CITY WELCOMES A DOSE OF FESTIVITY AND OPTIMISM October 28, 2010 “AN EVENING of festivity and optimism” was the way in which our editor Allister Heath introduced City A.M.’s inaugural awards ceremony last night, and the evening did not fail to live up to expectations. After years of gloom-mongering and banker-bashing, what better way to acknowledge the role of the City in bringing the economy back [...]
Colgate sees profit growth slowing down October 28, 2010 Colgate-Palmolive said 2011 earnings-per-share growth would slow to mid-single digits as it spends more on advertising and new product development to help lift sales volume and market share. The maker of Colgate toothpaste and other personal-care items said third-quarter sales fell 1.4 per cent to $3.94bn (£2.47bn) as pricing was flat and the foreign exchange [...]
Britain’s first marine plans set to boost development October 28, 2010 THE firs–t two marine areas to be covered by a new planning system mirroring that used to control development on land in England was launched yesterday with a remit to promote the sustainable development of seas. Waters off the coast between Flamborough Head in East Riding of Yorkshire to Felixstowe in Suffolk will be labelled [...]
Earnings jump at 3M thanks to electronic sales October 28, 2010 Diversified US manufacturer 3M reported a higher quarterly profit yesterday, lifted by strong sales to the consumer electronics industry. The company, which makes products ranging from Post-It notes to films used in flat-panel TVs, posted a third-quarter profit of $1.1bn (£690m), or $1.53 a share, up from $971m, or $1.35 a share, a year earlier. [...]
AstraZeneca sees generics dent US sales October 28, 2010 AstraZeneca’s revenue fell four per cent in the third quarter, hit by generic competition to key drugs – particularly in the US – and the absence of last year’s windfall sales of swine flu vaccine. AstraZeneca is moving into a peak period for patent expiries, with latest casualties including breast cancer drug Arimidex in the [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF ASTRAZENECA’S RESULTS? October 28, 2010 MIKE MITCHELL | SEYMOUR PIERCE Fundamentally the position of the business, which is pharma-led, means it’s very exposed to increasing regulatory hurdles. The results continue to highlight where the business is exposed, and I don’t believe that the company’s research and development focuses mitigate the risk. JEREMY BATSTONE-CARR | CHARLES STANLEY In our view the [...]
Sanofi sticks to Genzyme offer as hikes targets October 28, 2010 Sanofi-Aventis said it was “not obvious at all” it would need to lift its hostile $18.5bn (£11.6bn) bid for Genzyme as quarterly earnings beat forecasts and let the French drugmaker lift its profit target for the year. Genzyme executives last week began a quest to show that the US biotech group is worth more than [...]
House prices fall yet again October 28, 2010 THE average house price fell 0.7 per cent in October, equivalent to a drop of £2,376, Britain’s biggest building society said yesterday. Nationwide building society said the value of the average home is now £164,381 compared to £166,757 a month ago. Over the last three months house prices have fallen 1.5 per cent, marking the [...]
US jobless total falls to three-month low October 28, 2010 THE US jobless total fell to a three-month low official figures revealed yesterday. Initial unemployment claims fell by 21,000 to 434,000 in the week ended 23 October the US Labour Department said in its weekly report yesterday. The previous week’s figures were revised up from 452,000 to 455,000. The claim figure is the lowest since [...]
Microsoft sees its profits double as Xbox sales rise October 28, 2010 MICROSOFT reported a higher-than-expected jump in first quarter profits of 51 per cent yesterday, helped by increased sales of its flagship Windows and Office software and the launch of the latest blockbuster Halo video game. The world’s largest software company posted profits of $5.41bn (£3.4bn), or 62 cents per share, in the three months to [...]