Financial News

KPMG in healthy state as it focuses on merger
9 Dec 2006 source: yorkshiretoday.co.uk

KPMG partners in the UK and Germany have approved a proposal to merge the two member firms, creating Europe's largest accountancy firm, with revenues of more than £2bn.In the UK, KPMG reported that turnover in the year to September 30 was £1.45bn, compared to £1.28bn the year before. Operating profits rose by 19 per cent to £373m.KPMG, in common with all professional services firms, has been kept  ...

Sir Ken, champion of champions
9 Dec 2006 source: yorkshiretoday.co.uk

David Parkin Business EditorTHE 20th Yorkshire Post Business Awards saw some of the region's best entrepreneurs celebrated and more than £250,000 raised for the Variety Club charity.The annual luncheon, held yesterday at the Queens Hotel in Leeds, saw Sir Ken Morrison presented with the Winner of Winners Award and fellow Bradford businessman Jack Tordoff, chairman of motor retailer JCT600, named B ...

EU opens Universal-BMG antitrust probe
9 Dec 2006 source: iii.co.uk

NEW YORK (AFX) - EU regulators on Friday opened an antitrust probe of Universal Music Group's plans to buy BMG Music Publishing for about $2.1 billion, saying the deal could damage "the already concentrated music publishing market." Officials in Brussels announced they would issue a final decision on whether to block or allow the deal by April 27. BMG -- owned by German media company B ...

FCC: McDowell can vote on AT&T-Bellsouth
9 Dec 2006 source: iii.co.uk

WASHINGTON (AFX) - The Federal Communications Commission's top lawyer on Friday authorized a commission member to vote on the proposed buyout of BellSouth Corp. by AT&T Inc., despite an apparent conflict of interest. The move could break a deadlock on the deal. The decision came a week after FCC Chairman Kevin Martin declared an impasse in the proceeding and asked General Counsel Sam Feder to ...

Bank of America 'eyeing Barclays'
8 Dec 2006 source: bbc.co.uk

Shares in Barclays Bank have surged 4% on continuing speculation that it may receive a takeover bid from Bank of America, the second-largest US lender. Following press reports, an analyst at investment bank Merrill Lynch said he believed Bank of America was "very interested" in the UK firm. Edward Najarian said Barclays, Britain's third-largest bank, would be a "perfect fit" for the US giant. Bank of America, whose shares fell 1%, has plans to expand overseas. Neither of the two banks has ye ...

London shares lower as strong US job figs spark inflation concerns, miners lower ...
8 Dec 2006 source: iii.co.uk

LONDON (AFX) - Leading shares turned modestly lower in midafternoon trade, easing back from earlier gains, as a stronger-than-expected reading of November job figures spurred concerns about inflation in the world's largest economy, dealers said. By 2.58 pm, the FTSE 100 index gave up 1.5 points at 6.130.0. Volume was average, with 1.6 bln shares exchanging hands in 270,561 deals. Across the pon ...

Eastman Chemical terminates rights plan
8 Dec 2006 source: iii.co.uk

KINGSPORT, Tenn. (AFX) - Eastman Chemical Co. said Friday its board voted to terminate the company's shareholder rights plan, and redeem all outstanding rights for a penny each. The company has a preferred share purchase right attached to each of its about 82.3 million common shares outstanding. On Jan 2, it will pay $823,000 in cash to redeem the rights from holders of record at Dec. 18. A righ ...

Founder takes Nero private
8 Dec 2006 source: manchesteronline.co.uk

CHAIRMAN: Gerry FordEUROPEAN style coffee shop Caffe Nero said it had agreed to be taken over by its founder and chief executive in a deal worth £225m. The high street chain has given its backing to an offer from a takeover vehicle formed by Saratoga - the company owned by Nero founder Gerry Ford. Mr Ford set up Caffe Nero in 1997 - a year before Starbucks came to the UK - and it now boasts 290 stores across England, Wales and Scotland. Advertisement your story continues below He said: "I ...

Barclays shares rise amid speculation
8 Dec 2006 source: manchesteronline.co.uk

DEAL: Spanish and US banks linkedSHARES in Barclays surged over four per cent towards their record high as traders said talk returned that Spanish or US banks were casting an acquisitive eye on Britain's third-biggest bank. The shares rose to 713p, valuing Barclays at over £46bn. The shares hit a peak of 719p, not far from October's all-time high of 732.5p. Advertisement your story continues below Spain's BBVA and Banco Santander, and Bank of America were rumoured as possible buyers, ac ...

Redhall gaining power to get to top
8 Dec 2006 source: yorkshiretoday.co.uk

Ros Snowdon Deputy City EditorDAVID JACKSON, the former Peterhouse chief, reckons his new company Redhall Group is going to be far bigger than Peterhouse ever was.Mr Jackson was at the heart of one of the most bitter Yorkshire takeover battles two years ago when Babcock narrowly won control of his Elland-based support services company Peterhouse.Mr Jackson took over as chairman and chief executive ...

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