GM is poised to pull trigger for $20bn flotation

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldFinanceChatterViewers Had To Look Away When This Happened On Live TVFinanceChatterBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal Past Show Comments ▼ Tags: NULL whatsapp GENERAL MOTORS could file a registration for its initial public offering (IPO) of up to $20bn (£12.8bn) as soon as tomorrow, after it reports quarterly results today, three people with knowledge of the process said.GM’s IPO registration was expected later this month, but the company and advisers have sent conflicting signals about how quickly that first step toward reducing the government’s majority stake could happen.The IPO filing was expected in mid-August, but GM chief executive Ed Whitacre said last week that the company did not plan to file a registration in the near term, prompting speculation that the timing had slipped.The timing of the IPO filing had not yet been set and hinges on the progress GM makes on securing a credit facility in ongoing talks with banks, according to a source.GM, now 61 per cent-owned by the US government, is counting on the momentum from its second consecutive quarter of profits to help it clinch a $5bn bank credit facility as it prepares for an offering by year end.If the American automaker does file for an IPO valued at $20bn, it would be the biggest US IPO since credit card firm Visa’s $19.7bn offering in March 2008. GM is poised to pull trigger for $20bn flotation center_img KCS-content Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Wednesday 11 August 2010 8:41 pm whatsapplast_img read more

WHAT THE OTHER PAPERS SAY THIS MORNING

first_img THE SUNDAYSThe Sunday TelegraphCHEYNE CAPITAL SHUTS EQUITY FUND AFTER POOR PERFORMANCELondon-based hedge fund Cheyne Capital has closed a much-heralded equities fund only a year after it opened. The fund, which it is believed was equivalent to around 1 per cent of the approximate £5bn Cheyne has under management, closed after a dissapointing performance amid a turbulent equities market.CARR: NEW NUCLEAR ENERGY VITAL FOR UKRoger Carr, chairman of Centrica, has warned that Britain must wake up to its future reliance on nuclear energy if it wants “to keep the lights on”. Carr said nuclear power is a ‘practical necessity” if the UK is to reduce its carbon usage by 80 per cent by 2050. Carr urged for a “fast track” planning approach to future reactors.THE SUNDAY TIMESRISK CAPITAL SELLS STAKE IN CELEBRITY FISH SUPPLIEREntrepreneur Luke Johnson is preparing to sell a stake in Seafood Holdings, the firm that supplies fish to top restaurants and chefs such as Gordon Ramsay and Heston Blumenthal. Johnson’s private equity firm Risk Capital Partners has hired Cavendish Corporate Finance to find a buyer for its 24 per cent stake in the company.DOORSTEP LENDER FACES ADMINISTRATIONCattles, the doorstep lender, has begun preparing for administration in a move that is expected to wipe out the investments of about 160,000 small shareholders and threaten 3,000 jobs in Britain. Last ditch rescue negotiations with creditors fell through last week.TODAYFINANCIAL TIMESTESCO PLANS FOR US FOOTHOLD TOO AMBITIOUSSir Terry Leahy’s original vision for Tesco’s assault on the US was far more ambitious than the retailer has publicly admitted, with the chief executive drawing up plans for a chain of 10,000 convenience stores across America. To date Tesco has only opened 168 branches of its Fresh&Easy store, three years after Leahy’s pledge.CAMERON EARNS LESS THAN 9,000 PUBLIC SERVANTS.More than 9,000 people working in the public sector earn more than the prime minister’s £142,500 a year, according to the most extensive analysis to date of senior public sector pay. Some 38,000 public sector staff earn more than £100,000 a year.andtheguardianBRAZIL’S OIL FIRM PETROBRAS AIMS FOR LARGEST SHARE ISSUE IN HISTORYBrazil’s state-controlled oil company Petrobras is aiming to sell a record-breaking $64bn (£41bn) worth of shares to investors this week – the latest and biggest sign of the developing nation’s recent ascent through the ranks of world finance. The offering is set to become the largest issue to date, surpassing the $36bn raised by Japanese telecoms company NTT in 1987 and the $24bn raised by the Royal Bank of Scotland in June 2008.DIVIDEND BONANZA AS BUTLINES RIDES BRITISH STAYCATION BOOMThe family owners behind the Butlins and Haven holiday parks are happy campers, after pocketing nearly £60m in dividends as cost-conscious Britons continued to holiday at home rather than abroad.THE TIMESBARCLAYS LOOKS TO WARD OFF GOVERNMENTBarclays is working on contingency plans to make radical changes in an attempt to head off more draconian government measures. The high street bank is looking at ways to ring-fence its deposits and is considering whether to put its investment banking arm Barclays Capital into a separate legal entity. The move comes soon after Barclays controversially announced that Bob Diamond, the head of its investment banking division, would become group chief executive next March.MAYOR WARNS OVER OLYMPIC VISITOR FORECASTSExecutive Director of the European Tour Operators Association Tom Jenkins says that forecasts of visitor numbers to the 2012 Olympics “appear to be exaggerated”. Share whatsapp WHAT THE OTHER PAPERS SAY THIS MORNING KCS-content Sunday 19 September 2010 10:55 pm whatsapp More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Show Comments ▼ Tags: NULLlast_img read more

Malcolm Calvert drops appeal against insider dealing conviction

first_img MALCOLM Calvert, the ex-Cazenove partner released from jail earlier this month after serving just a third of his 21-month sentence for insider dealing, has dropped his appeal against the High Court’s conviction, bringing to a close the most high-profile enforcement case in the City regulator’s history.Calvert, known as “Streaky”, was released from Ford prison thanks to good behaviour after serving less than seven months of his sentence, though he continues to have to wear an electronic tagging device.At the time of his release, appeals against his sentence were still pending, but they have now been dropped, meaning that he will have to pay £50,000 towards the Financial Services Authority’s (FSA) legal costs and a fine of almost £475,000. Show Comments ▼ KCS-content Tags: NULL Wednesday 20 October 2010 8:56 pm Sharecenter_img Read This NextThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Malcolm Calvert drops appeal against insider dealing conviction whatsapp whatsapp Video Carousel – cityam_native_carousel – 426 00:00/00:50 LIVERead More Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndolast_img read more

Cash injection for the UK economy could risk deflation

first_img Tags: NULL KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com AN INJECTION of cash into the UK economy through quantitative easing could risk the economic recovery and lead to deflation.Fathom Consulting has warned a fresh round of quantitative easing (QE) could become self defeating, as higher headline inflation, without an increase in higher wages, would ultimately be deflationary.Analysts warned a fresh injection of cash could lead to higher food prices, and other commodity prices, but not matched by wages.The position stands against the view of Bank of England Monetary Policy Committee (MPC) member Adam Posen, who has previously voted for QE to stimulate the economy.Posen wants to put in an extra £50bn to the existing QE programme to a total of £250bn.The Bank of England last week held the base rate of interest at 0.5 per cent and confirmed there would be no extension of quantitative easing to increase money supply.But the US Federal Reserve has said its QE policy is working. Forecasts suggest the policy will keep inflation at one point higher and create 3m jobs.Fathom Consulting view QE as successful at holding down both the dollar and sterling “so far”, yet say that the currencies “could rise once more”.It also pointed to the unwillingness of countries like China and Brazil to allow their currencies to rise significantly against the dollar, which could undermine global growth prospects.Fathom director Danny Gabay said: “The bigger risk for countries conducting QE remains deflation.” Cash injection for the UK economy could risk deflation whatsappcenter_img Show Comments ▼ Sunday 16 January 2011 10:11 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndo Share whatsapplast_img read more

WHAT THE TWO SIDES SAY

first_imgTuesday 25 January 2011 9:24 pm WHAT THE TWO SIDES SAY Show Comments ▼ Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsappcenter_img Sky“Ofcom’s analysis is deficient. The deal will have minimal impact on consumers and would not enhance News Corporation’s ability to influence the news”“News Corp alleges that Ofcom did not have an open mind when considering the issue of plurality. This allegation is without foundation.”TIME LINE | TWISTS AND TURNS OF THE BIDJune 2010: News Corp bids for the 61 per cent of Sky it doesn’t already own. News Corp shares jump four per cent despite the £7bn offer. The bid is swiftly rejected by the Sky board who say the firm is worth more.July 2010: The two sides hold meetings to discuss the value of the firm. No further bid is made and the firms decide to put talks on ice until regulatory approval is given to a potential bid. September 2010: Business secretary Vince Cable, who has jurisdiction over the bid, asks Ofcom to draft a report advising whether the Competition Commission should become involved.October 2010: UK media companies including the Telegraph and the Mirror release a joint statement condemning the bid.December 2010: Cable is caught in a sting by reporters, bragging about “going to war” with Rupert Murdoch.January 2011: His replacement Jeremy Hunt delays final decision to give News Corp time to file evidence. Share whatsapp KCS-content last_img read more

CHALLENGE FOR CITY FIRMS TO GO OFF ROAD

first_img Tags: NULL Show Comments ▼ Monday 14 February 2011 9:57 pm whatsapp CHALLENGE FOR CITY FIRMS TO GO OFF ROAD whatsapp FOR frustrated finance workers who fancy themselves as a bit of a Bear Grylls-type come the weekend, CARE International’s Finance Adventure Challenge might be just the opportunity to show your colleagues what you’re made of. City A.M. is supporting the Challenge this summer, giving City professionals a chance to ditch the suits and prove their mettle stretches further than the boardroom. It takes place in Exmoor on 25 June, and will see corporate teams from financial firms pitted against each other in a series of testing trials, including cycling, canoeing and hiking. For real suckers for punishment there’s even a mystery bonus stage – an extra hour of challenges pitched to the most competitive members in the field. But the more cerebral types shouldn’t be put off by the physical demands of the course – it also promises to test teams’ mental ability, and with fundraising targets set at £3,000 per team, companies will need to call on their best mathematical brain to make sure that all the effort is worthwhile. Funds raised will support CARE International’s poverty-fighting work in over 70 countries, which includes microfinance projects and village savings and loans schemes.Website: www.carechallenge.org.uk/financeTel: 020 7934 9470SEAL OF APPROVALIn the first six months following their launch in July 2010, tourists, commuters and weekend daytrippers have cycled to the moon and back 13 times on their ‘Boris’ bikes ?– and the distance is likely to skyrocket even further once the scheme is extended out towards Canary Wharf.So the scheme’s 110,000 registered users will be delighted to hear that their chosen mode of transport is now also officially “cool”, having just been nominated for a Brit Insurance Design Award. Tagged as “the Oscars of the design world”, the awards recognise innovation in architecture, fashion, furniture, graphics, interactive, products and transport. The bikes face stiff competition in their category, with the world’s first folding electric bicycle and the Riversimple hydrogen car also up for the prize, which will be announced on 15 March at the Design Museum. But the blue bikes’ supporters will surely be heaving a sigh of relief that they’re not nominated in the “interactive” category alongside ultra-addictive iPhone game Angry Birds. Not even Colin Firth would want to be shortlisted next to a competitor like that.GIFTS KEEP ON GIVINGIf there were any doubt that the British entrepreneurial spirit lives on, a simple eBay search this morning would prove otherwise. Just hours after the end of Sunday night’s Bafta ceremony, freebies from the heavily-sponsored goodie bags started appearing on the popular auction site. Top of the search pile last night was a Bafta-themed Lancome skincare and make-up gift set in a red carpet box ?– yours for just £20 “brand new, unused and unopened” – proving perhaps that high-street products just aren’t enough to impress those more used to having private access to London’s best botox experts. But The Capitalist sincerely hopes that no one whose other halves attended the ceremony received a Hotel Chocolat solid chocolate Bafta mask as their Valentines Day present. There’s entrepreneurial, and then there’s just plain cheap. center_img More From Our Partners LA news reporter doesn’t seem to recognize actor Mark Currythegrio.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm last_img read more

Broker team buys its way out of Brewin

first_img whatsapp Broker team buys its way out of Brewin Share Tuesday 15 February 2011 8:15 pm THE CORPORATE advisory and broking team of financial services group Brewin Dolphin has bought its way out of the company to set up a new firm.The asset manager agreed to sell the unit, which sees the departure of 55 professionals, in a deal worth £5m.The team has now established a joint venture with the financiers that backed the buyout, N+1 – a Spanish financial adviser and asset management group.The deal will also free Brewin Dolphin from its regulatory capital requirements, as it moves to become a pure investment manager.Following the transaction, N+1 will hold a 51 per cent stake in the new company, whilst the team will hold 35 per cent. Brewin Dolphin will retain a 14 per cent interest in the company.The deal is still subject to regulatory approval from the Financial Services Authority.The new business, to be called N+1 Brewin, will be led by Graeme Summers as managing partner.Summers, who joined Brewin Dolphin in 1990, formerly headed up the firm’s corporate advisory and broking division.He said: “It’s exciting times for the team. Brewin Dolphin has been a very good home for us for the past 20 years. There’s been a natural parting of ways, moving of the businesses in different directions“We’ll be moving towards a partnership with a highly successful international partner that has very complementary skill sets to what from the outset we were trying to achieve in this process.”EDWARD WILLIAMSWEST HILL CORPORATE FINANCEBREWIN Dolphin was advised by Edward Williams of West Hill Corporate Finance, a corporate finance advisory business focused on clients in the financial services and funds sectors. Previously, Williams advised on the £113m sale of Lloyds vehicle Cathedral Capital, as well as a private capital raising for specialist motor insurer Verex. He also worked on a £105m AIM capital raising for the Macau Property Opportunity Fund.Prior to joining West Hill, Williams was a managing director in HSBC’s Financial Institutions team. He has 15 years corporate finance experience and is a graduate of King’s College, London, where he read Law.West Hill’s Andrew Galloway also advised on the deal.Galloway, the former head of financial institutions at HSBC’s investment bank set up West Hill with other bankers in 2003.He has over 25 years’ corporate finance experience from mergers and aquisitions to equity and debt financing.Galloway led the formation of HSBC Investment Bank’s Financial Institutions team which was the bank’s largest revenue contributor for a number of years. KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Show Comments ▼ Tags: NULL whatsapplast_img read more

Diageo seals £1.3bn deal for Turkish spirits firm

first_img whatsapp whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap Diageo seals £1.3bn deal for Turkish spirits firm Diageo, the world’s biggest spirits maker, has confirmed a deal to buy the Turkish spirits group Mey Icki for £1.3bn to give it access to this fast-growing emerging market.The London-based maker of Johnnie Walker whisky and Smirnoff vodka is buying Turkey’s biggest spirits company from investment firms TPG Capital LP and Actera. The agreement is expected to be completed in the second half of 2011.The Turkish group is the clear market leader in raki, the biggest spirits category in Turkey, and has a leading position in vodka, while it also has an extensive nationwide sales and distribution network.It had net annual sales of £300m in 2010 and earnings before interest and tax (EBIT) of £120m, and will be earnings accretive for Diageo in the first full year of acquisition by around 1 percent.The group said the deal will allow it to accelerate the growth of its international spirits brands in Turkey throughMey Icki’s distribution network and customer relationships.“Turkey is an attractive, growing market for Diageo with strong GDP growth. The acquisition of Mey Icki transforms our existing position in this fast growing spirits market,” said Diageo Chief Executive Paul Walsh in a statement. center_img Show Comments ▼ Tags: NULL John Dunne Monday 21 February 2011 3:55 am Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndolast_img read more

Deals take backseat to organic growth

first_imgWednesday 9 March 2011 8:27 pm Deals take backseat to organic growth Share More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ whatsapp KCS-content WHEN Tidjane Thiam pledged to double Asian profits by 2013, there were more than a few raised eyebrows. He set the target in December of last year, soon after his disastrous attempt to buy the Asian operations of AIG for $35.5bn. Having pulled the plug on the transformational deal, he quickly became a convert to the opportunities offered by organic growth rather than mega acquisition. If the Pru could hit such gruelling targets alone, why bid for AIA in the first place? It appears he was right, second time round at least. Asian operating profits according to the IFRS accounting standard were up 29 per cent last year, much higher than the 19 per cent compound annual growth implied in Thiam’s ambitious targets. New business profits in the region were up 24 per cent, also ahead of target. Looking East for growth is a familiar strategy, but it’s worth reiterating just why Asia is such a hot property for the likes of Prudential. In India and China the life insurance penetration rate is just four per cent, compared to 13 per cent in the UK while McKinsey estimates that the compound annual growth rate in China will exceed 15 per cent for the next five years. Elsewhere, the results beat expectations on just about every measure. IFRS operating profit was up 24 per cent year-on-year to £1.941bn, beating consensus by 24 per cent; new business sales were up by 23 per cent to £3.485bn. And this was all without sacrificing the margin, which widened by 100bps to 58 per cent. After the AIA farce, Thiam faced an uphill struggle to rehabilitate his reputation. According to yesterday’s figures, he has made an excellent start. whatsapp Tags: NULLlast_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img Show Comments ▼ CITY MOVES | WHO’S SWITCHING JOBS whatsapp whatsapp Share Thursday 14 April 2011 7:36 pm Lloyds TSB Commercial FinanceAndrew Gaunt has been promoted to associate director of Lloyds TSB commercial finance’s business development team in the North East and Yorkshire. Gaunt moves from the lender’s large and major corporates team in the region, where he has spent the last five years as client manager, looking after a combined review limit of £150m. In his new role, Gaunt will be responsible for bringing in new business with turnover of between £5m and £25m.HSBCDavid McKenzie and Karina Challons have been appointed as managing directors of HSBC Private Bank. McKenzie, who is also promoted to head of credit advisory, first joined HSBC Private Bank from NatWest in September 2001. Challons has spent the last two years leading the bank’s tax and financial planning team.Cushman & WakefieldThe property consultant has confirmed Dean Maszlin as partner in its London asset management team, effective from 18 April. Maszlin joins the company from CB Richard Ellis, where most recently he worked on Draper’s Gardens for Exemplar and Canary Wharf Group.Trilantic Capital PartnersThe transatlantic private equity firm has appointed Michel Léonard as operating partner. Léonard will advise Trilantic Capital Partners on investments in the food and consumer goods sectors to support Trilantic’s portfolio companies throughout Europe.Jato DynamicsAndy Rothery has been promoted to chief executive, following two years spent as chief operating officer. Rothery will broaden the company’s product portfolio, focusing on emerging markets such as Brazil and China.White & CaseElena Millerman has been made a partner to strengthen the law firm’s presence in the power and infrastructure markets. Millerman moves from Debevoise & Plimpton, bringing more than 10 years’ experience in project finance in North and South America.ICFThe Investment Climate Facility (ICF) for Africa has appointed Neville Isdell, the former chief executive and chairman of the board of directors for The Coca-Cola Company, as co-chair. Isdell, who has sat on the ICF’s board of trustees since 2009, replaces Niall FitzGerald, deputy chairman of Thomson Reuters, who is stepping down as co-chair to pursue other interests. KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search Adsthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comLoan Insurance WealthCatherine Bell’s New Girlfriend Might Look Familiar To YouLoan Insurance WealthAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Tags: NULLlast_img read more