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 [...]
Before the open – 29/07 – Asian stocks down, FTSE seen opening higher July 29, 2013 Asian stocks traded lower last night as weak Chinese manufacturing data heightened fears of a hard landing and investors showed caution ahead of the US Federal Open Market Committee (FOMC) policy statement later this week. The Nikkei fell below the 14,000 mark for the first time in nearly a month as the yen strengthened against [...]
The news from this weekend – 29/07 July 29, 2013 Two of the world's biggest multinational advertising companies, French owned Publicis and US owned Omnicom, have announced merger plans worth around $35m (£23bn). Ross McEwan, RBS’s retail banking head, is thought to be the most likely candidate for the next chief executive of the state-backed bank, insider sources told the Sunday Telegraph. He could be [...]
Ad giants Publicis and Omnicom agree $35bn tie-up July 28, 2013 MEDIA powerhouses Publicis and Omnicom have agreed to merge, in a deal that will create the world’s largest advertising firm. The companies, which spent several months in talks before yesterday’s announcement, generated a total of $22.7bn (£14.8bn) in revenues last year, and have a combined market value of $35.1bn. Omnicom will keep its [...]
Bank lending and alternative credit to boom as UK recovers July 28, 2013 PEER to peer lending is set to boom, increasing five-fold in the coming three years as small firms seek more credit to expand, the Ernst and Young Item Club forecasts today. And bank lending to businesses is at last set to grow again after falling 25 per cent through the financial crisis. Crowdfunding – where [...]
Job market heats up but low-paid work dominates July 28, 2013 THE NUMBER of job vacancies is still growing, but the labour market is filling up with low-paid jobs as the economy recovers, according to data released by jobs site Adzuna. The group’s report on the jobs market for June suggests that vacancies have risen by 2.5 per cent in the past 12 months, but the [...]