QinetiQ profits dip below last year as US and UK rein in defence spending February 3, 2011 BRITISH defence technology group QinetiQ yesterday said its key UK and US markets were still tough and that the outlook was uncertain given a lack of clarity on defence spending plans at home and abroad. “QinetiQ’s principal markets have remained challenging with defence budgets on both sides of the Atlantic under pressure in light of [...]
Swiss lead on private banking February 3, 2011 SWISS banks are still a firm favourite for wealth managers the world over, according to a leading survey. A review by investment magazine Euromoney placed Credit Suisse as the world’s top provider of private banking services, putting the Swiss lender first for the second year running. The bank knocked Swiss rival UBS off the top [...]
Government warns Mifid review could hit industry February 3, 2011 THE BRITISH government rushed to defend the banking industry yesterday, saying a planned European Union reform of market trading rules must not harm competition. The European Commission has just ended a public consultation on changes to its markets in financial instruments directive (Mifid), a set of rules that have torn down barriers to cross-border trading [...]
GDF Suez completes UK takeover February 3, 2011 FRANCE’S partially state-owned gas and electric utility GDF Suez has completed its €21.5bn (£18.14bn) takeover of Britain’s International Power, creating the world’s largest independent power producer. GDF Suez agreed last August to combine its assets in North America, Latin America and the Middle East with International Power, to create a new company with total generating [...]
RICS sees fall in construction February 3, 2011 Construction workloads fell during the final three months of 2010, as government spending cuts and a lack of commercial finance took their toll on the industry, the Royal Institution of Chartered Surveyors (RICS) said yesterday. Five per cent more surveyors reported total construction workloads fell rather than rose. London and the south east was the [...]
Merck in profit warning February 3, 2011 Merck & Co yesterday warned investors that it could no longer vouch for its long-term profit forecast due to pressure to curb prices on its drugs and dimmed hopes for an experimental blood clot treatment. Shares of the second-largest US drugmaker fell nearly three per cent after it yanked its profit view for 2009 through [...]
Sweden sells off stake in Nordea February 3, 2011 The Swedish government is to sell up to 6.3 per cent of top Nordic bank Nordea, potentially raising close to $3bn (£1.86bn) as it makes good on a pledge to trim ownership in corporate assets. Sweden, which will reduce its stake by nearly a third through the sale, will use the proceeds to cut national [...]
Nippon steel tie up will be world’s no. 2 February 3, 2011 JAPAN’S Nippon Steel and Sumitomo Metal Industries plan to merge to create the world’s second-largest steelmaker in an effort to fend off tough competition from Asian rivals and offset shrinking demand from domestic automakers. The deal, which would likely see Japan’s top steelmaker Nippon Steel acquiring Sumitomo Metal, comes as the industry grapples with surging [...]
Fixed-price supplies help Dow boost revenue despite rising energy costs February 3, 2011 DOW Chemical barely blinked at rallying energy costs in the fourth quarter as it tapped fixed-cost supplies from the Middle East and boosted customer pricing by 10 per cent. The largest US chemical maker effectively dodged $685m in higher costs for crude and natural gas, the building blocks for many of the paints and plastics [...]
Sanofi nearing Genzyme deal February 3, 2011 FRENCH drugmaker Sanofi-Aventis could announce a deal to buy US biotech Genzyme early next week if final negotiations between the companies go smoothly. Sanofi will offer a minimum of $72 or $73 a share in cash, as well as a contingent value right (CVR) based on the performance of experimental multiple sclerosis drug Lemtrada worth [...]
