Douwe Egberts owner JAB Holding Company rivals Nestle market share with $13.9bn Keurig Green Mountain deal December 7, 2015 Drinks company Keurig Green Mountain has been taken private by coffee specialist Douwe Egberts owner JAB Holding Company in a deal worth $13.9bn (£9.2bn). JAB, an investment vehicle owned by Germany’s Reimann family, paid $92 per share in cash for Keurig, representing a premium of around 78 per cent over its closing price on 4 [...]
Gordon Brown appointed to Pimco advisory board alongside Ben Bernanke and Jean-Claude Trichet December 7, 2015 Former Prime Minister Gordon Brown has been appointed to the Global Advisory Board at investment management firm Pimco. He joins the group’s team of advisers alongside former Fed chairman Ben Bernanke and former chief exec of the Government of Singapore Investment Corporation, as well as Anne-Marie Slaughter, president and chief exec of New America, and [...]
City Moves for 8 December 2015 | Who’s switching jobs December 7, 2015 BAKER & MCKENZIE Global law firm Baker & McKenzie has appointed Andy Moody as a partner in London. He joins in early 2016 from Eversheds. Andy has acted on a wide range of commercial disputes, focusing on international arbitration. His experience is in the energy sector where he has advised on international upstream, downstream and [...]
Wall St slides as S&P energy index dives – New York Report December 7, 2015 Oil prices slid to their lowest point in nearly seven years yesterday, pulling the S&P energy index’s down to its biggest one-day percentage drop since late August. The Dow Jones industrial average fell 117.12 points, or 0.66 per cent, to 17,730.51, the S&P 500 lost 14.62 points, or 0.7 per cent, to 2,077.07 and the [...]
Islamic State earns $80m a month from oil sales and taxes but funds may be weakening, IHS says December 7, 2015 The Islamic State collects around $80m a month from oil sales and tax on activities in areas under its control in Iraq and Syria, according new research released yesterday by IHS. The information and analytics firm said Isis relies on six main sources of revenue, with more than 50 per cent coming from tax on all [...]
Watchdog SEC set to hit Credit Suisse with new charges of inflated asset reports December 7, 2015 The US Securities and Exchange Commission (SEC) is gearing up to file charges against Credit Suisse, the Financial Times reports. The watchdog is accusing the Swiss private bank of inflating reports of assets under management, sources have told the newspaper. The SEC will accuse the bank of wrongly having counted client assets in the Americas [...]
City law firm GQ Employment Law acquires smaller rival Camfords December 7, 2015 City law firm GQ Employment Law has snapped up a smaller boutique rival Camfords for an undisclosed sum, the pair announced today. Founded in 2010 by former Clyde & Co lawyer Richard Harvey, Camfords advises domestic and multi-national businesses and high-net worth individuals across a number of industry sectors including insurance, technology and luxury goods [...]
At the close: FTSE 100 index closes down on oil companies December 7, 2015 The FTSE 100 index closed down today as oil companies were hit after the Organisation of Petroleum Exporting Countries failed to agree to curb production. Opec failed to agree on curbing production despite a global supply glut and the strength of the dollar, which is leading to the collapse of oil prices, with the resulting uncertainty [...]
Barclays online banking services crashed again December 7, 2015 Barclays online banking services crashed today, leaving the bank’s customers unable to access their mobile and online accounts for the second time in weeks. Around midday, Barclays customers complained on Twitter that they were locked out of their banking services with the bank, unable to make payments or transfer money. This is the latest in [...]
US hotelier Highgate beds down in London as Shoreditch hotel plans win approval December 7, 2015 One of New York’s biggest hotel operators is making its first move into the London market after winning planning consent for a site on Shoreditch High Street. Highgate Holdings, which owns the Knickerbocker on New York’s Times Square, is planning a 319,000 square foot, mixed-used scheme at 201-207 Shoreditch High Street that rises to 30 [...]