AstraZeneca’s chief goes after profit warning April 26, 2012 ASTRAZENECA’S (AZ) shares tumbled yesterday after chief executive David Brennan abruptly quit the firm. Brennan, who has led the pharma giant for six years, announced his early retirement as the company issued a profit warning and quarterly results that missed forecasts. The firm’s nominations committee has hired headhunter Spencer Stuart to replace Brennan, who AZ [...]
Fuel strike threat returns as tanker drivers told to reject deal April 26, 2012 FUEL tanker drivers have been advised to reject a proposed deal on pay and conditions after union bosses said it “did not go far enough”, raising the prospect of a strike that could lead to fuel shortages. Officials at the Unite trade union met yesterday and agreed “overwhelmingly” to recommend that the proposals should be [...]
Amazon shares soar after £8bn quarterly sales April 26, 2012 INTERNET giant Amazon last night announced quarterly earnings that exceeded even the most optimistic expectations, sending its stock up 15 per cent in after-hours trading. Shares in the company leapt to $225 (£138) each – a valuation of more than 70 times earnings – even though net income fell from $201m to $130m on a like-for-like basis. But [...]
Brevan Howard boss hits top of hedgie rich list April 26, 2012 THE CO-FOUNDER of hedge fund Brevan Howard has trebled his personal wealth to £1.4bn in just three years, according to new research. Publicity-shy Alan Howard, 48, tops the list of hedge fund entrants in The Sunday Times Rich List 2012, with a 44 per cent annual increase in his wealth. Howard, who recently moved to [...]
Businesses want shareholders to have more control over pay April 26, 2012 BUSINESS groups today praised the government’s plans to make company directors more accountable to their shareholders, but warned the public debate around executive remuneration is at risk of being derailed by false information. “Out of control remuneration at some FTSE companies is damaging the reputation of British business as a whole – giving shareholders a [...]
Banks rush to lend to Glencore as it secures $12.8bn in funding April 26, 2012 COMMODITIES trading giant Glencore swept corporate concerns over bank lending to the side yesterday as it secured a mammoth round of funding, with financial institutions queueing up to sign over their money. Ninety-one global banks have committed to the funding syndicate, pledging a total of $12.8bn (£7.9bn) – well above the $10bn that the company had [...]
Diamond is fighting the pay row with rearguard political action April 26, 2012 DO not be afraid. Stand firm and you will see the deliverance,” Investec analyst Ian Gordon wrote to investors before Barclays chief Bob Diamond unveiled a strong rise in profits yesterday. Thus far, this year, Diamond is on course to deliver. Or, in Bob’s more prosaic American language: “Execute, execute, execute.” Having set ambitious returns [...]
Loan provisions hammer profit for Santander April 26, 2012 SANTANDER has blamed Spain’s new property loan rules for a 24 per cent slump in profit for the first quarter of the year. Spain’s biggest bank posted a net profit of €1.6bn, after setting aside €3.13bn to cover non-performing loans, most of which was required under the Spanish government’s plan to get a handle on [...]
Admiral sales motor ahead but share price is stuck in reverse April 26, 2012 SHARES in motor insurer Admiral fell yesterday despite it posting a nine per cent increase in sales. The Cardiff firm, which owns price comparison website Confused, said first quarter group turnover hit £586m but said there had been “no change in claims trends” compared with the final quarter of 2011, when payouts to customers fell [...]
Deutsche Bank falls short on weak markets April 26, 2012 DEUTSCHE Bank missed profit forecasts in the first quarter as Germany’s biggest bank was hit by one-off charges and weak markets that hurt earnings from trading and asset management. The group yesterday reported pre-tax profit of €1.9bn (£1.55bn), below the €3bn seen last year and short of analyst forecasts, weighed by litigation charges and an [...]
