Glaxo drug cleared in the US November 25, 2013 BRITISH pharmaceuticals giant GlaxoSmithKline got a boost last night as US health regulators said they would lift restrictions on the use of its once widely used diabetes drug Avandia after determining that it did not increase the risk of heart attacks. The US Food and Drug Administration (FDA), following its review of a large clinical trial [...]
MoPowered to raise £4m at IPO November 25, 2013 MoPowered, which provides website services for leading retailers such as Next, announced its intention to float on London’s Alternative Investment Market yesterday, hoping to raise £4m. “With the funds raised during the initial public offering, we will aim to increase our market presence still further as retailers increasingly see the benefit of our SaaS platform,” [...]
Ladbrokes in Chelsea Apps deal November 25, 2013 Ladbrokes has moved to enhance its digital service on mobile devices such as smartphones and tablets by teaming up with specialist firm Chelsea Apps Factory. The deal follows Ladbrokes’ move to Playtech’s mobile platform Mobenga, as well as the launch of Ladbrokes Exchange, which allows users to bet against each other. The firm hopes the [...]
Ex-Renault man to drive Peugeot November 25, 2013 PSA Peugeot Citroen named former Renault number two Carlos Tavares as its next chief executive yesterday. Tavares, 55, will join CEO Philippe Varin’s team on 1 January and take over later in 2014, the loss-making car manufacturer said. The CEO switch “signals that PSA and the Peugeot family are willing to make far-reaching changes”, said [...]
Chemring soars on plans to sell non-core assets November 25, 2013 FTSE 250-listed Chemring’s shares jumped nearly 10 per cent yesterday, after the defence equipment maker outlined plans to sell off non-core assets in an attempt to turn around its finances. The company, which makes defence equipment such as flares and explosive device detectors, said it had started a process to divest the assets, although it [...]
Essar Energy’s shares plummet as weaker rupee hits earnings November 25, 2013 INDIA-FOCUSED oil and gas company Essar Energy’s share price fell over 13 per cent yesterday, after its half-year results showed a seven per cent decline in earnings to $543.7m (£336.8m). The FTSE 250-listed firm posted a pre-tax loss of $498.8m, compared to a loss of $282m the previous year. Essar Energy attributed the decline to [...]
Premier Oil diversifies away from bank debt with new sterling bond November 25, 2013 FTSE 250-listed energy explorer Premier Oil yesterday launched a new bond, as it looks to diversify its debt away from banks. The new five per cent sterling-denominated notes mature in 2020 and are available to both wholesale and retail investors. The offer period is expected to close at noon on 6 December and the firm [...]
Interserve lands £150m joint deal with University of Sussex November 25, 2013 SUPPORT services and construction group Interserve has teamed up with the University of Sussex in a 10-year management deal worth £150m. The New Year’s resolution – starting 1 January next year – will see the formation of Sussex Estates and Facilities, with Interserve providing the management and administration services for the contract. Interserve’s roles will [...]
Petrofac wins $2bn Oman contract November 25, 2013 Oil and gas company Petrofac yesterday won a $2.1bn (£1.3bn) contract to expand and improve refinery operations at a refinery in Oman. In a joint venture with Korean firm Daelin Industrial, it will work on the Oman Oil Refineries and Petroleum Industries Company (ORPIC) site near Muscat for three years. The construction and engineering project [...]
Rolls-Royce nets $215m jet deal November 25, 2013 Aerospace giant Rolls-Royce yesterday announced that it has won a $215m (£133m) contract to provide technology that allows US fighter jets to “perform short take-offs and vertical landings”. The deal was with Pratt & Whitney, a US-based aircraft-engine firm. Rolls-Royce has provided 42 of the so-called Liftsystems, as the technology is known, to date. “As [...]