Greene King toasts profit July 1, 2010 PUB company Greene King reported a 3.8 per cent increase in full-year pre-tax profit yesterday and said it had made an encouraging start to its current fiscal year. The pub, which operates 2,472 pubs and restaurants across Britain, reported a pre-tax profit of £123m in the year to 2 May. Greene King said sales at [...]
Astra hit with antitrust fine July 1, 2010 A European Union court backed an EU antitrust decision against Anglo-Swedish drugmakerAstraZeneca yesterday, lending weight to a regulatory crackdown on firms blocking cheaper drugs coming to market. Antitrust lawyers said the ruling set a firm legal precedent for the regulator in its fight against companies suspected of preventing consumers from obtaining less expensive generic treatments. [...]
Tate & Lyle loses its taste for historic sugar-based products July 1, 2010 Tate & Lyle yesterday confirmed plans to sell its European sugar operations to American Sugar Refining for £211m, breaking a 150-year link to sugar in favour of low-calorie sweeteners offering faster growth. The privately-owned US group is buying Tate’s sugar and Golden Syrup business with a perpetual licence to use the Tate & Lyle name, [...]
BEST OF THE BROKERS July 1, 2010 HMV GROUP Citigroup said that the combination of further modest HMV market share gain progress, the ongoing product mix shift, and margin recovery at Waterstone’s should allow HMV to retain a stable group earnings before interest and taxes platform. Citi issues a “buy” rating for the music retailer and said the Mama acquisition should add [...]
Forth Ports expects first half to be ahead of same period in 2009 July 1, 2010 The country’s only listed ports company, Forth Ports, yesterday said it expected earnings for the first half of 2010 to be well ahead of last year as it cut costs and improved efficiencies. “With our improved operational gearing, diversified cargo and broad customer base, we are confident that the underlying outcome for the full-year will [...]
New code pressures investors to engage July 1, 2010 SHAREHOLDERS will have to take more responsibility for the companies they invest following today’s publication of the first ever Stewardship Code by the Financial Reporting Council (FRC). The new code aims to create more transparency about how investors oversee the companies they own. FRC chairman Baroness Hogg said she hoped the new code would be [...]
US Treasury nets $2bn as it offloads shares in Citi to cut its stake to 18pc July 1, 2010 THE US Treasury said yesterday it has earned a gross profit of about $2bn (£1.3bn) on sales of about one-third of its common stock holdings in Citigroup as the government ramps up efforts to unwind bailout programmes. The sales have cut the Treasury’s stake in the bank from nearly 27 per cent to about 17.6 [...]
WHAT DO YOU THINK OF THE NEW STEWARDSHIP CODE? July 1, 2010 ROGER BARKER | INSTITUTE OF DIRECTORS “Institutional shareholders have a key role to play in the corporate governance system. This code should be a catalyst for them to rethink how they can fulfil this role effectively.” JOHN CRIDLAND | CBI “Boards are being asked to raise corporate governance standards and increase engagement with investors. We [...]
WHAT DOES THE NEW CODE MEAN? July 1, 2010 Q.What is the Stewardship Code? A.The Stewardship Code, the first of its kind for the Financial Reporting Council (FRC), seeks to create greater transparency around the way investors oversee the companies they own by encouraging better dialogue between shareholders and company boards. Q.what does the frc hope to achieve? A.The FRC hopes that the new [...]
William Grant seals C&C deal July 1, 2010 William Grant & Sons yesterday completed its purchase of C&C’s spirits and liqueurs division for €300m (£246m) The Scottish distillery will now own brands including Tullamore Dew Irish Whiskey, Carolans, Frangelico and Irish Mist, The new business will operate as William Grant & Sons Irish Brands Ltd. Its portfolio already includes Glenfiddich and The Balvenie [...]