News

Your daily news update straight from the City PM newsroom in London

City divided on Cadbury’s new suitors

November 18, 2009

THE City was yesterday divided over the prospect for a Cadbury bidding war as Ferrero and Hershey confirmed they were in early talks about a possible offer for the UK giant. Some said that the presence of other potential bidders in the field would prompt Kraft to increase its offer. One analyst said: “Kraft has [...]
Three-way clash among MPC over QE

November 18, 2009

TENSIONS on the Bank of England’s monetary policy committee (MPC) came to a head in November as members clashed in a three-way split over the way forward for its quantitative easing (QE) policy, the minutes of its last meeting showed yesterday. The committee voted unanimously to keep interest rates on hold at 0.5 per cent [...]
NEW BOSS NORMAN PREPARES TO BRING THE ROMANCE BACK TO ITV

November 18, 2009

THE market has roundly welcomed ex-Asda boss and former Tory MP Archie Norman’s appointment to the chairman’s seat at ITV, but has anyone considered the most pressing question it throws up for the broadcaster? Allow me to explain. Back in Norman’s retail days, perhaps the most exciting new initiative at Asda was the introduction of [...]
THIS IS NOT JUST ANY CHIEF EXEC…

November 18, 2009

MARKS & Spencer yesterday stunned the City by naming WM Morrison’s successful boss Marc Bolland as its new chief executive. The shock move was widely welcomed by investors in M&S – but Morrisons’ shareholders suffered heavy losses. Sir Stuart Rose, who has been holding the position of executive chairman in defiance of corporate governance rules, [...]
Cadbury open to offer talks

November 18, 2009

ITALIANchocolate maker Ferrero and US rival Hershey yesterday both confirmed that they were holding early talks about launching an offer for Cadbury. Cadbury, the target of a £9.8bn hostile bid from Kraft, said it would be open to a fair offer which delivers full value. Hershey told the City that it was “reviewing its options”, [...]
Fresh blow to BP over TNK

November 18, 2009

TNK-BP is likely to stay under the effective control of Russian oligarch Mikhail Fridman until 2011. The chief executive’s post at the joint venture between oil giant BP and four Russian tycoons will soon pass to Maxim Barsky, the candidate agreed by both sides several months ago. But Fridman will stay at the helm of [...]
A general election cannot come too soon

November 18, 2009

IF only life were this easy. So the markets are saying that the budget deficit is far too high? Simple, you pass a law stating that it must be cut and then abolished over the next few years (when you are no longer in power) – and then make speeches extolling your own virtues and [...]
Trichet: regulate insurers

November 18, 2009

JEAN-CLAUDE Trichet, president of the European Central Bank, has thrown his weight behind proposals to tighten the regulation of insurance companies. Trichet said large insurers should be considered “systemically relevant” because of their size and reach, despite the lack of solvency concerns in the industry. Calling on authorities to urgently agree a new European supervisory [...]
WHAT THE OTHER PAPERS SAY THIS MORNING

November 18, 2009

FINANCIAL TIMES LLOYDS OFFLOADS MALL FOR £300MHammerson, the UK real estate investment trust, has emerged as the preferred buyer of a £300m shopping mall near Glasgow being sold by Lloyds Banking Group after the original owner defaulted on the loan. The UK commercial property market has seen few sales by the larger lending banks, in [...]
Tata seeks new chairman

November 18, 2009

Tata, the Indian conglomerate that owns Corus Steel and Jaguar Land Rover, is searching for a successor to its 71-year-old chairman Ratan Tata. It is understood the board is interviewing local and foreign candidates to head the group, which operates 98 subsidiaries and rakes in annual revenues of £42bn. Tata said he hoped to find [...]