News

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

M&A may rebound next year, says UBS

November 2, 2009

GLOBAL mergers and acquisitions (M&A) may rebound from a four-year low next year, rising roughly 15 per cent to about $2.5 trillion (£1.5 trillion) to $2.7 trillion as the dealmaking environment improves, strategists at UBS said. Any such pick-up would be welcome for shareholders — UBS said investors have historically received bid premiums of 30 [...]
Nestl boss says he should have seen off rivals

November 2, 2009

NESTLE, the world’s biggest food group, should have reacted faster to competitors’ price cuts to avoid slowing sales, chief executive Paul Bulcke said in an interview. Bulcke said the group, whose sales growth this year lagged that of competitors such as Unilever, Danone and Kraft Foods, should have seen the danger of losing market share [...]
Fujitsu in strike threat

November 2, 2009

MEMBERS of Unite, the largest union in the UK, have voted to take industrial action at the Fujitsu IT services company in the UK over plans to slash pension benefits and impose widespread redundancies. Around 74 per cent of those voting decided in favour of strike action and 92 per cent voted for industrial action [...]
Profits dip at Chloride on flat sales

November 2, 2009

POWER protection company Chloride Group yesterday posted a 16 per cent drop in adjusted pre-tax profits for the half year, but said it was confident about its prospects for the year. The firm, which protects against power shortages at Heathrow Airport’s Terminal 5 and Arsenal’s Emirates stadium, posted adjusted pre-tax profit of £16.2m and said [...]
Insight deal completed as staff go

November 2, 2009

LLOYDS Banking Group yesterday cut another 120 staff as part of the completion of the £235m sale of its Insight Investment Management business to Bank of New York Mellon. On another bleak day for banking jobs, Lloyds said 331 staff would move to BNY Mellon as part of the deal while 12 would be kept [...]
Investors reckon recovery will continue

November 2, 2009

THE share price recovery is set to roll into next year thanks to government efforts to kick-start economies, a poll showed yesterday. More than 75 per cent of investors were confident of a neutral or positive equity market outlook in 2010, according to the Global Investor Review survey of 150 major investment banks. The driver [...]
Green light for CO2 deal

November 2, 2009

JP MORGAN subsidiary Carbon Acquisition Company’s £1.05 a share offer to acquire emissions trading group EcoSecurities has become wholly unconditional and is expected to complete during December. The deal has acceptances from investors representing more than 80 per cent of EcoSecurities’ share capital. Upon completion of the transaction, it is expected that EcoSecurities will operate [...]
UK factories return to life

November 2, 2009

MANUFACTURING activity grew in October at its fastest rate in almost two years, boosted by a growth in new orders, according to a leading survey published yesterday. The CIPS/Markit purchasing managers’ index (PMI) showed activity surge to 53.7, well above the 50 level that indicates growth. The survey marks a return to expansion for the [...]
WHAT DO THESE FIGURES TELL US ABOUT THE RECOVERY?

November 2, 2009

JONATHAN LOYNES CAPITAL ECONOMICS“The rise in the new orders index was driven entirely by domestic orders. The export orders index actually slipped back a touch from 51.5 to 50.9, suggesting that UK firms have yet to feel much benefit from the weaker pound and the global recovery. “ RICHARD MCGUIRE RBC CAPITAL MARKETS“The survey’s sub-indices [...]
US construction rose to six-year high last month

November 2, 2009

US construction spending made its largest gain in a year in September, the Commerce Department said yesterday, bolstered by a record pace in public construction and the biggest increase in private residential building in more than six years. The Commerce Department said spending on construction projects rose 0.8 per cent to $940.3bn (£573bn), after dropping [...]