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Markets & Economics

  • ViiV Healthcare: GSK share price rises as it scraps plans for £17bn HIV drugs spin-off which would have been one of the biggest IPOs this decade

    May 6, 2015

    Pharma giant GSK (aka GlaxoSmithKline) has abandoned plans for an IPO of its HIV medicines division, it said today. In first quarter results published today, the company said its decision to hang on to ViiV Healthcare reflected an "updated strong positive outlook".  Analysts at Jefferies have said ViiV could be valued at as much as [...]

  • How Sainsbury’s, Tesco and even discounters Aldi and Lidl reined in property expansion plans and ended the supermarket turf wars

    May 6, 2015

    In the never-ending quest for growth, for decades supermarkets held a major arsenal in their weaponry – land. But not any more. Sainsbury's today revealed it took a £682m writedown on its property portfolio in another sign the decades-long land grab by supermarkets has failed to pay off. Tesco's property writedowns run into the billions [...]

  • Poundland brings forward competition probe into 99p Stores deal

    May 6, 2015

    Bargain store Poundland has bought forward a competition probe into its offer to buy rival 99p Stores for £55m. The Competition and Markets Authority (CMA) previously said the tie-up could create "a realistic prospect of less competition" in 80 local areas – and an additional 12 areas where they will be competitors in the near future. It said [...]

  • Wetherspoon is holding its own in the face of the supermarket price war

    May 6, 2015

    It may be at a “great disadvantage” to supermarkets, but JD Wetherspoon still managed to report an increase in sales. The figures In an interim management statement, the company announced like for like sales were up 1.7 per cent in the 13 weeks to 26 April, and 3.6 per cent for the financial year to [...]

  • US economy set for lift after slow start to 2015

    May 5, 2015

    An expansion in the US trade deficit suggests that economic growth is likely to have been negative at the start of the year, when second estimates are released at the end of May. The first official estimate last week showed that the US economy slowed to near-stagnation in the first three months of the year. However, [...]

  • End of the Terry Leahy era for Tesco as Ken Hanna and Stuart Chambers step down

    May 5, 2015

    The last two non-exec directors who served during Terry Leahy’s reign at Tesco are to step down, in another shake-up of its board following last year’s profit scandal. Tesco said yesterday that Ken Hanna and Stuart Chambers would retire at the firm’s annual general meeting on 26 June, after serving on the board for six [...]

  • Former Lehman Brothers bankers in line for healthier pension payouts

    May 5, 2015

    More than 2,000 ex-Lehman bankers are set for bigger pension payments after bosses of the retirement plan struck a £675m deal to offload it to an insurance firm. Members of the Lehman Brothers Pension Scheme will see payment restrictions – put into place after the bank’s dramatic collapse nearly seven years ago – lifted in [...]

  • Salesforce.com share price climbs on Microsoft takeover reports

    May 5, 2015

    Shares in Salesforce.com jumped 6.2 per cent yesterday, after it was reported that Microsoft is considering a bid for the cloud software provider.   Salesforce shares rose from $71.4 to $75.82 after which trading was temporarily halted.   Microsoft is evaluating a bid after Salesforce was approached by another potential buyer, Bloomberg reported, citing people with [...]

  • UBS’ investment bank roars back with deal successes and soaring profits

    May 5, 2015

    If you believe everything US investment bankers tell you, it is only a matter of time before a handful of American giants rule the world, and Europe’s challengers crumble into the dust.   You can see why they are so confident, with Britain splitting its would-be universal banks with a ring-fence, and a series of [...]

  • Construction growth drops on General Election uncertainty

    May 5, 2015

    Growth in the building sector fell to its slowest pace in almost two years in April, according to an influential study from Markit yesterday. The purchasing managers’ index fell to 54.2 from 57.8 in March – still firmly above the 50-mark that indicates growth, but a sharp slowdown in the pace of rising output. The [...]

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