In brief: Party time for Jameson
Jameson whiskey maker Pernod Ricard expects a "positive" holiday season in the US, its largest market, amid improving consumer sentiment and declining unemployment, its regional head said yesterday.
The world's second-biggest distilled drinks group by sales after Diageo also found that its inventory situation with US wholesalers was "quite healthy", said Philippe Dreano, chairman and CEO of Pernod Ricard Americas.
GM'S FIRST LADY DRIVER
General Motors said chief executive Dan Akerson will step down next month and be replaced by global product development chief Mary Barra who will become the first woman to lead a global carmaker.
The day after the US Treasury announced it had sold the last of its GM shares, the firm said Mr Akerson, who is also the chairman, will leave on January 15, moving forward his planned departure by several months. His wife was recently diagnosed with an advanced stage of cancer. Ms Barra (51) GM's executive vice-president for global product development, purchasing and supply chain, was elected by the board as the next CEO and will become a director.
US TRADING CRACKDOWN
US regulators toughened key sections of the Volcker rule's crackdown on Wall Street's risky trades as they finalised one of the harshest reforms after the credit meltdown.
The rule -- named after former Federal Reserve chairman Paul Volcker, who championed the reform -- generally bans banks from proprietary trading, or speculative trading for their own profits. The final rule includes strictly defined carve-outs for trades executed to serve clients' interests or to protect against market risks, and forces banks to show regulators that they are not trying to pass off speculative bets as legitimate trades.
€300M GIFT FOR ALITALIA
Alitalia finally secured the €300m it needs to keep flying over Christmas, a source said, concluding a drawn-out capital raising that showed how much work the airline has to convince investors it can survive.
Italy's national carrier, having pocketed cash that analysts estimate will last it six months, now goes straight to its next challenge: A meeting with unions where sources said it will try to persuade them to sign up to thousands of job cuts.