Coors swoops for brewer of Staropramen April 3, 2012 NORTH American brewer Molson Coors beat close rival Asahi yesterday in the race to buy east European brewer StarBev from CVC Capital Partners for €2.65bn (£2.2bn), in what analysts said was a high-priced deal. The sale process had narrowed to a two-horse race in the last week, but early front runner, Japan’s Asahi, had only [...]
IATA international traffic rises on holidays to Brazil and Asia April 3, 2012 INTERNATIONAL air passenger traffic in February rose 9.3 per cent year on year but faltering business sentiment and stubborn fuel costs were cause for concern, the International Air Transport Association (IATA) said yesterday. The figures were also flattered by the timing of annual Lunar New Year holidays in Asia, Brazil’s carnival, and year-ago figures hurt [...]
Nissan boss: carmakers are under pressure April 3, 2012 THE STRONG yen and ongoing debt crisis in Europe will force Nissan Motors and Renault to operate in “crisis mode” in two of the world’s major auto markets, their chief executive said yesterday. “Over [a] period of five to 10 years, I have no doubt that the lack of restructuring in Europe, particularly for those [...]
Huntsworth hit as clients leave April 3, 2012 Huntsworth, the communications group behind the Citigate and Red PR agencies, grew revenues 1.5 per cent to £176.3m last year. But operating profits took a 20.6 per cent hit, dropping to £23.5m, while profits halved to £10.6m. The loss of several clients’ accounts in the final quarter of 2011 dragged down earnings, the group said.
BAE Systems signs Saudi deal April 3, 2012 Defence firm BAE Systems said yesterday it has signed a contract to build 48 Typhoon aircraft in Britain for the Saudi air force, but changes to the price of the deal had yet to be agreed. BAE had expected changes to be signed off in 2011, but warned in January this year that talks would [...]
AstraZeneca hunting more deals April 3, 2012 AstraZeneca is seeking more deals to fill its sparse drug pipeline, but it is not in the market for the kind of large acquisition some investors have speculated about. Martin Mackay, head of research, said he was considering smaller acquisitions, product licensing deals and more partnerships with industry peers.
CITY MOVES WHO’S SWITCHING JOBS April 3, 2012 Post Office Virginia Holmes is joining the board of the Post Office as a non-executive director. Holmes has previously served as chief executive of AXA Investment Managers UK, and spent more than a decade with the Barclays Group, where she was ultimately managing director of Barclays Bank Trust Company. She currently sits on the board [...]
BEST of the BROKERS April 3, 2012 KCOM JP Morgan has upgraded the communications firm to “overweight” from “neutral” with an 80p target, arguing that its recent share performance is unwarranted. JP Morgan points to the firms’ “attractive returns” and “solid operations”. SHIRE PHARMA UBS reiterates its “buy” rating on the biopharmaceutical firm, with a target price of 2,250p. The bad news [...]
Profit-taking pares earlier gains April 3, 2012 BRITAIN’S leading share index beat a retreat yesterday, falling back after strong US data led gains on Monday as investors awaited more clues to the state of the world’s biggest economy. The FTSE 100 index closed down 36.55 points, or 0.6 per cent at 5,838.34 after recording its biggest daily rise in two months on [...]
Wall Street drops on Fed caution April 3, 2012 US stocks fell yesterday, with the S&P 500 retreating from four-year highs after the US Federal Reserve said it was less inclined to provide more economic stimulus. The Dow Jones industrial average declined 64.94 points, or 0.49 per cent, to 13,199.55 at the close. The Standard & Poor’s 500 Index slipped 5.73 points, or 0.40 [...]
