Today's letter from the Editor
The Business Matrix: Tuesday 25 September 2012
Kiwis may want Stansted airport
Infratil, a New Zealand-based airport owner that is trying to sell Glasgow Prestwick and Manston airport in Kent, has been confirmed as a potential bidder for London's Stansted. Morrison & Co, an infrastructure fund which manages Infratil, said it was looking at a possible acquisition. It's expected to be part of a group-bid.
Head of Volvo suffers a stroke
The chief executive of the Swedish car and lorry maker Volvo has become the latest senior businessman to take time off for ill health, admitting that he has suffered a mild stroke. Stefan Jacoby, who took the top job at Volvo in August 2010, is taking a month off during which the chief financial officer, Jan Gurander, will take charge.
Dairy Crest agrees to milk price rise
Dairy Crest has become the latest processor to raise the price it will pay farmers for their milk, having been the subject of blockades at two of its dairies back in July. The company said it would raise the price it pays to farmers to a litre for liquid milk and for making Davidstown Cheddar from 1 November.
Outflow of funds at Aberdeen
Martin Gilbert's Aberdeen Asset Management saw a modest outflow of funds during July and August as, despite strong stock market performances around the world, investors chose to sit on their hands. Assets under management rose 1 per cent in the two months to £184bn but there was still a net outflow.
Anti-grenade net helps Qinetiq
Strong orders for a device that protects vehicles from rocket-propelled grenades have helped the defence technology specialist Qinetiq beat first-half expectations. The group said its global products business had been boosted by two major orders for Q-Net, a cage made of webbing to protect from RPGs.
Brits still want cakes, but smaller
Sweet-toothed Britons have not thrown cakes out of the shopping trolley just yet, but they are trading down for their treats, the cake maker Finsbury Food said yesterday. Finsbury makes its own-label cakes as well as branded goods for Nestlé, WeightWatchers, Thorntons and supermarkets.
Talks on €2trn rescue fund
The firepower of Europe's new €500bn (£400bn) rescue fund could be bolstered to €2 trillion under plans to leverage up the pot with private investment, German officials said yesterday. Talks are still ongoing in Brussels on the European Stability Mechanism.
Shore gets bullish on recovery hopes
Howard Shore, the head of the mini-investment bank and stockbroker Shore Capital, believes there are clear signs of economic recovery since the summer. "Contacts and clients tell me there has been significant pick-up," he said. "I'm bullish about the world economy."
Market likes AG Barr-Britvic tie-up
Roger White is staying mum on his drinks group AG Barr's £1.4bn merger with rival Britvic. Until the first Takeover Panel deadline of 3 October, he will only say "talks are ongoing". But the stock market is convinced the deal will go ahead.
Canaccord finance group buys Eden
The Canadian financial group Canaccord has expanded its London operation by buying wealth manager Eden for up to £21m. Eden has £835m assets under management. The London operation is to be rebranded as Canaccord Wealth Management.
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