DP World to list in London April 27, 2010 PORTS operator DP World, a unit of conglomerate Dubai World, said yesterday shareholders approved an amendment allowing the firm to seek a listing in London. Voting results from the firm’s annual general meeting on Monday were released in a statement to the Nasdaq Dubai bourse. DP World, whose parent company is in the middle of [...]
CITY VIEWS: ARE THE BANKS ON THE ROAD TO RECOVERY? April 27, 2010 PIYUSH TRIPATHI | DEUTSCHE BANK “Revenue is rising and so are the number of jobs at the bank, which are both strong signs of growth and recovery. People weren’t ready for the slow when it happened and now they are more cautious, so this recovery isn’t a superficial one. A fall in the sector is [...]
Astra wins EU approval for Crestor April 27, 2010 DRUGS giant AstraZeneca yesterday won European approval to promote anti-cholesterol drug Crestor, which aids in the fight against heart disease. The decision to approve the new use of the product in 19 European Union countries follows a similar green light from the US Food and Drug Administration in February. The approval was based on data [...]
Lazard beats forecasts on M&A advice April 27, 2010 Lazard posted a narrower quarterly loss and beat forecasts on an operating basis, helped by strong growth in advisory and asset management fees. The New York-based investment bank reported a net loss of $33.5m (£22m), or 38 cents per share, compared with a year-earlier loss of $53.5m, or 77 cents per share. But excluding about [...]
Bank reform vote fails for second time April 27, 2010 SENATE Republicans yesterday blocked a sweeping overhaul of banking rules for a second straight day as they sought to extract more concessions from Democrats eager to crack down on Wall Street. As Goldman Sachs executives sweated through tough questioning by a Senate panel, Democrats calculated that Republican resistance to the bill would crumble amid election-year [...]
Ford reports a $2.1bn profit April 27, 2010 FORD posted a stronger-than-expected $2.1bn (£1.38bn) quarterly profit and said it would be “solidly profitable” in 2010, a year ahead of schedule, driven by strong US sales and market share gains. Ford raised its North American production plan for the current quarter as well as the 2010 outlook for its Ford Motor Credit financing arm. [...]
SIGNED, SEALED AND DELIVERED April 27, 2010 A majority of postal workers yesterday backed a three-year deal on jobs, pay and modernisation, ending their long-running dispute with state-owned Royal Mail. Two thirds of Communication Workers Union members balloted approved a 6.9 per cent outline pay deal agreed by union negotiators and company management last month.
Faroe Petroleum raises fresh funds for exploration and drilling programmes April 27, 2010 FAROE Petroleum said yesterday it would raise £69.8m in a rights issue to fund its exploration and drilling programmes. The fundraising will allow the Aberdeen based company to drill up to eight new wells over the next two years, bringing its total to sixteen. The AIM listed oil and gas company also plans to apply [...]
Polo values Caledon at £129m as the coal firms mull a merger April 27, 2010 COAL and uranium company Polo Resources has made an all share offer for coal miner Caledon Resources, valuing the company at £129m. The merger would create a coal-focused natural resources company, with existing production and interests in exploration and development projects across the world. Polo says it would be prepared to make an offer for [...]
CIT in profit despite bankruptcy April 27, 2010 CIT Group yesterday posted an unexpected profit in its first full quarter after emerging from one of the largest US bankruptcies, as the small- and mid-market commercial lender wrote off fewer bad loans. First-quarter net income was $97.3m (£63.8m), or 49 cents per share. A year earlier,before bankruptcy and financial restructuring, CIT lost $403.2m, or [...]