New Hope exploring sale that could be worth $5bn October 5, 2011 AUSTRALIAN coal miner New Hope Corp put itself up for auction yesterday after receiving several bid approaches, sending its market value surging 15 per cent to almost A$5.1bn (£3.18bn). The group said the approaches were informal and it would invite selected parties to bid, starting a process that could test Australia’s openness to foreign mine [...]
BTG boasts of higher sales on drugs success October 5, 2011 SPECIALIST healthcare firm BTG said yesterday that its overall financial performance in the first half has been “well ahead of expectations”. Its licensing and biotechnology business reported a strong performance, driven by the regulatory approvals for its ZYTIGA drug and a good showing by BeneFIX. As a result, BTG now expects sales in the six [...]
Grainger rises on refinancing October 5, 2011 Shares in residential property firm Grainger gained more than 11 per cent to close at 86p yesterday, after it said it has agreed two new debt facilities. Five major banks will provide £840m, with another £50m raised with Partnership Assurance. The refinancing means Grainger’s average cost of debt will be 5.8 per cent with an [...]
Hot Tuna gets boost from Amazon October 5, 2011 Struggling surfwear manufacturer Hot Tuna said yesterday that Amazon had upped its bulk order for the year by 30 per cent, sending its shares up 10 per cent. In a trading statement Hot Tuna said sales in the US over recent months had been “minimal” and that it was pursuing sales in south east Asia. [...]
Saab still waiting for China funds October 5, 2011 Car maker Saab has not yet received the €70m worth of bridge financing it needs to survive while it restructures under court protection, a spokesman said yesterday. Saab, which has hardly produced a car for six months, said in mid-September the money was part of a license agreement with Chinese car firm Zhejiang Youngman Lotus [...]
UK’s services in unexpected lift to growth October 5, 2011 SERVICES expanded unexpectedly quickly in the UK in September, according to the purchasing managers index (PMI) from Markit, out yesterday. Any figure above 50 represents expansion, and services in the UK rose from 51.1 in August to 52.9 in September on the index. The higher number shows the sector increased its pace of growth. Composite [...]
IMF: Osborne should cut tax October 5, 2011 GROWTH prospects in the UK will be helped over the long-term if George Osborne cuts income taxes, Carlo Cottarelli, director of the International Monetary Fund’s (IMF) fiscal affairs department said yesterday. “Tax is too high in Europe as a whole, and is damaging economic growth. Taxes should be reduced as long as spending is cut [...]
EU has a unique chance to reform farmers’ subsidies October 5, 2011 THE EUROPEAN Union has a “unique opportunity” to cut back billions of euros worth of subsidies paid out to farmers every year, the Organisation for Economic Co-operation and Development (OECD) said yesterday. The EU’s Common Agricultural Policy (CAP) takes up nearly 45 per cent of its entire budget, totalling around €53bn; additional support for farmers takes [...]
CITY A.M. | SHADOW MPC VOTES 5-4 FOR QE2 October 5, 2011 ALLISTER HEATH | CITY A.M. “Rates should be held and there should be no additional QE. Further easing should only be considered if the Eurozone crisis spirals out of control and triggers another meltdown. Otherwise, policy should remain unchanged until the context becomes clearer. Inflation remains far too high.” SIMON WARD | HENDERSON “Hold rates, [...]
High street sales decline by 0.3pc across Eurozone October 5, 2011 HIGH STREETS in the Eurozone face a tight squeeze as the debt crisis and economic worries escalate. Retail sales across the single currency area dipped by 0.3 per cent in August, compared to the previous month. In July sales defied the euro area’s economic woes by growing 0.2 per cent. Yet in the medium term, the [...]
