Dragon Oil diversifies as it looks to expand February 23, 2010 Dubai based oil and gas explorer Dragon Oil, plans to invest $870m (£562m) in oil and gas projects over the next two years, it said in a statement yesterday. The London-listed company is targeting annual output growth of 10-15 per cent through 2012 as it seeks expansion in the Middle East, North Africa and Central [...]
BEST OF THE BROKERS February 23, 2010 BRITISH AMERICAN TOBACCO Morgan Stanley advises investors to “overweight” British American Tobacco shares ahead of tomorrow’s full year results. Says pricing strength, cost savings, improved economic conditions and a reduced hit from currency transactions will mean “solid” earnings per share growth. Raises target price to 2,350p, and highlights favourable industry operating conditions. N BROWN UBS [...]
Brookfield to make $2bn move on General Growth February 23, 2010 CANADIAN group Brookfield Asset Management is understood to be preparing a $2bn (£1.3bn) bid for a 30 per cent stake in General Growth Properties, the bankrupt mall owner. The offer would trump an approach by Simon Property Group and rescue Chicago-based General Growth from Chapter 11 solvency with Brookfield as its largest shareholder. Simon Property, [...]
Gaviscon maker accused of market monopoly plot February 23, 2010 HOUSEHOLD products company Reckitt Benckiser has been accused by the Office of Fair Trading of creating a monopoly in the market for its heartburn drug Gaviscon. Reckitt could be fined tens of millions of pounds and be forced to pay up to £40m to the National Health Service. In a statement, Reckitt – whose stable [...]
Oil company starts Falklands drilling February 23, 2010 DESIRE Petroleum (DES) has begun drilling for oil in the waters off the Falkland Islands despite growing tensions between Britain and Argentina. The FTSE 250 group said its Ocean Guardian rig, which left Scotland at the end of November, arrived on Friday and the Liz 14/19-A exploration well was spudded yesterday afternoon. The well is [...]
Wolseley raises profit forecast February 23, 2010 SHARES in building supplies group Wolseley today shot up more than 11 per cent after it forecast that profits for the year to 31 July will beat market expectations. The FTSE 100 group, which operates in the UK, US and mainland Europe, says that trading profit before exceptional items will exceed the £326m currently pencilled [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
Lloyds boss Daniels to waive bonus February 22, 2010 LLOYDS Banking Group chief executive Eric Daniels yesterday bowed to populist acrimony over City remuneration by becoming the fourth major bank boss in a week to surrender his contractual bonus for the year. Daniels had been entitled to a potential maximum payout of £6.5m for the 2009 financial year, of which just £1.04m represents his [...]
JP Morgan analyst in hot water after Asda meeting February 22, 2010 A JP Morgan analyst has been suspended after allegedly gate-crashing a private Asda supplier meeting. Rickin Thakrar, in his mid-20s, wrote an explosive research note, revealing management thought stores had become “boring”, despite being explicitly banned from attending the event. He gleaned private information about the firm’s plans just days before it released its results. [...]