RICS sees fall in construction February 3, 2011 Construction workloads fell during the final three months of 2010, as government spending cuts and a lack of commercial finance took their toll on the industry, the Royal Institution of Chartered Surveyors (RICS) said yesterday. Five per cent more surveyors reported total construction workloads fell rather than rose. London and the south east was the [...]
Merck in profit warning February 3, 2011 Merck & Co yesterday warned investors that it could no longer vouch for its long-term profit forecast due to pressure to curb prices on its drugs and dimmed hopes for an experimental blood clot treatment. Shares of the second-largest US drugmaker fell nearly three per cent after it yanked its profit view for 2009 through [...]
Sweden sells off stake in Nordea February 3, 2011 The Swedish government is to sell up to 6.3 per cent of top Nordic bank Nordea, potentially raising close to $3bn (£1.86bn) as it makes good on a pledge to trim ownership in corporate assets. Sweden, which will reduce its stake by nearly a third through the sale, will use the proceeds to cut national [...]
Nippon steel tie up will be world’s no. 2 February 3, 2011 JAPAN’S Nippon Steel and Sumitomo Metal Industries plan to merge to create the world’s second-largest steelmaker in an effort to fend off tough competition from Asian rivals and offset shrinking demand from domestic automakers. The deal, which would likely see Japan’s top steelmaker Nippon Steel acquiring Sumitomo Metal, comes as the industry grapples with surging [...]
Fixed-price supplies help Dow boost revenue despite rising energy costs February 3, 2011 DOW Chemical barely blinked at rallying energy costs in the fourth quarter as it tapped fixed-cost supplies from the Middle East and boosted customer pricing by 10 per cent. The largest US chemical maker effectively dodged $685m in higher costs for crude and natural gas, the building blocks for many of the paints and plastics [...]
Sanofi nearing Genzyme deal February 3, 2011 FRENCH drugmaker Sanofi-Aventis could announce a deal to buy US biotech Genzyme early next week if final negotiations between the companies go smoothly. Sanofi will offer a minimum of $72 or $73 a share in cash, as well as a contingent value right (CVR) based on the performance of experimental multiple sclerosis drug Lemtrada worth [...]
TeliaSonera gets boost from emerging markets February 3, 2011 NORDIC telecoms firm TeliaSonera said yesterday it saw higher sales and margins this year boosted by recovery at home and rapid growth in emerging markets after reporting in line quarterly profits. TeliaSonera, Europe’s fifth-biggest operator by market capitalisation said it expected sales in local currencies excluding acquisitions to grow four per cent this year, though [...]
Profit from gaming fails to help Sony February 3, 2011 SONY’s lack of hit products and a price war for televisions is keeping a lid on earnings at the Japanese electronics giant, despite a boost in profits from its games division. While Sony’s operating profits fell 5.9 per cent in the third quarter, rival Sharp saw a 9.5 per cent rise in profit as its [...]
Earnings up at Optimum Coal February 3, 2011 South African miner Optimum Coal Holdings reported a surge in first-half earnings, boosted by higher production and output from the Koornfontein mine it bought last year. Optimum Coal, one of South Africa’s largest producers, said outlook for thermal coal remained robust, as global supply was constrained due to severe weather in other regions. Optimum said [...]
Amer Sports results disappoint February 3, 2011 Finnish sporting goods group Amer Sports reported fourth-quarter profit slightly below forecasts yesterday and said pressure on margins would continue. “Gross margin remains a challenge in light of labour and raw material cost increases but we have mitigation plans in place,” the company said. The owner of the Wilson and Atomic brands posted underlying operating [...]