Sanofi gets green light for Genzyme takeover October 20, 2010 France’s Sanofi Aventis said that it had received the green light from US antitrust regulators to takeover the US biotech company Genzyme. Sanofi said that the waiting period under the Hart-Scott Rodino antitrust improvements act of 1976 had expired. The act puts a waiting period on all mergers in the United States so that federal [...]
Bank of America losses widen October 19, 2010 Bank of America Corp, the largest US bank by assets, said its net its third quarter net loss quadrupled from a year ago, as the bank recorded a previously announced $10.4bn (£6.5bn) goodwill charge for its card businesses. The bank reported a net loss of $7.3bn, or 77 cents per share, from a year-earlier loss [...]
Factory orders in sharp fall October 19, 2010 Factory orders fell at their sharpest pace since April this month, the CBI’s October industrial trends survey showed on Tuesday. The Confederation of British Industry survey’s total order book balance dropped to -28 this month from -17 in September, below expectations of a reading of -19. “The recovery in the manufacturing sector is well grounded [...]
Basel committee eases deadlines on bank liquidity rules October 19, 2010 The Basel Committee of global banking supervisors said both of its new liquidity standards will have soft phase-ins instead of fixed, mandatory deadlines. The new rules have faced fierce opposition from banks, which say they would struggle to comply and will welcome the committee’s easier stance towards their implementation. The committee had already agreed to [...]
Jupiter assets rise to £22bn thanks to mutual funds October 19, 2010 Asset manager Jupiter has posted a 12 per cent rise in assets under management to £22.2bn with solid net inflows into its mutual funds. The company – which listed on the London Stock Exchange in the summer – reported net inflows of £734 m in its third quarter to the end of September. Its Merlin [...]
International Personal Finance profit soars October 19, 2010 Emerging markets lender International Personal Finance posted a 36 per cent rise in third-quarter adjusted pre-tax profit, helped by a strong recovery in Hungary. The company, which lends small cash sums to consumers in central Europe and Mexico, also expects to be in a good position to deliver further improvement in 2011 on stronger growth [...]
Bellway sales hit by government cuts October 19, 2010 Housebuilder Bellway reported full year results in line with expectations with uncertainty around the government’s spending review hitting sales. “Sales in the early part of what is traditionally an active autumn selling period have picked up, albeit only slightly, following the usual summer lull,” chairman Howard Dawe said. “It seems that potential homebuyers are awaiting [...]
Xstrata says financial position “strong” October 19, 2010 Miner Xstrata posted mixed third quarter production data and said financial performance was strong as metals prices remained healthy. “Xstrata’s operating and financial performance continues to be strong and the company’s financial position remains robust,” a statement said. The Anglo-Swiss group also released the first resource estimate for the West Wall copper project, a 50:50 [...]
World Bank attacks US currency policy October 19, 2010 Surging capital inflows threaten Asia’s economic stability, the World Bank has warned, a day after US treasury secretary Timothy Geithner sought to draw the venom from a global row over currencies by vowing not to devalue the dollar. The World Bank buttressed the argument made by China and others that US policies are sending a [...]
Whitbread profit up 43 per cent October 19, 2010 Whitbread profit jumped by 28 per cent to £151m in the six months to September. The company said an expansion at its Premier Inns and Costa Coffee businesses fuelled the figures. Revenue rose 14.5 per cent to £805m. Whitbread raised its interim dividend by 17 per cent to 11.25p. Costa has just over 1,100 in [...]
