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The Business Matrix: Friday 23 November 2012
British lead the tip-off league in US
More than one in ten tip-offs on corporate wrongdoing received by US regulators came from overseas last year with Britons accounting for almost one in four, according to global investigations firm Kroll. Canada and India were second in the league. The Securities and Exchange Commission began paying for tip-offs in 2010.
Reckitt makes US vitamin swoop
Reckitt Benckiser yesterday added US vitamins firm Schiff to its list of products, including Nurofen and Strepsils, with a $1.4bn (£877.7m) deal marking the first major buy for new chief executive, Rakesh Kapoor. Germany's Bayer initially agreed to buy Schiff Nutrition International, but Reckitt trumped them with a bid of $42 a share.
Pinnacle pain as £16m bill looms
The builders working on plans for the tallest skyscraper in the City, the Pinnacle, could seize the site after launching a legal challenge to recover £16m in unpaid bills. The High Court has ordered the owners of the 63-storey, £1bn Pinnacle tower development, to pay Canadian-US construction group Brookfield Multiplex £16m.
Daily Mail owner gives back £100m
Daily Mail & General Trust's shares surged 10 per cent to their highest level in nearly two years after announcing strong annual profits and a £100m share buyback. Chief executive Martin Morgan said this week's sale of regional newspapers arm Northcliffe meant DMGT has "completed the final planks" of a four-year reorganisation.
Europe on course for more pain
The Eurozone is on course for a deepening recession in the final quarter of 2012, a survey warned yesterday. Financial data provider Markit's snapshot of manufacturing and services output across the region – where a score under 50 signals contraction – was 45.8 in November, close to its lowest since 2009.
Olympic cash Cow for pub chain
The Cow at Westfield Stratford shattered all records for takings at a Young & Co pub in the second week of the Olympics with sales of £202,000. That is ten times the weekly takings of the average managed Youngs pub. The sister pop-up-pub the Calf in Westfield took £118,000 in the same week.
Close shrugs off broking blow
Independent bank Close Brothers made a "solid start" to the new financial year despite a continuing slowdown in trading at market making arm Winterfloods. It said its loan book had risen 4 per cent to £4.3bn due to increased motor and asset financing, and property loans.
Santander mulls US car loans float
Spanish bank Santander is considering a flotation of its United States car loans business as it continues efforts to shore up its balance sheet against the weakness in its domestic economy. The flotation could be worth $6bn (£4bn) based on a loan book of $18bn.
Murdoch in $10m share cash-in
Rupert Murdoch has sold News Corporation stock worth more than $10m (£6m) but he has lost none of his power because these were "Class A" non-voting shares. Murdoch and his family still own 40 per cent of the "Class B" voting shares.
Ryanair cuts its Budapest routes
Ryanair is to cut the number of routes it operates from Budapest by a third next year, as the budget airline seeks to wrestle favourable conditions from the airport operator. The move comes months after Ryanair set up a base in Hungary's capital.
- 1 BBC told new political editor must be 'impartial' with Nick Robinson reportedly stepping down
- 2 Number of young homeless people in Britain is 'more than three times the official figures'
- 3 Humans of New York image of crying gay teen receives best response yet from Ellen DeGeneres
- 4 The map showing the most dangerous tourist destinations in Europe, according to the Foreign Office
- 5 Swedish minister gives strongest case yet on why EU should stop turning away asylum seekers