Germany fails to sell all bonds April 25, 2012 ■ Bund futures fell yesterday and some investors shunned a sale of new German 32-year bonds, as the relatively low risk they carry proved insufficient to compensate for ultra-low returns. Germany’s €2.405bn (£1.96bn) sale of bunds drew fewer bids than the total volume offered, meaning the sale was technically uncovered. This was the second poor [...]
Glaxo earnings up as it defends bid for partner April 25, 2012 DRUGMAKER GlaxoSmithKline (GSK) said yesterday its $2.6bn (£1.6bn) bid for long-time partner Human Genome Sciences was “full and fair” and it was the only obvious owner for the US biotechnology firm. After releasing disappointing first-quarter results, Britain’s biggest drugmaker insisted its $13 a share offer was generous and chief executive Andrew Witty played down the [...]
Losses worsen at airport owner BAA on pension scheme charges April 25, 2012 AIRLINE owner BAA saw its losses widen in the first quarter of the year as a pensions charge hammered its bottom line. The firm’s pre-tax loss grew 9.4 per cent to £231.3m in the quarter, as the firm booked pension charges worth £128.9m as its defined benefit scheme moved from a surplus into a deficit. [...]
Four Seasons closes in on a new debt deal with lenders April 25, 2012 THE FUTURE of Four Seasons Health Care, Britain’s largest care homes operator, is set to be decided in the coming days following talks with possible bidders. Guy Hands’ Terra Firma is believed to be in talks with Four Seasons, as well as a consortium of Patron Capital and Formation Capital. Four Seasons is trading profitably [...]
Sales increase at Bisto and Hovis manufacturer Premier Foods April 25, 2012 PREMIER Foods, Britain’s biggest food manufacturer, said yesterday that first-quarter sales rose slightly and its cost-cutting and restructuring programme was on track. The maker of Bisto gravy and Hovis bread, which has been working to turn its business around, said the consumer environment would be less challenging than 2011, and it would continue to divest [...]
Fenner’s profit rise powered by energy and mining sectors April 25, 2012 BRITISH industrial conveyor belt maker Fenner yesterday reported a higher first-half profit on strong demand from its energy and mining customers, and said it was confident of continued progress through the year. “Trading was very strong in the first half as growth drivers in our core businesses remained positive,” chairman Mark Abrahams said in a [...]
BRITISH AIRWAYS LAUNCHES NEW ROUTE April 25, 2012 BRITISH Airways is launching a new route between London City airport and Aberdeen, with three return flights per day. BA CityFlyer will operate the service starting in September, in addition to the seven return flights it already runs between Heathrow and the Scottish city.
Correction April 25, 2012 ■ An article in yesterday’s edition of the newspaper incorrectly attributed a quote to Moody’s chief credit officer Alastair Wilson. The quote began: “It’s incumbent on all of us, including ratings agencies, to do the role we play…” It and the response to a question by Andrew Leadsom MP was in fact said by Fitch [...]
Lloyds sells £1.4bn SME bond April 25, 2012 ■ The government fully guaranteed £1.4bn of debt raised by Lloyds bank yesterday to put towards the Treasury’s credit easing programme. The bank will pay 1.5 per cent on the five-year bond, lower than its normal borrowing costs, but it has a duty to pass on the cost-savings to small businesses in the form of [...]
Luxury division cushions PPR April 25, 2012 ■ French luxury and retail group PPR posted a rise in first-quarter revenue yesterday, helped by buoyant luxury sales, which offset sluggish growth at its retail outlet Fnac and sports and lifestyle company Puma. The luxury division, which includes Gucci and Yves Saint Laurent and accounts for almost half of company sales, grew 17.8 per [...]
