AstraZeneca open to new alliance
AstraZeneca is considering a strategic alliance with another pharmaceuticals company to share the costs and benefits of experimental drug development. Pascal Soriot, chief executive of the Anglo-Swedish drugmaker, said he was exploring options for a third such partnership for a range of drugs or a whole disease area.
Average pay of top bankers drops
Average pay of top bankers in the US and Europe including JPMorgan’s Jamie Dimon and Royal Bank of Scotland’s Stephen Hester dropped by a 10th last year after banks bowed to investor and regulatory pressure, Financial Times research shows. The fall comes after a wave of high-profile shareholder revolts last year and a number of legal scandals and fines that have forced banks’ boards on both sides of the Atlantic to rethink executive pay.
Citi to open Baghdad office
Citigroup will become the first US bank to expand into Iraq in a bet on a long-term economic upswing of the oil-rich but war-torn country.
The US banking group will announce today that it is to open a representative office in Baghdad.
Average family £1 a week worse off
The rising cost of food and stagnant wage increases meant that there was no respite in the pressure on household finances last month.
The average family was £1 a week worse off in May, according to the Asda Income Tracker, an £8 fall from the February 2010 peak.
British entry joins in nuclear race
Rolls-Royce has entered the race for a £7bn contract expected to last seven years to clean up Britain’s oldest nuclear reactors.
The Daily Telegraph
Barclays to start selling its data
Barclays Bank is to start selling data on its millions of current and savings account customers to other companies for the first time.
The bank has told savers that it intends to package together “information about the transactions on your account” with data on groups of other customers to compile reports on spending trends across Britain. This could then be passed on other companies or Government departments. Under the changes, which take effect in autumn, the bank will also start tracking customers through their mobile phones.
THE WALL STREET JOURNAL
Seibu and Cerberus set for showdown
Cerberus Capital Management faces a major test tomorrow in its battle to wield more influence over Japanese conglomerate Seibu Holdings when its board members are put up for a shareholder vote.
Monsters University tops box office
There was good news to spare at the box office this weekend as Monsters University and World War Z both enjoyed solid openings. The prequel to the 2001 hit Monsters Inc. from Disney’s Pixar took in estimated $82m in the US and Canada.