until 9 November to make a formal offer for Cadbury, or it must walk away for six months the Takeover Panel ruled yesterday. The “put up or shut up” decision has now heaped pressure on Kraft chief executive Irene Rosenfeld (left) to raise the bid to a level which will be accepted by [...]