Chris started his career as a researcher in BBC Television’s documentaries department and then became a financial journalist. He was previously Investment Banking Correspondent and Senior Corporate Reporter at the Financial Times, Financial Editor of The Independent and a companies writer at the Investors Chronicle. Chris has also worked at communications consultancy Financial Dynamics (now FTI), as an Associate Partner.
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The consumer goods group will spend $5.4 bln to raise its stake in an Indian subsidiary. Corporate finance says it should have bought its own, cheaper shares. But better to use a strong balance sheet to support the business than to use a strong business to weaken a balance sheet.
Adviser Credit Suisse pressed the UK insurer to tell the FSA about plans to buy AIA in 2010, but the Pru dodged regulators’ questions about strategy and financing issues - when deal talks were in full flow. CEO Tidjane Thiam may survive the resulting censure. His bonus shouldn’t.
Last year’s profit fell less at commodity trader Glencore than at mining merger partner Xstrata. Glencore’s trading arm provided a cushion as the metals cycle turned, while ambitious Xstrata had to take big writedowns. Expect a brutal “Glencorisation” of Xstrata’s culture.
- EU bonus lesson: self-regulate or worse follows
- Cameron deserves some sympathy for losing triple-A
- EU bonus crackdown means more cash for bankers
- Liberty pushes envelope for post-crisis M&A debt
- Liberty's tilt at Virgin shows cautious deal fever
- "Don't be evil" business mantra not conflict-free
- Davos desperately seeking the next Internet