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Nestle ups outlook as business booms in emerging markets

first_img Tags: NULL More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmHero WarsBig Boss of internet games!Hero Warsmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.com SWISS food giant Nestle raised its full-year outlook yesterday after buoyant demand for its strong brands in emerging markets boosted sales in the first half.The world’s biggest food group said its food and beverages business should show underlying sales growth of around five per cent.So far the group – whose brands include Nescafe coffee, Kitkat chocolate bars, Perrier water and Buitoni sauces – had only said growth should beat last year’s 3.9 per cent.Net profit rose to SwFr5.5bn (£3.3bn)?from SwFr5.1bn in the year-earlier period, as sales grew 5.9 per cent to SwFr55.34bn. Underlying or organic growth — which strips out currency effects and acquisitions — at Nestle’s food and beverages unit stood at 5.7 per cent. “We have increased investment in our brands, people and capabilities and have prepared the company for a more challenging second half,” chief executive Paul Bulcke said in a statement. Jon Cox, an analyst at Kepler Capital Markets, said: “This is an excellent set of figures and a clear raise in guidance despite talk of reconfirmation.” Anglo-Dutch rival Unilever warned last week the second half would be tougher due to increased competition and higher raw material costs. Nestle ups outlook as business booms in emerging markets Sharecenter_img Wednesday 11 August 2010 8:26 pm whatsapp Show Comments ▼ whatsapplast_img read more

Barclays pays £190m to settle US sanctions case

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoHero WarsBig Boss of internet games!Hero WarsUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndo whatsapp KCS-content Tags: NULL Barclays pays £190m to settle US sanctions case Share Show Comments ▼center_img whatsapp BARCLAYS Bank has agreed to pay $298m (£190m) to settle criminal charges that it violated US sanctions in dealings with Cuba, Iran, Libya, Sudan and Myanmar, according to US court documents filed yesterday.The bank was charged with violating the International Emergency Economic Powers Act and the Trading with the Enemy Act in its dealings involving $500m from 1995 until September 2006, according to the documents.Barclays and US prosecutors entered into a deferred prosecution agreement that lasts 24 months. A federal judge still must approve the agreement.Barclays voluntarily disclosed some of the prohibited transactions to US authorities and agreed to cooperate fully, according to the documents filed in Washington. More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Monday 16 August 2010 8:34 pmlast_img read more

Cheesegrater skyscraper to get go ahead

first_imgMonday 25 October 2010 8:19 pm Cheesegrater skyscraper to get go ahead by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmDirect HealthyKate Silverton’s PartnerDirect Healthythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com KCS-content British Land is teaming up with Canada’s Oxford Properties to develop the Leadenhall Building in the City financial district, the second crisis-hit skyscraper project to be revived within a week.Britain’s second-largest property company yesterday said it had agreed terms to build the 47-storey scheme in a 50:50 joint venture with the real estate arm of the OMERS Worldwide Group of Companies, one of Canada’s largest pension plans.The cost of developing the property, known as “the Cheesegrater” for its distinctive tapering shape, is estimated at £340m. Last week, British Land’s biggest rival Land Securities announced it would resume construction work on a 37-storey building known as the “Walkie Talkie” at nearby 20 Fenchurch Street after striking a similar tie-up with Canary Wharf Group.The Leadenhall Building is expected to inject 610,000 square feet of space into London’s supply-starved office market, while the Land Securities £500m project will add around 690,000 square feet of commercial space. Both schemes are due to complete in the second quarter of 2014 after long delays caused by a shortage of debt and the collapse in demand for prime offices following savage job cuts in Britain’s financial sector.After securing the equity funding necessary to trim the risks of their development plans, British Land and Land Securities will be competing directly to find tenants for their properties at the highest possible rents on the longest terms.The designs of both schemes offer floorplates of various sizes, allowing the companies to tap the widest possible market for tenants, with smaller floors aimed at growing or recovering businesses and the larger floors aimed at large multinational corporations. whatsappcenter_img Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp Show Comments ▼ Tags: NULLlast_img read more

Bain’s interest in Seagate fades

first_imgMonday 22 November 2010 7:24 pm whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof Show Comments ▼ whatsapp KCS-content center_img Bain’s interest in Seagate fades Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndo Tags: NULL Share PRIVATE equity firm Bain Capital’s interest in a deal for hard-disk drive manufacturer Seagate Technology is waning, three sources familiar with the situation said yesterday.The private equity firm was one of several that had been initially interested in Seagate – the others were TPG Capital and Kohlberg Kravis Roberts (KKR).A deal could still materialise for TPG, which has been trying to find equity partners. KKR has lost interest, while private-equity firm Silver Lake left the process in October. Bain declined to comment. last_img read more

Management should stick to Plan A

first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.com Share Tags: NULL KCS-content Wednesday 22 December 2010 7:44 pm Management should stick to Plan A RANJIT Boparan’s plan to bid for Northern Foods might be audacious, but the odds are stacked against it. An already-planned merger between Northern Foods and Irish rival Greencore is still the best deal on the table. The marriage of Northern and Greencore – the two leading chilled players in the UK market – would bring significant benefits; cost synergies are expected to total some £40m. However, the main advantage would be the extra clout that the pair could expect as the number one player in private label ready meals. Currently, the market is too fragmented; smallish firms lack the scale required to extract a decent return from increasingly powerful supermarkets. As a specialist in raw – rather than prepared – chicken, Boparan’s 2 Sisters food would be a less suitable partner; the synergies would be smaller and the bargaining power less strong. It could also struggle to swallow Northern’s £140m pension deficit, which is one of the key parts of its merger structure with Greencore. For that reason, management should stick with Plan A. Show Comments ▼ whatsapp whatsapplast_img read more

What the other papers say this morning

first_img whatsapp Tags: NULL Tuesday 18 January 2011 8:58 pm whatsapp FINANCIAL TIMESNATIONAL GRID AWAITS RULING ON CHARGESNational Grid will receive a long-awaited ruling from New York state regulators on the amount that it can charge its customers. A positive outcome would give the company breathing space to improve the performance of its US business. A negative outcome, suggested by a draft ruling last week, would increase the pressure on Steve Holliday, chief executive, to sell the US operations.ARDEN PARTNERS LAPSES INTO THE REDArden Partners topped off a difficult 2010 by swinging to a pre-tax loss, as the group struggled in tough market conditions that were compounded by upheaval in its ranks. In the 12 months to October 31, Arden reported a pre-tax loss of £512,000, compared with a profit of £1.52m in 2009.INTEL FIGHTS TO AVOID FULL EU PROBE INTO MCAFEE DEALIntel, the world’s largest chipmaker by sales, is fighting to avoid a full probe by European competition regulators into its proposed $7.7bn acquisition of McAfee, the US security software company. Although the deal has been approved by US regulators, sources in Brussels, say a decision whether to proceed to an in-depth inquiry, which could at least stall the deal for some months, is finely balanced.EU ANTITRUST OFFICIALS SWOOP ON TRUCKMAKERSThe world’s biggest truckmakers have been raided by European antitrust officials after suspected breaches of competition rules, potentially exposing the recession-hit industry to heavy fines. Daimler, Sweden’s Scania and Volvo, the second-largest producer, and Germany’s MAN all confirmed that they received “surprise” visits.THE TIMESTESCO REVELS IN THE BEAUTY OF ITS LATEST BRIGHT IDEAIt already runs its own bank, sells mobile phones contracts and develops flats — now Tesco is offering to style its customers’ hair. In its latest departure from the “pile-’em-high, sell-’em-cheap” philosophy of its founder Sir Jack Cohen, Tesco is opening its first beauty parlour, following hard on the heels of the manicures and threading treatments being offered to customers on a trial basis at two of its larger stores.ESSAR REVIVES REFINERY TALKS AS IT SEEKS KEY TO THE HEART OF NORTHERN ENGLANDEssar Energy has moved a step closer to the acquisition of Britain’s second-biggest oil refinery from Royal Dutch Shell with the launch of a $500m bond issue. It said that the proceeds would be used to pursue acquisitions.The Daily TelegraphBIG BANKS RUNNING AN OLIGOPOLY, SAYS VIRGIN MONEY CHIEFBritain’s banks were accused of running an “oligopoly” by the chief executive of Virgin Money, as she said the market for retail banking could benefit from the break-up of the country’s largest lenders. Jayne-Anne Gadhia, chief executive of Virgin Money, told a meeting of the Treasury Select Committee that the UK’s five biggest lenders had an “effective oligopoly” and said more needed to be done to improve competition.WORLD NEEDS $100 TRILLION MORE CREDIT, SAYS WORLD ECONOMIC FORUMThe world’s expected economic growth will have to be supported by an extra $100 trillion (£63 trillion) in credit over the next decade, according to a World Economic Forum report, ahead of its anual Davos meeting.THE WALL STREET JOURNALJ&J WON’T GIVE FULL BONUSES TO EMPLOYEESJohnson & Johnson won’t give eligible employees their full bonuses for 2010, citing hits to the company’s reputation and the “mixed performance” for the year. In an email sent to employees throughout the health-care giant last week, J&J’s senior executives said those eligible for performance bonuses would get paid 90 per cent of the recommended sum. RENAULT MANAGER SUES FOR DEFAMATIONOne of the three Renault managers accused of selling company secrets sued the auto maker yesterday for defamation, raising the stakes in a mysterious case involving electric vehicles. The suit is from Bertrand Rochette, a senior manager in Renault’s electric-vehicle programme. Share KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search Ads What the other papers say this morning last_img read more

Accor raises profit goal again

first_img Accor raises profit goal again Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap whatsapp KCS-content Europe’s largest hotel group, Accor, raised its 2010 profit goal again yesterday as fourth-quarter sales slightly beat expectations amid a global recovery in demand for hotel rooms. Accor, the fourth-largest hotel group behind the InterContinental, Marriott and Starwood Hotels, said occupancy rates improved in the last quarter while the recovery in average room rates continued in most countries. Accor said it now expected earnings before interest and tax of around €440m (£371m) instead of the previous target of €400-€420. Finance chief Sophie Stabile said that the trend for bookings at the start of 2011 was “good” but she remained cautious. Show Comments ▼ Wednesday 19 January 2011 7:05 pm Share whatsapp Tags: NULLlast_img read more

Nord Gold unlikely to retry London float this year as Severstal looks for growth

first_img RUSSIAN mining and steel group Severstal is unlikely to bring its Nord Gold arm back to the market for another IPO attempt this year, the firm’s chief financial officer told City A.M. yesterday. “Definitely we believe we will come back to the market when we are ready,” said Alexey Kulichenko. “We really need to focus on integrating the company and showing to everybody that we are able to deliver both volume and value efficiency in the business.”Nord Gold, whose London float to raise up to £622m was shelved last month, is one of the few organic growth stories in the group, Kulichenko said. “We were just not happy with the market, their expectations of our growth prospects, and we decided that it didn’t reflect the value that we were looking for,” he added.Nord Gold would have joined the FTSE 100 had it floated, with a market capitalisation of around £3bn. Severstal hoped to use the funds to fuel expansion and pay down its debts.The firm was one of four Russian groups to pull out of London listings last month. FTSE-listed Severstal posted a fourth-quarter loss of $352m (£216.5m) yesterday to round off a yearly loss of $577m, slightly ahead of expectations, as discontinued operations hit the firm’s bottom line. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap Thursday 3 March 2011 7:17 pm whatsapp whatsapp KCS-content center_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼ Nord Gold unlikely to retry London float this year as Severstal looks for growth Tags: NULLlast_img read more

Santander chief handed banking ban

first_imgThursday 10 March 2011 8:34 pm KCS-content Santander chief handed banking ban Tags: NULL whatsapp Share Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap ALFREDO Saenz, chief executive of Spanish bank Santander, was banned from working as a banker for three months by Spain’s Supreme Court yesterday.The ruling, the latest in a 17-year legal battle over a conviction for false accusations against debtors, was an embarrassing blow to both 68-year-old Saenz and the bank, the Eurozone’s biggest lender.Santander said Saenz, who has headed the bank for the past nine years, would appeal against the ban and reaffirmed the board’s support for him.“With maximum respect for the judicial decisions, the board confirms its confidence in Mr. Alfredo Saenz so that he may continue to carry out his responsibilities as the bank’s chief executive officer,” it said in a statement.The appeal process could take two to four years and Saenz will also ask the government to intercede with the Spanish courts to seek a suspended sentence, Santander said.Saenz’s reputation as a top banker was sealed when he took over the helm of Banesto, now a Santander subsidiary. Saenz turned Banesto, the first Spanish bank to be bailed out by the Bank of Spain, into one of Spain’s best regarded mid-sized banks.But in 1993 Saenz and fellow Banesto executives tasked with recovering loans made by the bank to shore up its finances were found to have falsely tried to force shareholders of one debtor to pay back the sum owed. The debtors were jailed for a short period in 2009.Saenz was sentenced to six months and one day of prison in 2009 but has made several appeals. The new ruling confirms that earlier verdict, though in less harsh terms. One of the five judges involved in the case had called for Saenz to be absolved.Santander shares closed down 1.36 per cent at €8.17 yesterday. whatsapp Show Comments ▼last_img read more

JD Sports ditches JJB talks

first_imgFriday 11 March 2011 7:31 am Share JJB will provide further details of its revised business plan, with funding requirements and proposed financing arrangements, on or around 15 March 2011, it said. Show Comments ▼ Tags: NULL JD Sports ditches JJB talks center_img Shares in struggling retailer JJB Sports plummeted more than six per cent today as JD Sports Fashion backed out of rescue plans.JD, which announced on 2 February that it was in early stage takeover talks with JJB said in a statement it has “no intention” of making an offer.JD complained its rival had not co-operated fully in early talks and when it put forward proposals at the beginning of February it received “no further information whatsoever” from JJB Sports.“Following a detailed assessment of the opportunity from the further public information made available … JD Sports Fashion now confirms that it has decided that it does not intend to make an offer for JJB Sports,” it said.In response, JJB said it would go back to delivering its standalone restructuring plan, adding that it believed JD Sports’ proposal to be “highly conditional” and “lacking sufficient certainty to be deliverable.”Chairman Mike McTighe said: “JJB’s restructuring continues as planned with the whole management team focused on and committed to delivering a stable standalone future for JJB and its employees.”JJB, which counts Bill Gates as an investor, has been in financial difficulty for months.Talks with JD sent company shares soaring 17 per cent. John Dunne whatsapp whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wraplast_img read more