Lenovo buys IBM server division January 23, 2014 LENOVO, the world’s largest PC maker, yesterday agreed to buy IBM’s low-end server business for $2.3bn (£1.38bn), the biggest ever tech acquisition by a Chinese company. Lenovo said the deal, which was reported to have stalled during talks last year due to differences in pricing, will allow it to diversify away from its shrinking PC [...]
Icahn buys further $500m Apple shares taking his stake to $3.6bn January 23, 2014 ACTIVIST investor Carl Icahn picked up another $500m (£300.5m) of Apple shares yesterday, taking the billionaire’s total investment in the iPhone maker to $3.6bn. Icahn, who repeatedly has called Apple a “no brainer” even as he wages a campaign to get it to return more cash to shareholders, tweeted his latest move just a day [...]
Boardroom standards scrutiny January 23, 2014 Board evaluations – used by companies to improve their practices in the boardroom – need to be improved according to Helen Pitcher, an expert on corporate governance. Pitcher yesterday said that she was pushing for improved standards on board evaluations with the publication of a Code of Practice. “At present these evaluations vary significantly,” says [...]
Chemring profits fall 25 per cent January 23, 2014 British defence contractor Chemring has reported a 25.2 per cent fall in full-year profit, hit by the US federal government shutdown in October.The company said pre-tax profit on an underlying basis fell to £52.4m, compared to £70.1m the previous year. The company, which manufactures ejector seats for fighter jets, said the shutdown had delayed product [...]
Petra remains on track for year January 23, 2014 FTSE 250-listed Petra Diamonds yesterday reported a 31 per cent rise in production for the six months to 31 December 2013 and said it remains “firmly on track” to meet full-year guidance of three million carats. Revenue rose 19 per cent to $185.5m (£111.2m), with strong second-half revenue expected due to the timing of the [...]
Aviva old guard steps down for top Aussie job January 23, 2014 INSURANCE giant Aviva yesterday announced the resignation of its chief financial officer Pat Regan, just a year after he narrowly missed out on the job leading the company. Regan, who was made CFO in 2010, said he will step down in June to take up the reins as chief executive officer at Australian insurer QBE [...]
MoneySuperMarket names new chairman Bruce Carnegie-Brown January 23, 2014 BRUCE Carnegie-Brown is set to replace Gerald Corbett as the chairman of MoneySuperMarket, the company announced yesterday. Carnegie-Brown has been a part of the company, which helps customers to compare prices on a range of products and services, since April 2010 as a non-executive and has chaired the remuneration committee since January last year. “I [...]
PayPoint tops up sales after ATM use booms January 23, 2014 UK PAYMENTS service PayPoint, a fixture at many corner shops across London, yesterday said year-on-year revenues rose four per cent in the third quarter to £57m, thanks to strong bill and general payment growth. The FTSE-250 listed group, which was founded in 1996 to help people pay bills at the local shop, said increased use [...]
St James’s Place prospers but warns on DIY fund confusion January 23, 2014 THE CHIEF executive of wealth manager St James’s Place yesterday said the escalating price war between fund platforms risked making investing more difficult for savers. Boss David Bellamy said new charging structures used by fund supermarkets made it harder for DIY investors to understand how much they were paying. “What I think is unfortunate is [...]
Lightbulb moment for IP as it buys intellectual property rival January 23, 2014 INTELLECTUAL property company IP Group yesterday bought rival firm Fusion IP in a deal valuing Fusion at £88m. IP, which works with universities to commercialise research ideas, already owned 20 per cent of the firm before yesterday’s deal. A £70m offer for the rest of the company it did not already own was accepted by [...]