GlaxoSmithKline announces £5.3bn profits for 2011 February 7, 2012 GlaxoSmithKline (GSK) says it has trebled year-end profits to £5.3bn for 2011, assisted by massive reductions in overheads. The figures were boosted by profits of £1.25bn in the final three months of the year, compared to a loss of £633m in the same period last year. GSK’s revenue declined three per cent even as sales [...]
FTSE flat as $90bn Glencore deal agreed February 7, 2012 The FTSE 100 was flat as further delays to Greek debt restructuring created more confidence sapping uncertainty – but the talk of the market was the agreed $90bn (£56bn) merger of Glencore and Xstrata. After rejecting a proposed new bailout deal which demands strict labour reforms and other austerity steps Greek leaders today meet in [...]
Lloyds set to cut 1,000 jobs February 7, 2012 Lloyds Banking Group has announced plans to cut almost 1,000 jobs as it closes operations across the UK. Around 990 positions are set to go as a result of site closures in LTSB Scunthorpe, LTSB Dudley and HBOS Romford and HBOS Newcastle. The roles will come from within the Group Operations, Group Executive Functions, Risk, [...]
BP raises dividend as profits surge February 7, 2012 BP has raised its dividend to shareholders by 14 per cent for the first time since the Gulf of Mexico spill. Profits for the quarter to the end of December 2011 was $7.6bn (£4.8bn). That compares with $4.6bn for the same period the previous year. BP’s profits fort the whole of 2011 were $23.9bn compared [...]
TUI narrows losses February 7, 2012 TUI Travel, the world’s biggest tour operator, said it had significantly outperformed competitors in Britain during the first quarter, benefiting from the difficulties encountered by struggling rival Thomas Cook. The group, which operates the Thomson and First Choice chains and takes 30m people on holiday each year, said over a third of its summer 2012 [...]
UBS profits hit as Eurozone woes take toll February 7, 2012 UBS profits have plunged by 76 per cent the bank revealed in its latest quarterly results. Net income for the last three months of 2011 were 393m Swiss francs (£270m), down from 1.7bn francs during the same period the previous year. Business levels fell both at its key wealth management unit, as well as at [...]
Glencore and Xstrata agree $90bn ‘merger of equals’ February 7, 2012 Glencore and Xstrata agreed an all-share merger worth $90bn (£56bn) in the mining industry’s largest ever deal, creating a commodities powerhouse spanning mining, agriculture and trading. The ratio is a 15.2 per cent premium to Xstrata shareholders compared with its share price last Wednesday before word leaked out about the merger talks, a joint statement [...]
Now rail chiefs surrender bonus February 6, 2012 THE CHIEF executive of Network Rail has caved in to political pressure and waived his right to a six-figure bonus. Sir David Higgins and five other Network Rail directors yesterday decided to “forego any entitlement” to bonuses and will instead offer the proceeds to safety improvements. The announcement came after transport secretary Justine Greening threatened [...]
Investors fear mining giants’ Granita deal could end in tears February 6, 2012 ADVISERS to Glencore and Xstrata were last night trying to convince investors that the proposed management team will be able to work together following the £50bn merger. Under the terms of the proposed deal, Xstrata chief executive Mick Davis is expected to be appointed chief executive of the combined group, with Glencore’s Ivan Glasenberg set [...]
Hedge fund stars toast top January February 6, 2012 STAR traders Crispin Odey and Pierre Lagrange led a recovery for the beleaguered hedge fund industry in January as European bank stocks soared 10 per cent. The Odey European fund, which fell 20 per cent in 2011, is up 14 per cent so far this year after taking a bullish stance on banks and the [...]