Strike warning over Diageo cuts July 6, 2009 Union leaders have said they cannot rule out balloting for strike action in their fight against job cuts at drinks firm Diageo. Members of the union Unite are due to meet in London to plan their campaign against the axing of 900 workers in Kilmarnock and Glasgow. The company has said restructuring is needed to [...]
BEST OF THE BROKERS July 2, 2009 WPP GROUPCitigroup has downgraded WPP to “sell” saying that a continuation on second quarter trends would suggest a 2009 full-year organic decline of 7.5 per cent and limited growth in 2010. The broker sees risk to the earnings and thinks that the first half results in August will be a negative catalyst, and lowers its [...]
BEST OF THE BROKERS July 2, 2009 WPP GROUPCitigroup has downgraded WPP to “sell” saying that a continuation on second quarter trends would suggest a 2009 full-year organic decline of 7.5 per cent and limited growth in 2010. The broker sees risk to the earnings and thinks that the first half results in August will be a negative catalyst, and lowers its [...]
London markets sag in the heat but Diageo refreshes July 2, 2009 THE FTSE 100 closed 2.5 per cent lower yesterday, with market sentiment hit by data showing US employers cut more jobs than expected in June and unemployment in Europe hit a 10-year high. The index ended down 106.44 points at 4,234.27 after closing 2.2 per cent higher on Wednesday, the first day of the new [...]
Diageo to axe 900 Scotch whisky jobs July 1, 2009 DRINKS giant Diageo said yesterday that a total of 900 jobs will be axed in Scotland as part of a restructuring drive designed to help the company through the downturn. Diageo will close its packaging plant at Kilmarnock, where around 700 people are employed, as well as shutting down its 200-year-old grain spirit distillery and [...]
Wolseley boss to step down June 30, 2009 BRITISH building supplies company Wolseley said yesterday that chief executive Chip Hornsby would step down with immediate effect, lifting its shares. The plumbers and builders merchant said Ian Meakins would succeed Hornsby on 13 July. Meakins has held positions as chief executive of Travelex Holdings and Alliance Unichem until its merger with Boots. “The management [...]
Philip Scott to leave Aviva as chief exec seeks fresh talent June 18, 2009 PHILIP Scott is leaving his role as chief financial officer and executive director of blue-chip insurer Aviva, as the group looks for a fresh approach to its ongoing restructuring. Scott is stepping down at the end of the year, after 36 years at the firm, as chief executive Andrew Moss continues the group’s overhaul following [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
Diageo firm on late payments May 17, 2009 Drinks company Diageo has imposed harsher payment terms on its suppliers, risking a backlash from business secretary Lord Mandelson who had appealed for better treatment of small businesses. The Smirnoff owner has increased the number of days in which it commits to pay its suppliers to 30 days, from 45, saying the changes are necessary [...]