Telegraph BusinessBusiness news from telegraph.co.ukUBS abolishes chairman's office to appease investors- July 2, 2008 Swiss banking giant UBS has bowed to shareholder pressure and announced a sweeping management overhaul, stripping powers from the chairman's office and replacing four directors in a renewed attempt to revive its fortunes.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cnubs102.xml InBev has bottle for Anheuser offer- July 2, 2008 Inbev has raised the spectre of a hostile bid for Anheuser-Busch after warning that it "will pursue all available avenues" to win control of its US brewing rival.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cninbev102.xml Vitacress snapped up by the Portuguese- July 2, 2008 Vitacress Salads, one of Britain's largest watercress producers, is to be sold to a Portuguese conglomerate in a deal that will make Hampshire farmer Malcolm Isaac a multi-millionaire.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cnvita102.xml Northgate unable to move up a gear- July 2, 2008 Northgate, the light commercial van hire company, has warned that it expects profits for the current financial year to be similar to last year as a result of a downturn in the second-hand automotive market.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cnnorth102.xml LSE launches probe after electric vehicle firm Tanfield sees shares collapse- July 2, 2008 The London Stock Exchange's regulatory team is looking into recent developments at Tanfield, the controversial maker of aerial lifting machines and electric vehicles, after its shares collapsed by more than 80pc yesterday following a major profits warning.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cntan102.xml Harmony out of window after elephants removed from room- July 2, 2008 Orange's founder, Hans Snook, is long gone from the mobile phone company but the feng shui enthusiast's legacy has lived on for years in the reception area of its Bristol HQ.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/ccdiary102.xml Banks relieved as they escape pre-funding guarantee for savers- July 2, 2008 Taxpayers are to foot the bill for any future banking failure after the Treasury shied away from forcing lenders to pre-fund the industry compensation scheme for savers.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cndep102.xml Shares gloom leaves pension funds with 30bn deficit- July 2, 2008 Three-quarters of pension schemes are now in deficit after 36bn was wiped off the value of the top 200 largest UK privately sponsored pension final salary schemes in Junehttp://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cnpen102.xml Banks' lifeline costs them nothing, but will they learn- July 2, 2008 Lessons have been learned from the Northern Rock fiasco, so the regulators often tell us. But not, it seems, the one about banks needing to be held accountable for their actions.http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/ccom102.xml M&A volumes fall by 30pc- July 2, 2008 Global merger & acquisition volumes fell 30pc year-on-year in the first half of 2008, with the private equity buyout market hardest hit by the credit crisis, according to new data from Dealogic..http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/07/02/cnmerger102.xml |