Business

Kraft Heinz approaches consumer goods giant Unilever about possible merger

US food giant Kraft Heinz has approached Unilever about a merger that would represent one of the biggest tie-ups in corporate history, but the Anglo-Dutch company declined a deal. “Kraft Heinz confirms that it has made a comprehensive proposal to Unilever about combining the two groups to create a leading consumer goods company with a mission of long-term growth and ... Read More »

Kraft Heinz to pursue merger despite Unilever rejection

U.S. food company Kraft Heinz Co has proposed a merger with $125 billion (£100 billion) Unilever in what would be one of the biggest deals ever, but the Anglo-Dutch consumer goods company has declined, Kraft said on Friday. A deal with Unilever, which had a market value of $125 billion before its shares spiked, would add Hellmann’s mayonnaise, Ben & ... Read More »

Retail sales fall unexpectedly in January

Retail sales slipped back unexpectedly in January, following on from December’s dip. Official figures, from the Office for National Statistics (ONS), showed retail sales volumes dropped by 0.3% compared with the previous month, well below the 0.9% rise expected. The ONS said the data indicated the first signs of a fall in the underlying trend since December 2013. It said ... Read More »

Allianz plays down talk of big deals as hands cash to investors

Allianz (ALVG.DE) played down talk of it making a major acquisition any time soon as its chief executive Oliver Baete said on Friday the German insurer could grow without deals. The Munich-based group said it would return up to 3 billion euros (£3 billion) to shareholders, but made clear this did not exclude the possibility of it being involved in ... Read More »

Germany says IMF participation in Greek bailout indispensable

Germany insisted on Friday it was essential that the International Monetary Fund participate in Greece’s bailout programme after a German lawmaker in the European Parliament said IMF involvement was no longer crucial. “We have always said the participation of the IMF is indispensable,” a Finance Ministry spokeswoman told a regular government news conference. “We are hearing about the good progress ... Read More »

Hanjin: Final curtain falls on shipping saga

Hanjin Shipping used to be one of the world’s top 10 shipping companies. But now, the final curtain has fallen. This Friday, the firm was declared bankrupt by a South Korean court after months of uncertainty. Hanjin’s collapse is the largest to hit the shipping sector and it sent shockwaves through the industry. What went wrong? For years, the global ... Read More »

New £5 note: Bank to keep note despite animal fat content

The new £5 note will not be withdrawn, despite concerns that it contains traces of animal fat, the Bank of England says. The Bank said it had concluded it would be “appropriate” to keep the £5 polymer note in circulation. It will also issue the £10 polymer note as planned in September, it added. Vegans and some religious groups had ... Read More »

Yellen: Fed interest rate hike may be ‘appropriate’

US Federal Reserve chair, Janet Yellen, has said it may be “appropriate” for the central bank to raise interest rates at one of its upcoming meetings. The bank’s next meeting on monetary policy is on March 14 and 15. Speaking to Congress she said delaying rate hikes would be “unwise”, and could leave the Fed having to move too fast ... Read More »

Tata Steel UK workers accept cuts to pension benefits

Tata Steel’s (TISC.NS) British workers voted on Wednesday to accept pension benefit cuts in return for safeguards on jobs and investment, although the Indian company’s plan to spin off its entire UK pension scheme still faces regulatory hurdles. Wednesday’s vote allows Britain’s largest steelmaker to close its 15 billion pound British Steel Pension Scheme (BSPS) to future accrual and replace ... Read More »

Verizon close to Yahoo deal, price cut of $250-350 million – sources

Verizon Communications Inc (VZ.N) is close to a revised deal to buy Yahoo Inc’s (YHOO.O) core internet business for $250 million to $350 million (£200.7 million to £281 million) less than the original agreed price of $4.83 billion, according to a source briefed on the matter. Since last year, Verizon had been trying to persuade Yahoo to amend the terms ... Read More »