'New' Merrion outfit moves major analyst
MERRION Capital is continuing to switch its focus away from the challenging institutional equities space by moving one of its key analysts into fund management. Sources this weekend confirmed that analyst David Holohan, who joined Merrion's "new" institutional equities team last November, was moving into Merrion's fund management outfit. The equities unit is expected to shrink from its eight-man size over the coming months.
Nestle in talks with Chinese snack firm
Nestle has been holding talks to buy Hsu Fu Chi International, a Chinese snack and chocolate maker with a market value of about $2.6bn (€1.79bn), reports said yesterday. The discussions have been on and off for about two years, according to sources.
Pay ceiling 'hinders' AIB search for CEO
FORMER NTMA boss Michael Somers, a director at Allied Irish Banks, said the government pay ceiling is hindering the lender's search for a chief executive officer. "I know they have approached some people and they wouldn't do it for the money on offer," Mr Somers said on RTE yesterday.
British economy is getting worse -- poll
Two-thirds of Britons think their national economy is getting worse and most are cutting back drastically on their food, fuel and energy according to a poll published yesterday. The findings follow a string of retail failures in recent months as shoppers cut back on non-essentials while Britain's economic recovery remains sluggish. The ICM poll seemed to indicate many agreed with the Labour's party's view that deep government spending cuts were happening too fast.
UBS struggling with poor second quarter
SWITZERLAND'S UBS is still facing difficult market conditions after a tough second quarter, chairman Kaspar Villiger said. Mr Villiger also warned the bank was facing currency headwinds. "The strong Swiss franc is also a risk for us. We have no interest in a strong franc as our business suffers from this," Mr Villiger said.