Shell hit by Gulf of Mexico oil spill December 20, 2011 The US Coast Guard was investigating a 13,000-gallon spill from an oil rig leased to Shell, operating about 26 miles southeast of last year’s BP Plc Macondo oil well disaster, a Coast Guard spokesman said on Monday. The spill of either drilling fluid or oil mixed with drilling fluid was reported Sunday by Transocean Ltd’s [...]
AstraZeneca hit by double blow to drug pipeline December 20, 2011 AstraZeneca will take a $381.5 million (£24m) pre-tax charge in the fourth quarter following a double blow to its new drug pipeline, Britain’s second-biggest pharmaceuticals company said. Cancer drug olaparib will not progress into final Phase III testing for ovarian cancer due to disappointing results in a mid-stage clinical trial, while the experimental antidepressant TC-5214 [...]
Olympus to raise $1.3bn in new capital December 20, 2011 Olympus Corp is preparing to issue about $1.28bn (£825.22m) in new shares with Japanese high-tech stalwarts Sony and Fujifilm seen as likely buyers as it tries to bolster its depleted finances, the Nikkei business daily reported. The report on the sale, which the Nikkei said could take the form of preferred shares, follows a warning [...]
National Express upbeat as trading hits targets December 20, 2011 British bus and rail operator National Express said that trading remained strong across all its divisions and that it expected to report 2011 results in line with management expectations. “National Express is finishing 2011 in excellent shape. We are growing revenue and profit in all five of our divisions,” chief executive Dean Finch said in [...]
EU MISSES TARGET FOR BAILOUT FUND December 19, 2011 EUROPE’S latest rescue attempt stumbled yesterday as finance ministers failed to agree a plan to put as much money as hoped into the International Monetary Fund’s (IMF) bailout pot. British representatives stood up to Eurozone leaders who demanded an extra €31bn (£26bn) contribution from the UK, instead favouring a possible global deal in January. Finance [...]
MPs’ fury at £25bn tax owed December 19, 2011 THE TAXMAN is chasing more than £25bn from Britain’s top businesses, according to a damning report from MPs published today. HM Revenue & Customs (HMRC) also appears to be “too cosy” with large companies and has refused to give “straight answers” to questions, claims the Public Accounts Committee, which has produced the study on tax [...]
When toughened Code doesn’t apply December 19, 2011 WHILE the Eurozone crisis is still dominating the agenda in the City, there are signs of returning interest in mergers and acquisitions, with some saying a mega deal on the scale of Kraft and Cadbury is not that far away. Opinions might vary about the benefits of bids and deals but they are the meat [...]
UBS activists stay until 2012 December 19, 2011 SWISS bank UBS came under further criticism from a senior judge yesterday as it lost the latest round of a lengthy battle to evict protesters who have taken over its disused City office. Lord Justice Lloyd said activists at the “Bank of Ideas” can remain in the block until January and gave them permission to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 19, 2011 FINACIAL TIMES NETWORK RAIL WARNED OVER BONUSES Senior management at Network Rail should forget about bonuses next year, Justine Greening, the transport secretary, said on yesterday. She was speaking after the Office of Rail Regulation (ORR) found that the owner of Britain’s railway infrastructure had failed to meet its punctuality targets and was in breach [...]
Kim’s death ups tension December 19, 2011 NEIGHBOURS of North Korea as well as the US yesterday appealed for stability after the death of leader Kim Jong-il plunged the region into fresh uncertainty. China and Russia offered support for their ally’s new leaders as North Koreans took to the streets in scenes of apparently staged-managed mourning. Western states expressed hope that a [...]