Business news for Mon, 24 Dec 2007 & with word chief. 18 news.

CAP Gemini SA rose the most in almost five years in Paris trading after the Hindustan Times reported that India's Wipro Ltd may offer to buy Europe's largest computer-services company for as much as US$7 billion. Cap Gemini isn't in talks with Wipro about a takeover, the Paris-based company said after the market closed. The shares climbed 4.29 euros, or 11 percent, to 45 euros, the biggest advance since February 2003. Wipro gained the most since May 2004 on the Bombay Stock Exchange. Cap Gemini, led by Chief Executive Officer Paul Hermelin, in February bought Houston-based Kanbay International Inc for US$1.25 billion, doubling its Indian work force. Bangalore-based Wipro, India's third-largest software services exporter, may bid for Cap Gemini by the end of January, the Hindustan Times newspaper reported on Sunday, citing "investment banking sources." "There's arguably a super merger to do between a large Indian and a large European player," Jonathan

Merrill Lynch & Co, the world's biggest brokerage, agreed to sell most of its commercial finance business to General Electric Co's finance arm for an undisclosed price to free up capital after subprime losses. The sale of Merrill Lynch Capital's corporate, equipment, energy and healthcare finance units is expected to be completed in the first-quarter, the companies said yesterday in a Business Wire statement. The deal will add more than US$10 billion in assets to GE Capital. The transaction is part of New York-based Merrill Lynch's "strategic focus on divesting non-core assets," and will release about US$1.3 billion of capital to be redeployed elsewhere, said Chief Executive Officer John Thain in the statement. Merrill, on October 24, announced US$8.4 billion of writedowns on mortgage-related investments and corporate loans. The firm, which ousted Stan O'Neal as CEO in October, may report an additional US$8.6-billion writedown for the fourth quarter, according to David

JAPAN'S Cabinet approved a budget that includes increased spending on rural areas and social welfare, making it harder for Prime Minister Yasuo Fukuda to balance the books by 2011. Japan's deficit is set to widen for the first time in five years and spending will rise 0.2 percent to 83.1 trillion yen (US$732 billion) in the year starting on April 1, according to a budget proposal released in Tokyo, Bloomberg News reported. Fukuda may struggle to meet his deadline as cooling global growth dims the outlook for Japan's export-dependent economy. The ruling Liberal Democratic Party is under pressure to assist ailing regions and elderly voters after it lost control of the upper house in July, making it difficult for it to cut debt. "The current political situation is forcing Fukuda to spend more," said Hidenori Suezawa, chief strategist at Daiwa Securities SMBC Co in Tokyo. "Given that the nation's public debt is rising, the government needs to make drastic reforms in

CENTRO Properties Group, the Australian owner of US malls which lost 80 percent of its market value last week, has hired three advisers to help it refinance debt and negotiate funding options that may include selling assets. Lazard Carnegie Wylie will "facilitate any transaction" and find investors to help repay or settle bank debt, Jim Kelly, a spokesman for Centro in Sydney, said yesterday, Bloomberg News reported. KPMG will negotiate with Centro's bankers to help refinance A$3.9 billion (US$3.4 billion) by a February 15 deadline and Freehills will act as the company's legal advisers, Kelly said. Chief Executive Officer Andrew Scott said last week he may sell some of Centro's more than A$25 billion of shopping centers in the US, Australia and New Zealand after more than A$4 billion was wiped from the company's market value, making it Asia's worst casualty so far of the global credit squeeze. Melbourne-based Centro's eight most valuable properties are in Australia and

French luxury goods company LVMH Moet Hennessy Louis Vuitton said Monday it had concluded a deal with Britain-based media group Pearson to buy France’s leading financial newspaper Les Echos. In a statement, LVMH also said it has signed a deal for the sale of France’s other chief financial daily, La Tribune, to businessman Alain Weill. The financial [...]

BOSTON (MarketWatch) -- William Knapp, chief investment strategist for MainStay Investments, says investors should expect the economy to sidestep a recession in 2008, but noted that even if one occurs, "consumers will barely know it happened."

William Knapp, chief investment strategist for MainStay Investments, says investors should expect the market to sidestep a recession in 2008, but noted that even if once occurs, "consumers will barely know it happened." In a radio interview, Knapp said he expected large-cap growth to remain in favor for at least the first half of the new year, and said the Dow Jones Industrial Average will end 2008 at 15,000.

Paul Bascobert has been promoted to chief marketing officer for the Dow Jones Consumer Media Group, replacing Ann Marks.

John Thain, the new chief executive of Merrill Lynch, yesterday managed to raise $7.5 billion in cash to shore up the investment bank's damaged finances by selling part of its lending business and a stake in itself at a substantial discount.$

Lloyd Blankfein, the chief executive of Goldman Sachs, earned $67.9 million ($£ 34 million) in 2007 dwarfing rivals to set a new pay record for the head of a Wall Street investment bank.

Merrill Lynch, in an effort to raise cash amid mounting mortgage losses, agreed Monday to sell the majority of its capital finance business to General Electric for an undisclosed amount. The deal will allow Merrill to reallocate about $1.3 billion of capital into other parts of its business, John A. Thain, the investment bank’s chief executive, [...]

When Jeffrey L. Bewkes takes over as chief executive of Time Warner from Richard D. Parsons on Jan. 2, he will face a very different task from Henry R. Luce and Ted Turner, the pioneers built the modern Time Warner. He may be the person who tears it apart, The New York Times says. The question, [...]

THE chief executive of Fraport, the operator of Europe’s second-largest airport in Frankfurt, is planning to negotiate higher landing fees with Ryanair at Frankfurt Hahn.

FBD HOLDINGS has announced the appointment of outgoing IDA chief, Se?n Dorgan, as a non-executive director with effect from January 1.

THE deaths took place of two of Ireland’s most successful and best-known business figures at the weekend.

Narendra Modi, the chief minister of the Indian state of Gujarat, has been re-elected in a win likely to boost his influence within the opposition Bharatiya Janata party

Fisher College of Business admissions chief Alison Merzel talks about the school and explains what it takes to get in

Philip Richards, chief executive of RAB Capital, the hedge fund manager with a 7pc stake in Northern Rock, has attempted to improve relations with the stricken bank after forcing it last week to agree to an emergency meeting for shareholders.