Gaviscon maker accused of market monopoly plot February 23, 2010 HOUSEHOLD products company Reckitt Benckiser has been accused by the Office of Fair Trading of creating a monopoly in the market for its heartburn drug Gaviscon. Reckitt could be fined tens of millions of pounds and be forced to pay up to £40m to the National Health Service. In a statement, Reckitt – whose stable [...]
Oil company starts Falklands drilling February 23, 2010 DESIRE Petroleum (DES) has begun drilling for oil in the waters off the Falkland Islands despite growing tensions between Britain and Argentina. The FTSE 250 group said its Ocean Guardian rig, which left Scotland at the end of November, arrived on Friday and the Liz 14/19-A exploration well was spudded yesterday afternoon. The well is [...]
Wolseley raises profit forecast February 23, 2010 SHARES in building supplies group Wolseley today shot up more than 11 per cent after it forecast that profits for the year to 31 July will beat market expectations. The FTSE 100 group, which operates in the UK, US and mainland Europe, says that trading profit before exceptional items will exceed the £326m currently pencilled [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
AstraZeneca settles £505m tax dispute February 23, 2010 AstraZeneca has paid Her Majesty’s Revenue and Customs (HMRC) £505m to settle a tax dispute. The Anglo-Swedish drugs company owes the Government over so-called transfer pricing – the price at which a group sells goods or services from one section to another. Astra will pay £350m next month and a second installment of £155m in [...]
Sports Direct in swoop for stake in Blacks February 22, 2010 RETAILER Sports Direct is circling for a disputed 29 per cent stake in rival Blacks Leisure. Sports Direct’s subsidiary Sportsdirect.com is looking to acquire the rights as well as an 11 per cent holding in JD Sports Fashion from the administrators of collapsed bank Kaupthing Singer & Friedlander. The move would allow the FTSE 250 [...]
Gold helps boost pawnbroker’s coffers February 22, 2010 CASH-STRAPPED consumers offloading their gold jewellery helped to boost the coffers at pawnbrokers Albemarle & Bond in the latter half of 2009. The FTSE Small-Cap group posted a 75 per cent rise in pre-tax profit to £10.8m with revenue soaring 49 per cent to £394m. Its “cash-for-gold” division proved particularly popular with recession-hit consumers looking [...]
Crossrail and Heathrow ‘vital’ for UK economy February 22, 2010 KEY transport projects like Crossrail and a third runway at Heathrow must urgently be carried after the general election, a report has found. The British Chambers of Commerce (BCC) said the success of the economy depended on improving the transport network. Crossrail would provide an east-west train travel artery across London while an expansion of [...]
BAA losses hit £822m after Gatwick sale February 22, 2010 AIRPORTS operator BAA has reported a big loss for the full year 2009 as the forced sale of Gatwick and declining passenger numbers hit the company. The operator posted a pre-tax loss of £821.9m compared with a £324.2m loss in 2008. The sale of Gatwick cost the company £277.3m and pension deficits £217.8m, while passenger [...]
Primark fuels sales growth at Associated British Food February 22, 2010 PRIMARK growth has helped to fuel a predicted “substantial rise in profits” at parent company Associated British Food. The London-based group said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an 8 per cent rise in sales – with stores in [...]
