Conditional bail for Icap brokers
Three former Icap brokers appeared in court yesterday charged with running a four-year scheme to manipulate Libor benchmark rates. Colin Goodman, Darrell Read and Daniel Wilkinson – who did not indicate any plea – have been granted conditional bail and will next appear at the Southwark Crown Court on 30 April.
Late rescue for Albermarle
Albemarle & Bond’s administrators have announced a rescue of the pawnbroker which will save 628 of its 900 jobs and most of its stores. The former Bank of Scotland boss Sir Peter Burt’s Promethean is leading a group of investors buying the company out of administration, PwC said.
Diageo £1.1bn bid for United Spirits
Diageo is making a £1.1bn bid to gain control of United Spirits by buying another 26 per cent stake. The UK drinks giant first bought shares in the Indian group from its flamboyant owner Vijay Mallya in 2012, but an offer to raise its stake above 50 per cent was rebuffed by other shareholders last year.
SABMiller looks to sell Tsogo Sun
SABMiller is “reviewing options” and may sell its £622m stake in the hotel and casino operator Tsogo Sun. The Peroni brewer reported a 3 per cent rise in full-year sales, with volumes up 2 per cent, but it missed analyst forecasts. It has been trying to offset slowing European and US sales with growth in emerging markets.
Whittaker moves up to CEO at RSA
RSA Insurance’s new boss Stephen Hester has stamped his mark on the company’s board by naming Paul Whittaker as its chief operating officer. The move will see Mr Whittaker move from his role as head of the group’s emerging market’s sector, a post he has held since 2006.
Aggreko revenues dip on Asia trade
Revenues at the generators giant Aggreko fell 4 per cent in the first quarter as currency movements and “difficult” trading in Asia offset a 15 per cent rise in revenues in Europe, Middle East and Africa. In 2013, Aggreko ended its decade-long run of growth. It is also losing chief executive Rupert Soames.
Coca-Cola 15-year sales boom ends
Coca-Cola’s global sales of fizzy pop fell for the first time in 15 years partly due to a fall of more than 10 per cent in sales in the UK, where it froze prices but reduced the size of bottles. The UK decline was higher than the 5 per cent European average fall over the last quarter. Better sales of non-fizzy drinks outweighed the fall.
Capita splashes £105m for AMT
Capita is paying up to £105m to buy a software company which counts Network Rail among its customers. AMT-Sybex, whose programmes are used by most of the Big Six energy providers, is being snapped up for an initial £82m cash payment. Lord Coe is on its board.
Nestlé sales lose their flavour
KitKat and Nescafé maker Nestlé said the UK, France and Germany had a slow start to the year as it reported a 5.1 per cent drop in quarterly sales due to currency movements. The Swiss group said its results would be weighted to the second half.
Punch Taverns profits tumble
Punch Taverns’ headline half-yearly profits fell from £26m to £20m. The pubs group said it continued to hold “proactive” discussions with its bondholders who will have to let it breach debt covenants later this month.