Google eyes up Virgin Galactic June 12, 2014 GOOGLE is reportedly considering taking a stake in Richard Branson’s Virgin Galactic as part of the search giant’s plans to extend internet access to remote regions of the world. Talks between the companies are in an advanced stage and include both a planned joint venture that would combine millions of dollars from Google and Virgin’s [...]
Network Rail’s profits soar but delays also rise June 12, 2014 NETWORK Rail yesterday said its yearly profits after tax passed £1.2bn last year while investment increased – though delays have risen further. NR, the public sector body responsible for Britain’s railway tracks and many of the big stations, said 90 per cent of trains ran on time in the year to the end of March, [...]
Small firms missing out on £46m swaps compensation from banks June 12, 2014 BRITAIN’S biggest banks have contacted every firm that might have been mis-sold interest rate swaps, the City watchdog said yesterday as the final 500 letters were sent out this month. So far, more than £1bn has been paid out in compensation. The year-long task took one month longer than planned. But now the process of [...]
Aer Lingus warns strikes could wipe a fifth from its earnings June 12, 2014 Aer Lingus yesterday blamed looming strike action for its surprise profit warning, in which it said profits could be up to a fifth lower than last year. The Irish carrier said Impact union’s strikes, expected next week, had caused “significant damage” to bookings over the crucial summer months. The firm said yesterday that, providing there [...]
EVCA names Anne Glover as chairman June 12, 2014 The European Private Equity and Venture Capital Association (EVCA) yesterday elected Amadeus Capital Partners’ chief executive Anne Glover as its new chairman. Glover, who was also chairman of the British Venture Capital Association (BVCA) between 2004 and 2005, will replace HarbourVest Partners managing director George Anson, who is stepping down.
Intel loses appeal against record €1.06bn fine for antitrust breach June 12, 2014 INTEL suffered a heavy blow yesterday as it lost its challenge against a record €1.06bn (£852m) fine imposed by EU antitrust regulators as a result of its efforts to block rival Advanced Micro Devices (AMD) from the lucrative computer chips market. The massive fine, the highest ever inflicted on a company in an antitrust case [...]
Astrazeneca buys licence for new anti-asthma treatment June 12, 2014 Astrazeneca, the UK pharmaceutical giant that rejected a takeover bid by US rival Pfizer, yesterday bought the right to distribute a new severe asthma therapy from Synairgen. The £134m deal included £4.31m paid upfront to Synairgen and gradually increasing royalty fees for the Southampton-based company. Inhaled anti-viral drug SNG001 has a primary target market in the [...]
Powa Tech is valued at $2.7bn June 12, 2014 London-based tech company Powa Technologies has estimated its value at $2.7bn (£1.6bn) in the wake of its $75m (£44.5m) acquisition of Hong Kong-based rival MPayMe. Powa announced it would integrate MPayMe’s Znap payment system with their own PowaTag mobile payment app. Powa founder Dan Wagner said the deal would “vastly increase” the global reach of [...]
ICG backs fire extinguisher deal June 12, 2014 London listed debt manager ICG yesterday helped back the buyout of fire extinguisher producer Minimax Viking by Kirkbi, the investment vehicle of former Lego boss Kirk Kristiansen. The group has joined forces with Kristiansen’s Kirkbi investment vehicle to buy the heritage brand, which started making fire extinguishers in Germany in 1902. The deal has been [...]
IMImobile seeks £30m IPO June 12, 2014 IMImobile yesterday announced its intention to float on London’s Alternative Investment Market, seeking to raise £30m from the IPO to drive further growth. The London-based company, which has more than 650 employees and clients in 60 countries, provides mobile communications software and services. It believes the market will grow to be worth over $24bn (£14bn) [...]
