Eli Lilly sells off its chemical company as it steels itself for stiff competition October 14, 2009 DRUGMAKER Eli Lilly has agreed to sell one of its manufacturing facilities to German chemical company Evonik Industries, as it gears up for an intense period of competition in the pharmaceutical industry. The financial details of the transaction were not unveiled. Lilly said last month it planned to cut 5,500 jobs, or 13.5 per cent [...]
Pension confidence is rising despite the effects of the slump, finds survey October 14, 2009 EMPLOYEE confidence in pensions has rebounded sharply, according to the National Association of Pension Funds (NAPF). The association’s latest Workplace Pensions Survey says that its confidence index stood at +11 per cent at the end of September, three per cent higher than in March. The confidence index has jumped sharply from its low point of [...]
Experian gives an upbeat outlook on credit market October 14, 2009 CREDIT information group Experian posted a one per cent rise in first-half revenues, in line with expectations, but gave a rosier picture for the full year, saying it expects to at least maintain margins and grow profits. Experian, best known for running consumer credit checks for banks, has come under pressure as US and UK [...]
Hands ups pressure on Novera October 14, 2009 GUY Hands, chairman of private equity firm Terra Firma, is playing hardball in his bid to buy wind farm group Novera. The takeover bid is being spearheaded by Infinis, a green energy firm owned by Terra Firma. A spokesman for Infinis said Novera was in crisis and would be well-advised to sell up. Earlier this [...]
Reuters buys finance site in 13m deal October 14, 2009 THOMSON Reuters consolidated its expansion into the opinion business yesterday as it acquired the financial commentary business Breakingviews. Breakingviews was founded 10 years ago by Hugo Dixon, a former Financial Times journalist, who will make £2.6m from the deal. Dixon was backed by a number of well known City figures, including Roland Rudd, the Finsbury [...]
ARE YOU DISAPPOINTED BY DIAGEO’S RESULTS ? October 14, 2009 SAM HART CHARLES STANLEY The first quarter organic net sales decline of six per cent was weaker than expected. Destocking in North America appears to have persisted for longer than anticipated. Reassuringly, however, full year guidance for low single digit growth in organic operating profit has been maintained. RICHARD HUNTER HARGREAVES LANSDOWN The update is [...]
Phytopharm shares jump by 350pc on drug hopes October 14, 2009 BIOTECH minnow Phytopharm yesterday reported promising early test results with its Parkinson’s disease drug Cogane propelling the stock as much as 350 per cent higher. In an 18-week study funded by the Michael J. Fox Foundation, a Parkinson’s research charity, Cogane reduced Parkinsonian disability by 43 per cent in macaque monkeys – a result which [...]
UBS asset arm rejigs top bosses October 14, 2009 GABRIEL Herrera, the head of Europe, Middle East and Africa (EMEA) at UBS’ asset management arm, is leaving the firm amid a management restructure. The 47-year-old is leaving after 22 years at the Swiss giant, under what a source described as a “mutual agreement”. Chief executive of UBS Global Asset Management John Fraser is understood [...]
Credit Agricole joins ranks with peers as it sets out plan to repay 3bn loans October 14, 2009 Credit Agricole is to repay €3bn (£2.7bn) of state support this month, joining its big French rivals and overseas lenders in cutting ties to government by reimbursing state aid. Credit Agricole, France’s biggest retail bank, will redeem loans given in December by the SPPE, the body set up to boost the capital of banks under [...]
Macquarie eyes banking unit at Sal Oppenheim October 14, 2009 AUSTRALIAN banking giant Macquarie is in talks to buy the investment banking operations of German private bank Sal Oppenheim. Macquarie chief executive Nicholas Moore has stepped in after Italian bank Mediobanca decided against making an offer for the unit. The bank, which has a giant $4bn (£2.5bn) in excess capital, has been on a buying [...]