Premier shares dip as lender exit fears rise November 8, 2016 Shares in struggling oil explorer Premier dipped yesterday amid fears lenders were backing out of the company's syndicated loans. Despite attempts by Premier to calm the market, investors sent shares in the company 11 per cent lower by the London close. Selling was sparked by media reports yesterday that said Lloyds Bank was selling out of [...]
Valeant shares slump as full-year guidance is slashed and losses mount November 8, 2016 Shares in Valeant – the embattled Canadian pharma giant that has struggled under problems with its business model and a high profile accounting scandal this year – have slumped in the pre-market. Valeant revealed this morning a big loss for the third quarter and cut its full year sales and earnings guidance – despite things looking up when it [...]
UK named as repair hub for F-35 jets in defence industry boost November 7, 2016 The UK has been named as a global repair hub for the F-35 fighter jet. The Ministry of Defence (MoD) said the hub would provide repair, overhaul, and upgrade services, and is expected to generate hundreds of millions of pounds for the industry. “This establishes Britain as a hub for all European F-35s and is [...]
BT investor calls for talks over Openreach arm November 6, 2016 A major BT shareholder, Aviva Investors, has called for the telecoms giant to open discussions about a possible sale of its infrastructure arm Openreach. BT has been fighting for control of its network division for the past 18 months, following repeated calls from its rivals that Openreach should be split out of the group. Aviva is [...]
Cigarette firms fear minimum price tax plans November 6, 2016 The tobacco industry is concerned that chancellor Philip Hammond could introduce a so-called tax floor on cigarettes in the autumn statement this month. It’s thought the chancellor could bring in plans first floated by his predecessor George Osborne that could see the cost of even the cheapest pack of cigarettes rise to £8.68 — a [...]
Premier Oil battling to hit deal deadline November 6, 2016 Struggling oil explorer Premier is battling to hit its deadline of the end of the year to secure a full-scale financial restructuring package. Premier is wrestling with the daunting task of finalising the £2bn deal with a team of 40 banks and advisers that has been pushed back from a previous deadline of September. Premier [...]
Crawford considers a London listing after ConvaTec success November 6, 2016 Dermatology and wound-care specialist Crawford is considering a market float after the recent success of rival ConvaTec. Crawford is looking “more closely” at an IPO, according to a report in the Sunday Telegraph, following ConvaTec’s listing last week. Shares in the company have climbed by some 10 per cent after coming to market on 26 [...]
Crestor competition expected to drag on AstraZeneca interim results November 6, 2016 Drug giant AstraZeneca, which reports its third quarter results on Thursday, is expected to remain under pressure from generic competition. Morgan Stanley, AstraZeneca’s house broker, said to expect “another tough quarter”, with sales at constant currency down some nine per cent because of rising competition for Astra’s blockbuster anti-cholesterol drug Crestor in the US. In [...]
Carney expected to leave rates on hold on Bank’s Super Thursday November 3, 2016 The Bank of England is widely expected to leave interest rates on hold when it meets later today. Better-than-expected economic growth data in the third quarter – seen as a sign of resilience following the UK’s vote to quit the European Union – could mean Bank of England governor Mark Carney paints a rosier picture [...]
City passporting rights deal “unachievable” in Brexit negotiations, warns top EU financial lawyer November 2, 2016 The UK is unlikely to be able to secure passporting rights during Brexit negotiations, a top EU financial lawyer has warned in a report. In its Blueprint for Brexit paper, think tank Politeia said preserving so-called passporting rights for financial services at all costs should not be prioritised by UK negotiators as it is not achievable. Passporting allows financial services [...]
