AstraZeneca chief executive Pascal Soriot gets £3.5m after fending off Pfizer March 10, 2015 The head of drugs giant AstraZeneca was given a £3.5m payday last year after he fought off a hostile takeover bid from Pfizer. Pascal Soriot’s pay packet was up from £3.3m the previous year and consisted of an annual bonus of £1.9m, equivalent to 170 per cent of his base salary, according to the firm’s [...]
Colliers sees no end in sight for market bull run March 10, 2015 REAL Estate advisory company Colliers International said yesterday there was no end in sight to the property market’s bull run. But the timing of interest rate hikes and geopolitical risks could threaten the current cycle. Companies such as Land Securities have questioned how long the current upturn in the commercial market can last, following a [...]
Canada’s Ivanhoe Cambridge snaps up City property for £170m March 10, 2015 CANADIAN pension fund Ivanhoe Cambridge yesterday bolstered its presence in the UK after snapping up 3 Minster Court, off Fenchurch Street, in the City for £170m. The real estate arm of Caisse de Depot et Placement du Quebec – one of Canada’s leading fund managers – has been on the hunt for prime assets to [...]
Five-a-side football firm Goals Soccer Centres chases US expansion after World Cup boosts interest in game March 10, 2015 Goals Soccer Centres has scored a 10 per cent rise in full year pre-tax profits to £10.6m as its US business proved a hit. The five-a-side football pitch operator said like-for-like sales were up 13 per cent at its Los Angeles site, helping total sales rise by three per cent to £34.7m. The firm plans [...]
Esure shares slide as payouts and competition hurt profits March 10, 2015 SHARES in motor insurer Esure crashed by nine per cent yesterday after the company reported a slump in profits. Full-year profits for 2014 fell 12.8 per cent to £103.8m, as increased competition and higher claims ate into its sales. The company was also forced to reduce its final dividend to 11.7p from 13.3p. Gross written [...]
Analyst predicts Barclays will cut investment arm March 10, 2015 Barclays will struggle to reform its investment banking operations, and could have to announce a series of major cuts to the unit, Macquarie analyst Ed Firth predicted yesterday. Chief executive Antony Jenkins and finance boss Tushar Morzaria last week committed to the arm’s future in the bank, but did note that more changes would be [...]
Ailing Australian car makers see a subsidy U-turn March 10, 2015 AUSTRALIA’s government yesterday performed an abrupt U-turn after announcing it would no longer cut AU$500m (£254m) in subsidies for its automotive sector. A commitment to axe the fund had been made in Prime Minister Tony Abbott’s budget last year, but the cut led to fears the manufacturers would bring forward their plans for factory closures. [...]
Firms fear UK risks losing tax competitiveness March 10, 2015 BRITAIN’S tax system has become more competitive over the past five years, but moves to change the way international companies pay tax could undo some of that good work, analysts at EY said today. The professional services firm’s survey found that 68 per cent of businesses believe the tax system has become more competitive under [...]
Virgin Atlantic returns to profit on Delta alliance March 10, 2015 Virgin Atlantic is back in the black after its partnership with Delta Airlines helped to return the carrier to profit in 2014 for the first time in three years, it emerged yesterday. The airline, founded by Sir Richard Branson 30 years ago, used the positive news to pledge it would seek to exceed its previous [...]
Close posts earnings up 16pc but Winterflood unit weighs March 10, 2015 Close Brothers yesterday said that adjusted operating half-year profit to the end of January rose by 16 per cent to £108.6m despite weakness from its Winterflood arm. Its asset management business, led by Martin Andrew, accounted for £5.1m of the profit – a rise of 59 per cent in the corresponding period the previous year. [...]