(AFX UK Focus) 2008-04-29 00:00 Business Highlights

(AP) - Mars buying gum maker Wrigley with financing from Buffett

CHICAGO (AP) -- The Oracle of Omaha is betting that the country's candy jar is recession-proof.

With financing from Warren Buffett, candy maker Mars Inc. on Monday said it is buying confectioner Wm. Wrigley Jr. Co. for an estimated $23 billion in cash. The deal would marry brands that sweet-toothed Americans have munched on for decades: Mars owns Snickers and M&Ms; Wrigley's gum brands include Juicy Fruit, Orbit, Extra and Big Red.

Buffett's Berkshire Hathaway Inc. will purchase a $2.1 billion minority equity interest in the Wrigley subsidiary once the deal is completed. The Omaha, Neb.-based company also offered $4.4 billion of subordinated debt to fund the deal.

If the buyout receives regulatory and shareholder approval, the combined companies would leapfrog over Britain's Cadbury Schweppes as the world's largest confection maker -- a move that's already fueling speculation that the buyout could spawn a round of candy industry consolidation.


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CONSUMER WATCH

Have trouble with debt? There's help If you are a compulsive debtor, you need to get yourself some help.

You are not someone who is in financial trouble because of sloppy spending habits. You're in it for the emotional high that you get when making purchases.

It's time to reverse that destructive behavior.

Bruce McClary, corporate trainer for ClearPoint Financial Solutions Inc., a nonprofit credit-counseling firm based in Henrico County, said that can't be fixed in a one-hour debt-counseling session.

You may need debt counseling plus a support group. Debt counseling, the kind you get at such organizations as ClearPoint, (877) 422-9044, can help you get your finances on track.

A support group such as Debtors Anonymous, (800) 421-2383, can help uncover the reasons for your spending behavior and provide emotional support so that you can recover.


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Interest rate rises brake loan funding

Interest rate hikes have put a brake on lending, with firms and home buyers borrowing less, new figures show. Total commercial finance commitments slumped by 10.4 per cent in February, to $45.723 billion, the Australian Bureau of Statistics (ABS) said on Tuesday. Lease finance dropped 4.4 per cent, to $596 million while housing finance for owner occupiers fell 6.0 per cent, to $14.947 billion. Personal finance commitments went against the down trend, rising by an adjusted 0.9 per cent in the month, to $7.451 billion. CommSec equities economist Savanth Sebastian said the latest lending figures were further indicators the recent interest rate rises have impacted on the Australian economy. "For the Reserve Bank the rate hikes have worked and the emerging slowdown would fit right in with its long term plans of a soft landing while keeping inflation under check," he said.


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Concurrent Computer Corporation Announces Third Quarter Fiscal Year 2008 Financial Results

Concurrent (Nasdaq: CCUR), a worldwide leader of on-demand and real-time computing technology, today announced its results for the third quarter of its fiscal year ended June 30, 2008. The Company also announced that its Board of Directors has authorized management to seek approval from Concurrent's stockholders for a reverse split of Concurrent common stock at a ratio of one-for-ten.

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GreenPath Counselors Advise Diligence in Tax Rebate Spending

As Money Smart week in Michigan comes to a close, and National Financial Literacy month begins to wind down, counselors at GreenPath Debt Solutions advise consumers to exercise good money management practices when they receive their imminent U.S. Economic Stimulus tax rebate checks beginning next week.

"Everybody's thrilled about receiving unexpected cash right now, but unnecessary spending could lead to a lot of personal finance problems," said Mark Ernst, a GreenPath credit counselor in Farmington Hills, Mich. "Given the state of many families' finances lately, I'd like to see people think about their rebate as a way to overcome financial challenges first; they can stimulate the economy later."

GreenPath counselors suggest consumers prioritize their rebate spending as follows:Pay off any late utility or housing expenses.Pay down credit card debt.


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Franco-American churches wax, wane

The Rev. Louis G. Gagnier came to Springfield in 1873. His arrival from Canada indicated that the local French-Canadian community now had a priest who would stay and see that churches of their own were built and maintained.

Gagnier said his first Mass in Springfield for 180 families at the Indian Orchard Water Rights Co. Hall at the corner of Myrtle and Main streets on March 2, 1873. One week later he ministered to the needs of another large group of French-Canadians by holding services at the Springfield City Hall.

The dynamic priest came to be known as the "Builder of Churches." During his more than 50 years in the priesthood, he served at and helped create more than 30 churches throughout New England. In Springfield he founded two of the city's three French-Catholic parishes, St.


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DATA SNAP: UK Mar Net Consumer Lending +GBP8.2B Vs +GBP9.6B

LONDON (Dow Jones)--U.K. consumer appetite for debt fell to its lowest level for nearly six years in March, as mortgage lending fell and mortgage approvals hit a series low, data from the Bank of England showed Tuesday. Total net consumer lending grew GBP8.2 billion in March from a downwardly revised GBP9.6 billion in February. That was lower than the GBP8.5 billion expected by economists. The BOE said February's original net lending was reported at GBP9.8 billion. The biggest monthly falls came in mortgage lending and consumer credit. Mortgage lending slid to GBP6.9 billion in March from a downwardly revised GBP7.3 billion in February, while consumer credit fell to GBP1.2 billion, as forecast, from GBP2.3 billion in February. Meanwhile, mortgage approvals sunk to 64,000 in March from a downwardly revised 72,000.


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