C&J in $2.86bn fracking tie-up June 25, 2014 Fracking equipment suppliers C&J Energy Services yesterday announced a merger with Nabors’ oilfield completion and production services business in a $2.86bn (£1.68bn) deal. The deal will give the combined company a greater foothold in the hydraulic fracturing services industry. Josh Comstock, C&J founder and chief executive, said: “Among many key strategic benefits of this… is accelerated [...]
TSB share price slips after retail investors enter trading party June 25, 2014 Shares in TSB Banking Group weakened yesterday after it moved to formal trading on the London Stock Exchange. The stock closed down four per cent at 285p, taking some of the froth off the newly-listed company’s market debut. TSB roared out of the blocks when it was informally traded last week, rising from an issue [...]
Google sets its sights on TVs, cars and watches June 25, 2014 GOOGLE’S Android software is coming to cars, televisions and watches this year, as the search giant looks to capitalise on the booming market of internet-connected devices. During its annual developers’ conference in San Francisco yesterday, Google announced the first cars running Android Auto, software for navigation, music and messaging, that will roll into car showrooms [...]
Apple’s Beats Electronics deal to face EU antitrust regulator ruling by 30 July June 25, 2014 Apple’s $3bn (£1.8bn) takeover of Dr Dre and Jimmy Iovine’s Beats Electronics will be scrutinised by European Union antitrust regulators who will decide by 30 July whether to OK the deal. The European Commission said it had been notified of the deal on Tuesday and that it would take 25 days to consider whether it [...]
Monsanto profit droops but seed giant bullish over future growth June 25, 2014 SEED giant Monsanto yesterday reported a six per cent drop in profit for its third quarter, but impressed investors with plans to double earnings over the next five years and an offer to repurchase $10bn (£5.9bn) in shares. The share buyback throws further doubt on recent reports that Monsanto planned to buy Swiss crop chemical [...]
Bottom Line: Leave its customers to discipline Wonga June 25, 2014 THERE’S only one word for Wonga’s actions between October 2008 and November 2010, when it sent fake lawyers’ letters to threaten late payers: shocking. The firm has rightly been ordered by the FCA to pay £2.6m in compensation to affected customers, and the matter referred to the police. The firm points out that it stopped [...]
Samsung electronics finance boss warns of disappointing results June 25, 2014 Samsung Electronics expects its earnings for the second quarter to be “not that good”, the firm’s finance chief said yesterday, amid growing worries about weak sales for its key smartphone business. Finance chief Lee Sang-hoon made the remark to local reporters in South Korea. Analysts have recently raised concerns that the company’s cash cow handset [...]
Barnes & Noble to spin off Nook e-readers June 25, 2014 US bookstore Barnes & Noble will split into two companies by the first quarter of next year. The retail stores will separate from Nook Media, which sells an e-reader device, the Nook, along with e-books. Barnes & Noble’s Nook device has struggled to compete in the e-reader tablet market. Last quarter, Nook posted a 22 [...]
All aboard for Stagecoach as profits increase June 25, 2014 BUS AND rail transport group Stagecoach yesterday reported 2.4 per cent jump in pre-tax profit for fiscal 2014 ended 30 April, with revenue growth in all divisions. The company said its profits were driven largely by its operations in North America, adding that it was taking forward talks with the UK government over extending current [...]
Analyst Views: Do Stagecoach’s results show it is on the road to success ahead? June 25, 2014 JOHN LAWSON | INVESTEC Stagecoach has not earned its reputation as a quality operator with a predictable trading performance by accident. It has taken years of attention to detail and strong management, especially at the local level, and today’s results demonstrate this strength yet again. We keep our add rating. GERALD KHOO | LIBERUM Results [...]