BP launches $30bn sale of global assets July 28, 2010 BP YESTERDAY kick-started its $30bn (£19bn) asset sale, with a number of potential buyers already lining up just one day after announcing the move. It is understood that BP is already in talks with a number of buyers, including India’s Reliance Industries and Essar, to sell off $500m in African retail assets. The group has [...]
AstraZeneca in drug victory July 28, 2010 ON THE eve of its first half results, US pharma company AstraZeneca scored a vital regulatory victory. US advisers backed a potential blockbuster blood thinner from the firm which will help to offset expiring patents on some of its best-selling medicines. Members of a Food and Drug Administration panel voted 7-1 to recommend approval of [...]
ICBC to tap shareholders in £4.26bn rights issue July 28, 2010 IAN Norris, former chief executive of Morgan Crucible, is facing five years in prison and a fine of £250,000 (£160,000) after being found guilty of conspiring with others to obstruct justice. Norris was extradited to the United States in March 2010 on the three obstruction charges dating back to 2004. Sentencing has been scheduled for [...]
IAN NORRIS faces five years in prison July 28, 2010 IAN Norris, former chief executive of Morgan Crucible, is facing five years in prison and a fine of £250,000 (£160,000) after being found guilty of conspiring with others to obstruct justice. Norris was extradited to the United States in March 2010 on the three obstruction charges dating back to 2004. Sentencing has been scheduled for [...]
Lazard beats forecasts with strong quarter July 28, 2010 Investment bank Lazard’s quarterly earnings soared a better-than-expected 58 per cent, helped by strong asset management results. The New York-based firm said its key financial advisory business was growing, even as a sluggish mergers and acquisitions market and concerns about European economics have plagued competitors and weighed on results. Lazards second-quarter profits were $44.57m (£28.6m), [...]
Coca-Cola profits up July 28, 2010 COCA-COLA Enterprises reported higher-than-expected quarterly profit and raised its 2010 forecast yesterday, which it credited to World Cup promotions and slight price increases in North America. The firm, which bottles and distributes drinks on behalf of Coca-Cola, said net profit rose to $356m (£228m) in the second quarter, from $313m a year earlier. However, it [...]
COALITION’S ELECTRIC SHOCK July 28, 2010 THE coalition government will commit £43m over 18 months to subsidise the uptake of electric cars, the department for transport (DfT) said yesterday. Motorists will receive up to £5,000 towards the purchase of a low-carbon car from January 2011 to March 2012, transport secretary Philip Hammond said. The amount is less than the £250m pledged [...]
Shares in Chalco are suspended as deal with Rio nears July 28, 2010 Shares in Aluminium Corp of China (Chalco) were suspended yesterday, as a deal with Rio Tinto is expected to be finalised by this morning. Chalco shares stopped trading in both Shanghai and Hong Kong as the company said it was “discussing important issues”, according to announcements in both markets. A signing ceremony will be held [...]
Arcelor Mittal profits surge 43pc July 28, 2010 Steel giant Arcelor Mittal yesterday reported a big jump in profits between April and June, with sales up as the global economy picks up. Net profit was $1.7bn (£1.1bn), compared with a loss of $792m in the same period a year earlier and a profit of $679m in the previous quarter. Revenue for the period [...]
FSA bans Simply Trading bosses July 28, 2010 The Financial Services Authority (FSA) has publicly censured three traders and banned them from senior management positions for falling short of FSA standards. The FSA said the three directors of Simply Trading relied too heavily on consultants for advice on how to run the business.Stephen Coles, Luke Ryan and Michael Yamoah also failed to properly [...]
