BAE plans 600 job cuts across the UK as weaker demand bites May 31, 2012 DEFENCE contractor BAE Systems is planning to axe 620 jobs and shut down its Newcastle factory, it said yesterday. BAE is locked in talks with unions over the Newcastle closure, which would account for half the jobs to be culled. The company said weak demand for the Terrier armoured vehicle, which is made there, was [...]
Halma buys SunTech in deal to extend medical device range May 31, 2012 HEALTH technology group Halma yesterday announced a $50m (£32m) deal to buy medical devices firm SunTech. The company’s main product is a blood pressure testing device. SunTech, based in North Carolina, reported revenue in the year to 31 December was $23m with operating profit $5.4m. Halma shares rose two per cent in London after yesterday’s [...]
TNK-BP co-owner invites in bidders for the business May 31, 2012 TNK-BP, British oil major BP’s Russian joint venture that is embroiled in a shareholder dispute, may get a third investor, co-owner and former chief executive Mikhail Fridman. Fridman, one of the four Soviet-born tycoons who share control of the 50-50 venture via the AAR consortium, quit as chief executive on Monday, deepening a leadership crisis [...]
Rockhopper narrows its losses to $53m May 31, 2012 FALKLANDS oil explorer Rockhopper yesterday said it had reduced its annual pre-tax losses by $33m. (£21.4m). The drop in the year to 31 March to $53m came as exploration expenses went down. Meanwhile the company said it was making progress on its Sea Lion field. Chairman Pierre Jumgels said: “Recent 3D seismic and further interpretation [...]
Tax deals may cost Swiss £160bn May 31, 2012 Swiss banks could see assets from western European clients fall 28 per cent because of deals to tax undeclared accounts, potentially forcing the industry to cut up to 15,500 jobs to stay profitable, the Boston Consulting Group (BCG) said yesterday. In its annual global wealth report BCG said that western European assets booked in Switzerland [...]
S&P shifts insurers’ ratings rule May 31, 2012 Standard & Poor’s will change the way it assigns global ratings to insurers, in part to increase the consideration of country risk in the way a company is evaluated, the credit ratings agency said yesterday. The changes will apply to all insurance lines except bond and mortgage. In a statement, S&P analysts said the “significant [...]
BHP wins approval for £6bn deal May 31, 2012 BHP Billiton yesterday cleared the last external hurdle for a planned $10bn (£6.46bn) expansion of its Port Hedland harbour in Western Australia that would help the world’s biggest miner double output of iron ore. The expansion is one of the top three projects BHP has outlined in an $80bn capital spending plan.
CITY MOVES | WHO’S SWITCHING JOBS May 31, 2012 Brooks Macdonald Funds The fund management firm has appointed Christine Tacon as chairman of UK Farming, its new asset-backed UK farming business. Tacon was managing director of Co-operative Farms from 2000 to December 2011, and an executive board member of Co-operative Food Retail. UK Farming targets investment in existing arable farmland. Kleinwort Benson Valentina Tacchino [...]
BEST of the BROKERS May 31, 2012 ITV Liberum rates the TV group a “buy” with a target price of 77p. It is expecting that July and August will be difficult months as advertisers scrap planned campaigns across the sector. But Liberum believes ITV can keep its head above the rest of the market, which it reckons will lose 10 per cent [...]
FTSE suffers worst month in three years on credit woes and US data May 31, 2012 BRITAIN’S top share index suffered its worst month in more than three years in May after data suggesting the US economy is struggling triggered a late sell-off yesterday, and may be vulnerable to further declines as Eurozone worries persist. The FTSE 100 index gave up most of the strong gains it had recorded earlier in [...]
