Heathrow feels need for speed as earnings rise February 18, 2013 HEATHROW yesterday posted an 11 per cent rise in adjusted yearly earnings thanks to a hike in airline fees, as its chief executive called for speed from the government’s commission on the future of UK aviation. Revenues at Heathrow Limited rose 8.1 per cent to £2.46bn in 2012 despite flat passenger traffic of 87.4m. Adjusted [...]
Phytopharm plummets after Parkinson’s drug fails in trials February 18, 2013 BIOTECH firm Phytopharm said yesterday its major drug hope for treating Parkinson’s disease had failed in a clinical trial, the latest in a string of firms to disappoint after showing early promise. Shares in Phytopharm fell more than 80 per cent yesterday after it said its drug, Cogane, showed no benefit over placebo in the [...]
Suppliers back quarterly tests for horsemeat February 18, 2013 ENVIRONMENT minister Owen Paterson last night said food retailers will conduct tests for horse- meat in processed beef products every three months, in an attempt to restore consumer confidence in the industry. “There was absolute determination in the industry to restore confidence in their products, and I’m pleased to say we look forward to meeting [...]
THE TIPSTER: KINGFISHING FOR A FIX February 18, 2013 THE challenging consumer backdrop doesn’t augur well for Kingfisher, and this will show when the retailer issues its trading update on Thursday. Shares have traded within a range between 270p and 290p for the last year. But some in-house refurbishments, like improving cost structures and gross margins, may be just the fix it needs. ETX [...]
TNT Express planning emerging market disposals on fresh losses February 18, 2013 TNT Express, whose $7bn (£4.5bn) takeover by United Parcel Service was blocked last month, reported a fourth-quarter loss yesterday and said it was looking to sell troubled businesses in Brazil and China. The collapse of the UPS deal leaves the Dutch express delivery firm having to confront a weak European market on its own. It [...]
Crest Nicholson rejoins market with £107m lift February 18, 2013 CREST Nicholson kicked off its first official day of trading on the London Stock Exchange yesterday after the housebuilder last week completed London’s largest public listing so far this year at £553m. Shares in the company edged down by 0.75 per cent to 262.38p – still significantly above its original listing price of 220p and [...]
Traders can profit from the flurry of mega-deals February 18, 2013 WILL 2013 be the year the bulge bracket banks have been waiting for? Since 2008, headline-grabbing mergers and acquisitions (M&A) deals have been few and far between. But the flurry of activity at the start of February, the most since 2005, suggests things may be about to change. Last week, Warren Buffett’s Berkshire Hathaway teamed [...]
Carlsberg hit by Russia sales and rising costs February 18, 2013 DANISH brewer Carlsberg said yesterday it had scrapped its profit margin target for eastern Europe, blaming volatile markets and raw material costs, and dampening hopes the region can offset sluggish demand in western Europe. The world’s fourth-biggest brewer said that sales growth had stalled in its key Russian market and the cost of an efficiency [...]
Flood defence contract delayed after West Coast Mainline fiasco February 18, 2013 THE ENVIRONMENT Agency is to relaunch the competition for a major contract to build flood defences after the process was delayed by the West Coast Mainline fiasco. The procurement process was delayed after last year’s decision to award control of one of the country’s main railway routes to FirstGroup. Existing operator Virgin Rail successfully challenged [...]
City Moves for 19 February 2013 | Who’s switching jobs February 18, 2013 Barings The asset management firm has announced the appointment of Angus Woolhouse as global head of distribution. Woolhouse has over 20 years’ experience in the asset management industry, and has held senior roles at Gartmore, Invesco and HSBC Asset Management. Colliers The commercial real estate services company has appointed Mark Emburey as a director in [...]
