40,000 HMRC workers strike over job cuts June 25, 2012 MORE than 40,000 employees at HM Revenue & Customs (HMRC) went on strike yesterday, in a dispute over job cuts that has become embroiled in the row over high-profile individuals avoiding tax. The Public and Commercial Services Union (PCS) claimed that more than three quarters of its HMRC members walked out in protest at plans to [...]
Glencore may force Davis out June 25, 2012 ONE OF Xstrata’s most prominent investors has turned up the pressure on chief exec Mick Davis, warning that he could be forced to resign as part of the tie-up with Glencore. Standard Life head of equities David Cummings, who has spoken out against the deal, told the BBC that “to preserve the integrity of the [...]
Shire takes a tumble as rival enters market June 25, 2012 DRUG maker Shire was the biggest blue chip faller yesterday after regulators ruled against the company in its battle over generic copies of its hyperactivity drug Adderall XR. Shares dropped 11.34 per cent after the approval of a rival cut-price version of the medicine from Actavis, which is being bought by Watson Pharmaceuticals. Adderall XR [...]
Rio Tinto and BHP Billiton are dented by UBS forecast June 25, 2012 MINING heavyweights Rio Tinto and BHP Billiton saw their shares slide yesterday after UBS reduced its forecasts for the pair. UBS said that the companies’ Australian tax liabilities will be A$1.8bn (£1.1bn) in the 2013 fiscal year and A$1.4bn in 2014. The bank cut its estimates for profits at both BHP and Rio by four [...]
Sandberg first woman on Facebook board June 25, 2012 Social network Facebook promoted its long-standing chief operating officer Sheryl Sandberg to its board yesterday, making her the first female director on the company’s seven-man board. The 42-year-old joined Facebook in 2008 and played a key role in guiding the social network giant to its $16bn IPO in May. She had worked previously at Google, [...]
HOW WILL THE LAUNCH OF WATSON’S GENERIC DRUG AFFECT SHIRE? June 25, 2012 SAVVAS NEOPHYTOU PANMURE GORDON We expect the stock to be under pressure in trading as the market appraises the impact of likely new generic competition to the company’s $500m franchise Adderall XR. We downgrade our forecasts by 6.3 per cent for 2012 and reiterate our Sell recommendation. PETER WELFORD JEFFERIES FDA has approved the first [...]
Gatwick airport profit boosted by emerging market growth June 25, 2012 GATWICK airport yesterday reported a strong rise in full-year profit, helped by traffic growth and the addition of new routes to emerging markets in Asia. London’s second largest airport said earnings before interest, taxes, depreciation, and amortisation rose 17 per cent to £221.5m in the year to the end of March on revenues up 8.6 [...]
UK firms say extra Heathrow runway must be on the table June 25, 2012 TRANSPORT firms and business groups have urged the coalition to break a decades-long impasse on UK aviation policy and make transparent plans to address capacity issues at Britain’s airports. Airport operator BAA, British Airways owner IAG, Virgin Atlantic and the British Chambers of Commerce are among a group lobbying for a long-term plan by the [...]
Essar hit by tax case but plots FTSE 100 return June 25, 2012 ESSAR Energy, recently demoted from the FTSE 100, said yesterday its future was bright despite a tax dispute with authorities in India. The company said January’s ruling against tax breaks had pushed it to a pre-tax loss of $1.1bn (£707m) for the 15 months to 31 March. Essar changed its accounting period during the year [...]
The right problems to have June 25, 2012 IT’S a tough time to be an Indian energy giant. The rupee is on the slide, and the Reserve Bank of India’s announcements yesterday, intended to calm markets, were poorly received. Earlier this month, Standard & Poor’s said India may be the first Bric nation to lose its investment grade credit rating. London-listed Essar however, [...]