Drugmakers agree to lower prices on vaccine supply for developing countries June 6, 2011 SEVERAL leading drugmakers are cutting their prices on potentially life-saving vaccines for people in developing countries in an effort to sustain supplies via the GAVI international vaccine alliance. The price cuts, offered by both generic and branded drugmakers including GlaxoSmithKline, Merck, Johnson & Johnson’s Crucell and Sanofi-Aventis’ Sanofi Pasteur, should help the alliance narrow a [...]
Daimler and Rolls-Royce secure control of Tognum June 6, 2011 DAIMLER and Rolls-Royce have secured a 60 per cent stake in engine maker Tognum with a sweetened takeover bid, expanding their presence in higher margin industrial diesel engines. But the bidding consortium fell short of its initial goal, which was to win full control of Tognum, a manufacturer of military and ship engines once owed [...]
Shares in OMV’s $1.3bn debt-cutting rights issue likely to be fully subscribed June 6, 2011 AUSTRIAN oil group OMV has had orders for all the shares on offer in its rights issue of up to $1.3bn (£1.2bn), two sources said yesterday. The issue of up to 27.3m new shares, on a subscription ratio of one for every 11 held, was part of OMV’s efforts to cut debt after two major [...]
SeaEnergy offloads wind farm development unit June 6, 2011 BRITAIN’S SeaEnergy has finally agreed a deal to sell its loss-making business developing wind farms to Spanish firm Repsol, enabling it to focus on providing services for the offshore wind sector. The company, which put SeaEnergy Renewables on the block a year ago, will receive a cash consideration of £30.7m from Repsol for its 80.13 [...]
OPEC oil increase may be small June 6, 2011 Saudi Arabia and its Gulf Arab allies may struggle to push through more than a cosmetic increase in oil supplies at a meeting of the OPEC cartel this week. Worried that crude prices are undermining economic growth, producers including Kuwait and the United Arab Emirates, favour an increase in output when the Organisation of the [...]
Cluff Gold drops on strike news June 6, 2011 Shares in West Africa-focused gold miner Cluff Gold fell yesterday after the group confirmed an illegal labour dispute at its Kalsaka mine in Burkina Faso. The miner says it is still in talks with its employees over 2011 pay increases, adding the disruptions had not materially impacted the mine’s performance in 2011. The company is [...]
Churchill completes placing June 6, 2011 Embattled AIM-listed miner Churchill Mining has completed the private placement of 19.3m ordinary shares to Rachmat Gobel and Fara Luwia, raising £7.7m. The 40p placing price represented a 60 per cent premium to the 20-day volume weighted average share price as of 28 April – the day before the subscription agreement. The shares represent approximately [...]
CITY MOVES | WHO’S SWITCHING JOBS June 6, 2011 Ingenious The financial services group has promoted Neil Forster from group finance director to the group’s chief operating officer. Prior to joining Ingenious in 2008, Forster was group finance director at Hat Trick Productions and held senior finance roles in Walt Disney’s European television business. Forster remains a non-executive director of Hat Trick Productions and [...]
BEST OF THE BROKERS June 6, 2011 Halfords UBS expects the car and bike retailer to post full year profits in line with expectations when it reports its results to the market next week. Halfords has struggled amid tough trading conditions for retailers. UBS said good weather over Easter will have helped the retailer’s sales, but also expects Halfords to put out [...]
Why there may be no escaping the cyber war June 6, 2011 The cyber war has begun. Sony has been repeatedly punched in the face by hackers and now President Barack Obama says any more attempts to pry into the emails of his staff will be treated as an act of military aggression. (At this stage it’s probably best to ignore the fact that the US’ track [...]