GSK suffers Avandia UK blow September 5, 2010 GlaxoSmithKline’s diabetes drug Avandia should be pulled from sale because of concerns about heart risks, British drug regulators will today say ahead of a special European meeting on the drug’s safety. The strong line from safety experts in the drugmaker’s home market is a fresh blow to a medicine that was once Glaxo’s second biggest [...]
IMF’s Lipsky says recovery is under way September 5, 2010 THE world economy is recovering moderately but still faces challenges such as the need for medium-term fiscal consolidation, the IMF’s first managing director, John Lipsky, said yesterday. “They are mainly confident that there is a moderate recovery underway globally,” he told reporters, referring to delegates at the G20 meeting of deputy finance and central bank [...]
Sanofi could raise Genzyme bid if firms open negotiations September 5, 2010 FRENCH pharmaceuticals giant Sanofi-Aventis would be prepared to moderately raise its $69-per-share (£44.7) offer for Genzyme if the US biotech firm agreed to enter negotiations, it emerged yesterday. It is understood that the Sanofi board has agreed that in principle the offer could be raised, but is waiting on a signal from Genzyme that the [...]
Britain’s manufacturers report boom in demands from Europe September 5, 2010 BRITAIN’S manufacturers are celebrating from a continual rise in export demand from overseas markets, according to new research. A quarterly survey conducted by accountants BDO and manufacturers organisation EEF, shows that over the past three months, output for British manufacturers in the third quarter of the year was up 33 per cent, while new order [...]
BA boss eyes fresh round of merger deals September 5, 2010 BRITISH AIRWAYS chief executive Willie Walsh has drawn up a hit list of a dozen companies he wants to buy after he has sealed his merger with Iberia and American Airlines in a bid to become the biggest airline group in the world. Walsh said: “The mergers with Iberia and American were never meant to [...]
EU’s Barnier expects agreement on host of new rules in few weeks September 5, 2010 THE European Union could agree in the next few weeks a law to regulate hedge funds and private equity operators, blamed by some for financial excesses, according to Michel Barnier, European Commissioner responsible for financial regulation. Barnier said last week’s deal over a set of pan-European watchdogs showed a political willingness for further post-crisis reforms. [...]
Vodafone and National Grid chairs to leave September 5, 2010 SEVERAL blue chip managers are awaiting calls from headhunters as two of the FTSE 100’s best-known chairmen prepare to step down. Vodafone has appointed City recruiter Anna Mann to seek out a replacement for Sir John Bond, who is expected to depart toward the end of next year. Bond, who has chaired the mobile phone [...]
Troubled Anglo Irish could be told to quit UK September 5, 2010 BAILED-OUT Anglo Irish Bank could be forced to quit the UK if it is allowed to go ahead with a rescue plan. Chief executive Mike Aynsley has proposed winding up 80 per cent of Anglo’s damaged loan book through Ireland’s “bad bank”, the National Asset Management Agency. He wants to save the remaining 20 per [...]
RETAIL BANK OF THE YEAR September 5, 2010 LIFE is still hard for banks, especially the high-street variety. One of our list is government-owned, others are engaged in a vicious fight to entice customers with tasty offers, and one is a brave and innovative newcomer. All are fascinating – and well-known – companies in this vital and fast-changing sector. Don’t miss the City event [...]
LAWYER OF THE YEAR | The Shortlist September 5, 2010 OUR list of lawyers reflects the breadth of legal work in the City, from the head of a firm that has recently merged, to one who advised the government on the banking bailout, the chief of the financial regulator and a pace-setting female head of a flourishing boutique firm. Hard to compare? Yes, but they show [...]
