Lloyds closes Irish business banking arm August 19, 2010 LLOYDS BANKING GROUP has decided to wind down its Irish business lending operation, which was badly hit by the bursting of the Republic’s property bubble two years ago. Following a four-month review, Lloyds said it would pass £21.5bn of commercial loans in the region to its Bank of Scotland subsidiary. Most of the 800 Lloyds [...]
Plant closure hits ProStrakan August 19, 2010 HIGHER distribution costs and a potential manufacturing problem with an anti-nausea patch overshadowed ProStrakan’s first core profit yesterday, which rose on higher sales of drugs for cancer pain and age-related diseases. Shares in the pharmaceutical firm closed down 7.5 per cent at 74p, after an inspection forced it to halt production at the manufacturing plant [...]
AstraZenca signs second deal with Indian drug firm August 19, 2010 AstraZeneca is set to sign a second deal with an Indian generic drugmaker – this time for the supply of injectable drugs – in a further move to boost its emerging market sales. The pharma giant is close to signing a licensing and supply agreement with Ahmedabad-based Intas Pharmaceuticals, according to people familiar with the [...]
Rio Tinto boss hopes to forge stronger ties with state-owned firms in China August 19, 2010 GLOBAL miner Rio Tinto hopes to see further cooperation with China’s state-owned firms after its tie-up with Chinese aluminium giant Chalco, Rio Tinto’s boss yesterday. Tom Albanese, chief executive, also said the company was willing to help China seek mineral resources at home and abroad. “The partnership with Chalco opens the potential for further cooperation [...]
BEST OF THE BROKERS August 19, 2010 CLOSE BROTHERS UBS resumes coverage of Close Brothers with a “neutral” rating and 680p price target. Sees potential upside from the group’s drive to rationalise its businesses and expects the banking division to continue to do well but believes this is already reflected in the share price. However, says the asset management business has potential. [...]
CITY MOVES | WHO’S SWITCHING JOBS August 19, 2010 Permira The European private equity company has appointed Wulf Bernotat, the former chief executive of energy giant E.ON, as a senior adviser. Bernotat is one of Germany’s most experienced businessmen and retired from his position at E.ON in April this year. He is also a member of the supervisory boards at Metro, Allianz, Deutsche Telekom [...]
Government borrowing on the way down August 19, 2010 THE Government is cutting Britain’s record levels of borrowing despite tumbling into the red again last month. Official figures showed the state borrowed £3.8bn in July. That compares with the £6.1bn deficit clocked up in the same month last year. The improvement came as corporation tax receipts rose to £8.5bn up – from £6.2bn in [...]
Exports bounce back August 19, 2010 AN index of British factory orders rose to its highest level in two years in August after overseas demand rebounded from a dip in July, the CBI’s monthly industrial trends survey showed. The CBI survey showed how the total order book balance rose in line with expectations to -14 this month, up from -16 in [...]
France ratings fears put euro under pressure August 19, 2010 THE Euro dropped this morning after market fears that France could face a downgrade of its AAA credit rating in the long term. Fears were triggered after credit ratings agency Moody’s found earlier this week that the country’s rating was secure for now but could be under pressure in the future as uncertainty remains over [...]
Car production drops after end of scrappage scheme August 19, 2010 CAR production in Britain dropped by 8.9 per cent in July as the end of the scrappage scheme hit demand, the Society of Motor Manufacturers and Traders (SMMT) said. Production for the year-to-date was still 41.7 per cent higher than in the same period in 2009, the SMMT data showed. Last month’s drop was the [...]