Ouster of Pru’s Bloomer looks cack-handed 3 May 2005 It seems Pru's chairman Clementi backed away from ousting his CEO, despite sounding out successors in February. He later fired him anyway. Bloomer had to go after making too many uturns. But Clementi looks like just as much of a flipflopper.
What’s the link between Iraq and Railtrack? 3 May 2005 Well, it looks like in both cases the UK government committed itself to a course of action and fixed facts around policy. Moreover, the government placed undue pressure on civil servants and wasn't straight about what it was doing.
MCI board gets lucky in the end 3 May 2005 The battle between Verizon and Qwest is over, and the former WorldCom s shareholders are getting good value for the company. For that, investors have hedge funds and Qwest s aggressive management to thank not MCI s pusillanimous directors.
BMW’s lower profits no cause for panic 3 May 2005 Operating profits at the luxury carmaker s core business were hit by high raw material prices and a weak dollar in Q1. But BMW should still benefit from a raft of new models. Its target of repeating last year s strong performance looks safe. Pretax profits at the luxury carmaker s core business were hit by high raw material prices and a weak dollar in Q1.
UBS investment banking profit falls 19% 3 May 2005 The Swiss bank is content with its Q1 performance, saying the drop partly reflects a deliberate move to stay out of certain markets. But the underperformance relative to peers is disappointing for a bank that once reliably outperformed.
Marconi tarts itself up for sale 3 May 2005 The troubled group has highlighted how its pensions deficit has fallen and its deferred tax assets increased in value. At the current share price, a buyer would get the admittedly battered core business for almost nothing.
M&S has got itself in a pickle 3 May 2005 Should Myners stay on as the retailer s chairman, the relationship between him and senior independent director Lomax may well be strained. But if Myners goes, Rose the chief executive who is supporting him may have his own difficulties with the board.
Morgan Stanley board backs Purcell 2 May 2005 The investment bank s directors have removed most of the CEO s ironclad defences. But they have left him firmly in charge of the keep. While this may not be a surprise, it will lead to instability at the firm as all parties gird for a siege at next year s annual meeting.
Lodi offers to pay less for Antonveneta 2 May 2005 It s not just lower than ABN s rival bid there are significant question marks over the true value of what it is offering. Normally, in such a situation, the bidder would be laughed out of court. But this is Italy.
M&A bids close below expectations 2 May 2005 It s become almost normal in the M&A world for final offers to come in below the price that markets expect. The rising importance of private equity firms as buyers, and of hedge funds as investors in targets, helps explain why.
Marconi debacle ironic in wake of Rover 1 May 2005 The UK government desperately tried to stop the car group collapsing during the election. But has done nothing for the telecoms company. This wouldn t have happened elsewhere in Europe. But Britain s reluctance in most cases to prop up losers is a source of competitive edge.