Yellen gives insight into rate rises

Chair of the Federal Reserve Janet Yellen said the Fed would be cautious when raising interest rates over the next year, in a speech at the Economic Club of New York yesterday.

According to Yellen, global risks are not expected to have a deep impact on the US, but due to volatile oil and slowing growth in China US rates will be risen slower than expected.

Boeing to cut over 4,000 jobs

The world’s largest plane manufacturer Boeing has announced plans to cut over 4,500 jobs by the middle of the year to reduce costs, after losing market share to Airbus over recent years.

Spokesman Doug Alder said:

“While there is no employment reduction target, the more we can control costs as a whole the less impact there will be to employment.”

The group plans to cut most through voluntary layoffs and will include hundreds of executives and managers. The cuts account for almost 3 percent of Boeing’s workforce, which comprised 161,000 people at the end of last year.

McCormick raises offer for Kipling company

Australian producer McCormick have raised their offer for Premier Foods, after being told previous bids “significantly undervalued” the company.

On Wednesday, McCormick proposed an offer of 65 pence per Premier share, valuing Premier at £1.5 billion including debt and pension liabilities. Its further offer is said to be little over double the stocks close late last week.

McCormick, primarily known in the UK for its Schwartz spices, has already had two bids rejected by Premier, the maker of Mr Kipling cakes and Bisto gravy.

30/03/2016