Mitie sees boost from acquisitions May 17, 2010 MITIE, the support services firm, said yesterday acquisitions had boosted full-year profits and it expected increased government outsourcing to continue to support growth. Mitie, which cleans Barclays and HSBC’s UK buildings, said the acquisitions of rivals Dalkia and EPS had increased its foothold in the social housing market and also meant it could offer more [...]
Japanese pharma firm will buy its way into lucrative US drugs market May 17, 2010 JAPANESE drugmaker Astellas Pharma has agreed to buy US biotech OSI Pharmaceuticals for $4bn (£2.8bn) in cash in a sweetened bid that will add OSI’s blockbuster cancer drug Tarceva to its line-up. Astellas has been chasing OSI as it seeks to bolster a nascent cancer drug business as a future earnings pillar amid falling earnings [...]
Vodafone is buoyed by South African results May 17, 2010 VODAFONE received a welcome boost ahead of its full-year results when its South African wing announced a big leap in earnings. Vodacom reported a 22 per cent earnings spike and said it would increase its dividend payouts. Vodafone is expected to announce strong results tomorrow off the back of growing smartphone sales, especially after it [...]
TICKETS PLEASE May 17, 2010 MAYOR of London Boris Johnson yesterday unveiled the ultra-modern new makeover for the capital’s iconic Routemaster bus, designed to replace his predecessor Ken Livingstone’s unpopular bendy buses. The first of the new vehicles are expected to hit London’s roads by the end of 2011 and will return to the old Routemaster’s “hop-on, hop-off” open platform [...]
BHP ready to compromise on mining tax May 17, 2010 BHP BILLITON yesterday said it is prepared to cut a deal with the Australian government over its plans to introduce a new mining tax. Jac Nasser, chairman of the Anglo-Australian miner told shareholders in a letter yesterday that the levy should only apply to new projects, not existing investments. The government also signaled it might [...]
Sharp to step up LCD TV sales May 17, 2010 JAPAN’S Sharp said brisk demand in Asia’s emerging economies will offset most of the impact on its business from Greece’s debt problems and the euro’s weakness. Sharp, the world’s fourth biggest LCD TV maker behind Samsung, Sony and LG, said it planned to double the number of outlets in China that sell its Aquos TVs [...]
Tullow signs exploration contract with Staatsolie May 17, 2010 Tullow Oil has agreed to a tie-up deal with Staatsolie, the state oil company of Suriname. The agreement allows Tullow access to “block 47”, a 2,369-square kilometer deepwater exploration license. The two sides will share a production contract for oil extracted from the block. Tullow, an independent UK-based exploration and production company, will make initial [...]
Chinese Court throws out corruption appeal by three Rio Tinto executives May 17, 2010 A SHANGHAI court has rejected the appeals of three former Rio Tinto employees, convicted in March for corruption. The Higher People’s Court of Shanghai threw out the appeals by Wang Yong, Ge Minqiang and Liu Caikui. They had admitted receiving kickbacks from steel mills desperate to buy iron ore from Rio Tinto at relatively low [...]
BEST OF THE BROKERS May 17, 2010 HARDY Execution Noble maintains a “buy” recommendation for Hardy given the current rating and high quality underwriting on its portfolio in the past. Execution said the group expects premium volume in 2010 to increase to £300m with further growth expected in 2011 as expansion continues through access to new geographies. IBERIA Royal Bank of Scotland [...]
CITY MOVES | WHO’S SWITCHING JOBS May 17, 2010 Quayle Munro The boutique merchant banking group has appointed Andrew Adams, pictured, and Robert Cormie as executive directors. Adams has been a managing director at the firm since 2008, having spent ten years at The Van Tulleken Company prior to its acquisition by Quayle Munro. Cormie also became a managing director in 2008. Prior to [...]