Bristol-Myers Squibb’s sales lift October 23, 2013 Bristol-Myers Squibb reported quarterly earnings that exceeded expectations yesterday, fuelled by strong sales of cancer and diabetes drugs, but stuck to its earlier full-year 2013 profit forecast. The pharma firm earned $692m (£428m) in the third quarter, it said. Global revenue rose nine per cent to $4.07bn, topping Wall Street expectations of $3.99bn. Diabetes drug [...]
Eli Lilly profit beats expectations October 23, 2013 Pharma company Eli Lilly reported higher-than-expected quarterly earnings yesterday, helped by cost cuts and a big price increase for top-selling antidepressant Cymbalta, which begins facing generic competition in December. Eli said it earned $1.2bn (£742m) in the third quarter, beating expectations. Yet analysts expect its earnings to fall as much as 25 per cent in [...]
City Moves for 24 October 2013 | Who’s switching jobs October 23, 2013 Investec Private Bank The private bank has announced the appointment of Eden Riche as head of high net worth lending. He has previously held senior roles at RBS and Lehman Brothers Europe. Lloyds Bank Commercial Banking Ender Tanar has joined the bank as head of central Europe. He has over 28 years’ experience in the finance [...]
BP clinches big natural gas deal with Argentina October 23, 2013 ARGENTINA’S state-run energy firm YPF has picked BP to supply the bulk of its liquefied natural gas (LNG) needs in both 2014 and 2015 following a major recent tender, a source with direct knowledge of the deal said. South America’s third-biggest economy last month launched its annual tender to secure approximately 5.57m tonnes of LNG [...]
APR Energy to buy GE rental unit for £194m October 23, 2013 TEMPORARY power provider APR Energy yesterday said it has agreed to buy General Electric’s power rental business for $314m (£194m), in a deal which its chief executive called “transformational” for the company. John Campion told City A.M. that the acquisition of GE Power & Water in Houston, which rents mobile gas turbines to provide temporary [...]
Premier Oil blames operational issues as cuts production target October 23, 2013 FTSE 250-listed Premier Oil’s share price fell yesterday, after the oil explorer slashed its full-year production guidance. Premier reduced its full-year output target down from 63,000 barrels of oil per day (bopd) to 57,000-59,000 bopd, due to operational issues that it said are due to be resolved shortly. “While our oil production is currently restricted [...]
Sirius tries new strategy October 23, 2013 Sirius Minerals said yesterday it may withdraw its current application for its $1.7bn York Potash project and resubmit a fresh bid to the North York Moors National Park, which it wants to mine beneath. Sirius said the move will not affect the project’s new timeframe. It said in September it had altered its approval strategy, [...]
Lender IPF is on track October 23, 2013 Emerging markets lender International Personal Finance said yesterday its customer numbers had topped 2.5m, helping it increase third-quarter profit by 19 per cent. The London-listed company, which lends to customers across eastern Europe and Mexico, said its pre-tax profit rose to £32.5m with customer numbers up four per cent during the period.
Record profit for Plexus October 23, 2013 Oil and gas engineering services business Plexus Holdings saw both profit and revenue rise by a record amount for the full year to 30 June driven by strong growth at its wellhead supply business. The firm, listed on London’s junior market, saw pre-tax profit rise 38.3 per cent to £4.27m with revenue up 29.7 per [...]
Meggitt wins jet deal October 23, 2013 Meggitt yesterday announced a multi-million dollar contract win for a braking and control system with Dassault. Dassault, which makes Rafale combat planes, has selected the British aerospace engineering business to develop the systems for the all-new Falcon 5X business jet. Meggitt’s chief executive Stephen Young said the award was “a significant milestone”.
