A-Levels not enough, say City bosses August 19, 2010 BUSINESS leaders have called for more young people to study for practical qualifications as well as traditional A-Levels to stand out in the increasingly competitive fight for jobs. Around 170,000 applicants are expected to miss out on a university place this year, despite a record 97.6 per cent of students passing their A-Levels yesterday. Director [...]
MasterCard buys DataCash August 19, 2010 MasterCard will buy British payment services provider DataCash Group for £333m in cash to expand its e-commerce business. The world’s second-largest credit and debit card payment processer, said it will pay 360p per share, a 54 per cent premium to DataCash’s Wednesday closing price. MasterCard said the deal would increase its ability to process payments [...]
Cineworld hit by World Cup but given boost from the 3D film revolution August 19, 2010 CINEWORLD saw a fall off in the number of filmgoers in the first half of the year because of the World Cup but said the popularity of 3D films was helping to boost the business. Despite the drop in admissions, the company recorded pre-tax profits of £11.8m in the first half of the year up [...]
John Menzies on the up as aviation arm thrives August 19, 2010 JOHN Menzies yesterday upgraded its profit forecasts after its aviation business flourished despite the Icelandic volcanic ash cloud. Menzies Aviation more than doubled operating profits in the first half as cargo volumes returned following the end of the global recession. On the ground-handling side Menzies won 44 contracts, including a £70m five-year deal with Lufthansa/bmi [...]
CITY VIEWS: IS IT ESSENTIAL FOR YOUNG PEOPLE TO GO TO UNIVERSITY? August 19, 2010 ANDY WHITLOCK | HOWDEN “At the moment it’s debatable, on the basis that you’ll end up coming out of university with around £25,000 in debt hanging round you. If you start working earlier you get money faster.” JONATHAN STOLLER | JLT “I think so, yes, it is. It gives you a head start in a [...]
Lloyds closes Irish business banking arm August 19, 2010 LLOYDS BANKING GROUP has decided to wind down its Irish business lending operation, which was badly hit by the bursting of the Republic’s property bubble two years ago. Following a four-month review, Lloyds said it would pass £21.5bn of commercial loans in the region to its Bank of Scotland subsidiary. Most of the 800 Lloyds [...]
Plant closure hits ProStrakan August 19, 2010 HIGHER distribution costs and a potential manufacturing problem with an anti-nausea patch overshadowed ProStrakan’s first core profit yesterday, which rose on higher sales of drugs for cancer pain and age-related diseases. Shares in the pharmaceutical firm closed down 7.5 per cent at 74p, after an inspection forced it to halt production at the manufacturing plant [...]
AstraZenca signs second deal with Indian drug firm August 19, 2010 AstraZeneca is set to sign a second deal with an Indian generic drugmaker – this time for the supply of injectable drugs – in a further move to boost its emerging market sales. The pharma giant is close to signing a licensing and supply agreement with Ahmedabad-based Intas Pharmaceuticals, according to people familiar with the [...]
Rio Tinto boss hopes to forge stronger ties with state-owned firms in China August 19, 2010 GLOBAL miner Rio Tinto hopes to see further cooperation with China’s state-owned firms after its tie-up with Chinese aluminium giant Chalco, Rio Tinto’s boss yesterday. Tom Albanese, chief executive, also said the company was willing to help China seek mineral resources at home and abroad. “The partnership with Chalco opens the potential for further cooperation [...]
BEST OF THE BROKERS August 19, 2010 CLOSE BROTHERS UBS resumes coverage of Close Brothers with a “neutral” rating and 680p price target. Sees potential upside from the group’s drive to rationalise its businesses and expects the banking division to continue to do well but believes this is already reflected in the share price. However, says the asset management business has potential. [...]
