Building A Web Of Influence Working toward the chief executive’s office, one networking click at a time using business networking sites like LinkedIn.com and NotchUp.com.... Read Full Article The Immortal Bard And His Operatic Groupies All credit to the Shakespeare Society for trying, and trying impressively, to explore, in a single evening, the author’s plays and the operas based on them.... Read Full Article Shedding Stock-Market Vertigo (but Still Making Some Money) Bank C.D.’s, bonds and money market funds may offer peace of mind to nervous investors.... Read Full Article Sun’s Da Vinci Machine Broadens JVM Coverage Sun is working on technology to make it easier to run different languages on the Java Virtual Machine.... Read Full Article Go To The Kitchen By Mistake And You Could Be Voting The Wrong Way A few hours before caucus night Randy Riecks will take down his Christmas tree to make some space in his living room, unfold 30 chairs borrowed from the local church and decide which bedroom Hillary... Read Full Article |
Withdrew NewsAfter Deal Dies, Yahoo Weighs Its Next MoveAs Yahoo investors wait to see how far their shares will fall after Microsoft withdrew its offer, a Google partnership is being considered as a lifeline.Read Full Article Max Mosley is snubbed by Israel amid row over orgy revelationAn attempt by Max Mosley, the head of motorsport’s ruling body, to rehabilitate himself after lurid revelations about his appetite for sadomasochistic orgies with prostitutes suffered a setback yesterday when the Israeli Government withdrew his invitation to an event in Tel Aviv.Read Full Article Pernod wins Absolut in fight for Vin & SpritPernod Ricard closed the gap on Diageo at the top of the global spirits league table yesterday after clinching the €5.63 billion (£4.48 billion) acquisition of the state-controlled Swedish company behind Absolut vodka.<br/> <br/> The announcement surprised the market as Fortune Brands, the American owner of Jim Beam bourbon, had been seen as the clear favourite to win the auction for Vin & Sprit (V&S), which also owns smaller brands such as Plymouth Gin, Cruzan rum and Luksusova vodka.<br/> <br/> The acquisition lifts the French group’s total annual volumes to about 91 million nine-litre cases compared with 110 million for Diageo, which withdrew from the V&S auction in order to buy 50 per cent of Ketel One vodka for $900 million ($£450 million). Pernod said that to avoid regulatory problems, it would relinquish distribution rights for Stolichnaya vodka.<br/> <br/> Fortune had been seen as the front-runner because it controls the distribution rights to Absolut in the US, the vodka’s biggest market with 5 million cases, through a joint venture with V&S. The Swedish group also has a 10 per cent stake in Fortune’s Beam Global Spirits & Wine business, although that is not included in the sale.<br/> <br/> Pernod said that, over the next four years, it would assume direct control of Absolut’s distribution by ending the Fortune joint venture and exiting the Maxxium venture that sells the brand in much of the rest of the world.<br/> <br/> Analysts suggested that Pernod had been forced to pay a hefty price to defeat Fortune. The other bidders were EQT, the Swedish investment firm, and Bacardi.<br/> <br/> Patrick Ricard, executive chairman of Pernod Ricard, admitted that the price was not cheap, but said the deal had been necessary to fill a key gap in the group’s portfolio. “The brand is for sale when it’s for sale. You buy it when it’s for sale or you miss it,” he said. He said that the resultant debt level of six times underlying earnings was manageable and in line with debt levels in the wake of its acquisition of Seagram, in 2001, and Allied Domecq, in 2005. Finance was underwritten by a con-sortium including BNP Paribas and Royal Bank of Scotland.<br/> <br/> Mr Ricard said that overtaking Diageo was not his main aim. “We have a large debt. So the first goal will be to deliver the synergies [of up to €150 million], to make the cash flow and to reimburse the debt, to get back to where we are today.”<br/> <br/> The sale of V&S is a key plank in the Swedish Government’s privatisation programme. Mats Odell, the Financial Markets Minister, said that it was a good deal: “The businesses will remain intact and production and marketing will continue in the Nordic region.”<br/> <br/> Absolut is the jewel in V&S’s crown, with sales of 10.7 million cases, making it the world’s fourth-bestselling international spirit brand behind Diageo’s Smirnoff vodka, Bacardi rum and Diageo’s Johnnie Walker Scotch whisky.Read Full Article Iraqi Council Ends Objection to Election LawIraq’s presidency council withdrew its objection to a law calling for provincial elections, temporarily defusing a dispute between the two largest Shiite factions here.Read Full Article BBC closes controversial sponsorship websiteThe BBC today withdrew a controversial website aimed at persuading advertisers to pay to sponsor live events such as <i>Children in Need</i> or <i>Saving Planet Earth</i>, in return for on-air exposure of their brands to millions of viewers.Read Full Article External News for: withdrewSony Corp withdrew legal warning to Sony-ak.com - Jakarta PostSony Corp withdrew legal warning to Sony-ak.comJakarta PostSony Corporation has withdrawn its legal warning to Indonesian citizen's website, Sony-ak.com over a disputed copyright. 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