Business news for Mon, 24 Dec 2007 & with word executive. 10 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

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

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

Former Visa executive Thomas B. Shepard, who specializes in partnership marketing, has been named CEO of The Festival Network.

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.

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.