British insurer Resolution posts better-than-expected results on strong UK growth August 13, 2013 UK life insurance company Resolution Limited has announced it made a pre-tax operating profit of £191m (£182m expected by Credit Suisse analysts) and operating earnings per share of 13.26p in the first half of the year, up 17 per cent from the same period the year before (release). The company said the value of new [...]
Before the open – 13/08 August 13, 2013 The Nikkei rose nearly two per cent last night as exporters benefited from a weaker yen and business confidence was buoyed by a media report. The Nikkei newspaper cited government sources saying the government is considering a corporate tax cut to offset the planned increase in the sales tax, which drove confidence, although it’s still [...]
US regulators approve GlaxoSmithKline’s HIV drug August 13, 2013 The US Food and Drug Administration (FDA) has approved GlaxoSmithKline’s drug Tivicay, used to treat the most common strain of HIV (release). Specialist HIV company ViiV Healthcare owns the drug, and is formed of a joint venture between GSK, Pfizer and Shionogi Limited. GSK is the largest stakeholder, with 76.5 per cent of the company. [...]
German consumer price inflation rate accelerates as expected August 13, 2013 The rate of increase in German consumer prices accelerated to 1.9 per cent in July compared to the year before, according to the latest consumer price index (CPI) from the Statistiches Bundesamt Deutschland. This was up from 1.8 per cent annual inflation recorded the month before and in line with analysts' expectations. Compared to June [...]
Blackberry ripe for the picking as it considers sale August 12, 2013 STRUGGLING smartphone maker BlackBerry yesterday opened the door to a multi billion dollar sale of the company as it unveiled a dealmaking committee tasked with reviving the group’s flagging fortunes. The Canadian firm, famed for its email-friendly phones and formerly known as Research In Motion, said US M&A guru Tim Dattels would head an executive [...]
Cameron mulls legal action over Spain’s Gibraltar claim August 12, 2013 DOWNING Street yesterday said it was “seriously considering” legal action against Spain as the diplomatic dispute over access to Gibraltar escalates further. Spain insists it is within its rights to impose stringent checks on those crossing the border between the Iberian nation and the British-owned peninsula, insisting its actions are “legal and proportionate”. Extra security has [...]
Rising lending sparks surge in house prices August 12, 2013 THE PROPERTY market is steaming ahead of the rest of the economy, as mortgage lending and a surge of buyers in July drive the UK’s emerging recovery. Figures revealed today show that July saw the largest rise in house prices since before the crash, after statistics out yesterday confirmed that lending to first-time buyers [...]
The big brands changing hands August 12, 2013 A HOST of big name brands were caught up in a swirl of M&A activity yesterday as dealmakers shunned the traditionally quiet August period to push through a raft of deals. Soup maker Campbell Soups, Steinway Musical Instruments, tinned fruit producer Dole and packaging business Pinnacle all announced deals yesterday in one of the [...]
What the other papers say this morning – 13 August 2013 August 12, 2013 FINANCIAL TIMES Subpoenas issued over metals probe The US commodities watchdog has subpoenaed companies including Goldman Sachs, JP Morgan Chase and Glencore as it ramps up its probe into the metals warehousing industry. The subpoenas come amid a barrage of criticism in the US of activities in commodity markets. The CFTC requested documents by the [...]
Campbell Soup nears sale of Europe brands August 12, 2013 CAMPBELL Soup Company, the US soup maker immortalised by artist Andy Warhol, yesterday said it was close to selling a clutch of European brands to CVC Capital Partners, the owner of Formula One. Campbell’s, based in New Jersey, has entered into exclusive final talks with CVC about offloading its continental portfolio, which includes mayonnaise [...]