Just Eat gobbles up tech gongs June 18, 2014 TAKEAWAY tech star Just Eat cleaned up at the inaugural Digital Masters Awards at One Mayfair last night. Its chief financial and marketing officers picked up awards in their categories with CEO David Buttress just (pun intended) missing out on the top chief gong to King co-founder Riccardo Zacconi. Also just pipped to the top [...]
Rolls-Royce to collaborate with Chinese nuclear reactor vendors June 18, 2014 UK engineering giant Rolls-Royce yesterday signed a memorandum of understanding with CGN, the Chinese nuclear reactor vendor. The Rolls-Royce-CGN deal will open the way to collaboration in nuclear engineering support, the supply of emergency diesel generators and supply chain management, and comes just a day after Rolls-Royce inked a deal with CGN’s rival, SNPTC. China [...]
Acer announces new chairman June 18, 2014 TAIWANESE computer maker Acer yesterday announced the appointment of co-founder and board member George Huang as new chairman. He will be tasked with overseeing the recovery of the firm’s near-dominant position in a shrinking industry. The announcement followed the retirement of co-founder Stan Shih, who returned to the company last November to lead a restructuring [...]
Teva chief to stand down June 18, 2014 THE chair of the world’s biggest generic drugmaker Teva Pharma-ceuticals announced yesterday that he would step down by the end of the year. In a letter to shareholders of the Israel-based firm, Phillip Frost said: “With the progress we have made, and continue to make, at Teva, I have advised the board that I believe it [...]
Spring closures put brakes on car production June 18, 2014 UK CAR manufacturing fell by almost 10 per cent in May, according to figures released today by the Society of Motor Manufacturers and Traders (SMMT), though the industry remains on track for a year of further growth. The trade association said the 9.8 per cent fall – or 116,655 units – was due to days lost [...]
Formula One’s McLaren loses its bid to deduct tax on £32m fine June 18, 2014 Formula One racing team McLaren has lost its legal appeal to claim a £32m fine as tax deductible. The penalty, imposed by the Federation Internationale de l’Automobile, dates back to 2007, when the team was caught trying to spy on rival Ferrari, according to an investigation. A previous legal case had ruled in 2012 that [...]
GM faces $10bn compensation bill over faults June 18, 2014 BELEAGUERED US car giant GM yesterday faced paying a compensation bill exceeding $10bn (£6bn), as legal action was launched over faults which claimants said had damaged the resale value of their cars. According to the complaint filed in California, GM hurt millions of customers by concealing known defects and valuing cost-cutting over safety, leading to roughly [...]
Shell Midstream files for IPO in bid to buy stakes in US pipelines June 18, 2014 Shell Midstream Partners, a master limited partnership (MLP) formed by Royal Dutch Shell, yesterday filed for an initial public offering (IPO) in a bid to raise up to $750m (£443m). Shell Midstream, based in Houston, Texas, said in its IPO prospectus that it planned to use proceeds from the offering to acquire stakes in some [...]
Pfizer pens cancer drug deal with French specialist Cellectis June 18, 2014 US drug giant Pfizer, which tried and failed to buy Astrazeneca for £70bn this year,yesterday announced the signing of a drug development deal with French cancer specialist Cellectis. The deal includes an upfront sweetener for Cellectis of $80m (£47m) with $185m in milestone payments for each drug developed by Pfizer. In addition, Pfizer will purchase [...]
Best of the Brokers for 19 June 2014 June 18, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com ASHTEAD Cantor Fitzgerald has reiterated its “buy” rating for Ashtead, keeping the target price at 1,060p. The broker believes that the current price does not fairly reflect financial and operational strength, and is confident that the firm is better positioned than ever to [...]
