Diageo warns of challenging targets 29 Oct 2002 The slowing economy is taking its toll on tipplers. In any event, investors built in unrealistic expectations for readytodrink sales. With this, the RTD bubble is popped.
BAT could afford £5bn buy-back 29 Oct 2002 The tobacco group doesn't want to commit to handing back cash to its shareholders. But if it can't find a good acquisition, it should shell out the cash.
Orange shows healthy growth 29 Oct 2002 The mobile operator is showing that it can deliver rising average revenue per user and grow its customer base. This comes on the heels of good figures from Vodafone's Verizon joint venture. Is mobile's fabled "positive newsflow" finally arriving?
Cable restructurings enter the home straight 29 Oct 2002 NTL is tying up loose ends in its debtforequity swap, and Telewest is very close to an agreement in principle on its own rejig. The new owners are now all ready to start touting a merger. Potential buyers of the new shares should keep a pinch of salt handy.
There may be money to be made in ABB’s shorter-dated debt if fears of a cash crunch are overdone. 28 Oct 2002
Clifford Chance in spotlight over padding 28 Oct 2002 The billable hours approach has protected lawyers from the worst ravages of the downturn, but it may come under stress. The storm highlights the legal practice of charging clients by billable hours in contrast to bankers success fees.
Now fund managers face the chop too 28 Oct 2002 It s not just investment banks that are cutting back staff. The fund management industry is finally getting serious about cost savings too.
Safeway break-up bid doesn’t look imminent 28 Oct 2002 But it doesn't make sense for competitors to step in until Safeway has stopped sinking. The UK food retailer is struggling and it looks less and less likely to survive independently in the long term.
Ford credit rating two notches above junk 28 Oct 2002 The struggling carmaker is a microcosm of the economic and financial risks threatening US businesses. Ford looks dangerously reliant on selling assetbacked securities.
Carnival steals P&O Princess from RCL 25 Oct 2002 Carnival s switch from a conventional bid to a duallisted structure will infuriate the arbs. But it is superior to RCL s alternative proposal. And it looks as if Carnival is firmly on the hook.
Ahold can’t keep feet out of mouth 25 Oct 2002 The retailer has enough to do sorting out its business, which had dismal thirdquarter sales. It doesn t need a confidence crisis to boot.
PPR selling Facet stake for E869m 25 Oct 2002 The retailer is getting a great price for this part of its consumer credit business from BNP Paribas. Facet is a good business, and there was an obvious buyer for it. The rest of Finaref will likely go for much less.
Mobile data: it’s about market share 25 Oct 2002 As Vodafone and Orange launch their new offerings, investors are taking some comfort that, after all, data can bolster revenues. Revenue is only part of the story, though. The mobile firms' new products betray real insecurity about market share.
Vikings stalk Iceland 25 Oct 2002 Icelandic retailer Baugur has taken a 15% stake in Big Food. The group must see value somewhere.
European trustbuster in tatters 25 Oct 2002 Europe's No. 2 court has plunged Mario Monti's mergers taskforce into crisis with its third override of a blocked deal. While the court upheld the principle behind the blocking of Tetra/Sidel (and GE /Honeywell), it has raised the burden of proof.