UK lending misses expectations July 29, 2013 The Bank of England released three key pieces of data this morning, and it's not looking good. First, consumer credit was £489m in June, the smallest rise since January, and down from an upwardly revised £781m in May. Economists had expected to see net growth of £700m. Meanwhile, mortgage approvals fell unexpectedly to 57,667, after [...]
Perrigo buys Elan for £5.6bn July 29, 2013 PERRIGO today agreed to buy Irish pharmaceuticals firm Elan for $8.6bn (£5.6bn), giving the US drugmaker an operating base in Ireland and gateway for expansion into international markets. The deal – which ends a long-running takeover battle between Elan and US investment firm Royalty Pharma – is expected to create operating expenses and tax savings [...]
Rio Tinto to sell Northparkes stake for £533m July 29, 2013 FTSE 100-listed Rio Tinto today said it has agreed to sell its 80 per cent stake in Northparkes copper and gold mine in Australia to metals producer China Molybdenum for $820m (£533m). “Northparkes is a successful business but is not of sufficient size to be a good fit with our strategy,” said Rio Tinto chief [...]
Ryanair first-quarter profits fall 21pc July 29, 2013 RYANAIR today posted a 21 per cent fall in first-quarter profits to €78m (£67.3m), due to higher fuel costs and the timing of Easter. The budget airline said that average fares fell four per cent during the period, but revenue per passenger grew one per cent. Ryanair expects yields to rise in the second quarter [...]
Italian business confidence beats estimates in July July 29, 2013 Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8. The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased [...]
Apple supplier in China accused of 86 labour rights violations July 29, 2013 A New York-based rights group has reported three factories making Apple products in Shanghai and Suzhou enforce unpaid overtime and employ minors among other violations of Chinese regulations (release). China Labor Watch says Pegatron, which assembles iPads and iPhones at factories in China, were found to be “violating a great number of international and Chinese [...]
US drugmaker Perrigo agrees deal to buy Elan for $8.6bn ($16.50 per share) July 29, 2013 US drugmaker Perrigo has agreed to buy Elan for $8.6bn (£5.5bn) ending a long battle in which Elan rejected three hostile bids by US investment firm Royalty Pharma before putting itself up for sale last month. The deal will give Perrigo significant tax savings from being domiciled in Ireland, which has a 12.5 per cent [...]
Ryanair profits fall by over 20 per cent in first quarter but still expects to hit targets July 29, 2013 The low-cost airline Ryanair has announced that its post-tax profits fell by 21 per cent in the first quarter to €78m (£67m) (release). Passenger numbers grew by three per cent to 23.2m in the same period with revenue up five per cent to €1,342m (£1158m). Ryanair's CEO, Michael O'Leary, said: As ever, our outlook remains [...]
Clients pull billions of pounds more than expected from Aberdeen Asset Management funds in third quarter July 29, 2013 Aberdeen Asset Management has reported net outflows of £3.4bn in the three months to 30 June 2013, down from net inflows of £300m in 2012 and lower than analyst expectations of a £1.3bn outflow. The company attributed £300m of its new business outflows to assets under management acquired from Artio. Net new business inflows were [...]
National grids expect higher US costs to be offset by strong business performance July 29, 2013 National Grid has reported a “solid operational and financial performance” for the period 1 April 2013 to 28 July 2013, with continued progress to developing its UK business and all outstanding rate plan settlements approved in the US. The company expects to invest between £3.6bn and £3.9bn in 2013/14 and to grow its regulated assets [...]