London 2012 IMAGE OF THE WEEK September 22, 2011 2012 PARALYMPICS | MEDALS UNVEILED Designed by jewellery artist Lin Cheung, the medals for the 2012 Paralympic Games were unveiled at a ceremony at the British Museum on Monday. More than 2,100 medals will be presented at the 2012 Paralympic Games. Between now and the start of the 2012 Olympic and Paralympic Games, City A.M. [...]
Vitesse Media trading in line September 22, 2011 Vitesse Media, the online financial news publisher, has announced that its interim results are in line with management expectations, despite experiencing a slowdown that began in April. The company, whose publications include Information Age and Business XL, saw revenues fall from £1.56m last year to £1.51m, while a £33,000 profit turned into a £15,000 loss. [...]
Rolls picks new finance chief September 22, 2011 Rolls-Royce yesterday unveiled Mark Morris as its new finance director, replacing Andrew Shilston, who is retiring at the end of the year. Morris joined Rolls in 1986 as a graduate, and has worked his way up to group treasurer. He will join the engineering group’s board alongside his new role on 1 January 2012. Shilston [...]
Kerry Group buys Cargill arm September 22, 2011 Irish food firm Kerry Group has agreed to buy conglomerate Cargill’s global flavours business for $230m (£150m). The firm, which owns Wall’s sausages and Kerrymaid butter, said the new division employs 700 people and has annual revenues of around $200m. Kerry said the transaction, expected to close by year-end, will give it access to more [...]
Goodrich sold to United Tech September 22, 2011 UNITED Technologies has reached a $16.5bn (£10.7bn) cash deal to acquire aircraft components maker Goodrich, in what would be the diversified US manufacturer’s biggest deal in a decade. United Tech, led by George David (pictured), said it would pay $127.50 a share for Goodrich, a 47 per cent premium over the stock’s price before news [...]
Changes at the top as losses widen at Sinclair IS Pharma September 22, 2011 BRITAIN’S Sinclair IS Pharma said trading in its current first quarter has been encouraging as it posted wider core losses for the year to end June. The Aim-listed company completed a fundraising last October 2010 and a merger with IS Pharma, a business bought to bolster its portfolio of speciality products, in May 2011. “Crucially [...]
Sumimoto Metal and Nippon Steel thrash out $22bn merger September 22, 2011 NIPPON Steel and Sumitomo Metal Industries said yesterday that stakeholders of Sumitomo would get 0.735 Nippon Steel shares for each Sumitomo share if they combine to create the world’s second-biggest steelmaker, in what would be Japan’s biggest non-financial sector merger. The ratio, largely in line with expectations, means the transaction would be worth about $22.45bn [...]
BEST OF THE BROKERS September 22, 2011 BRITISH LAND Evolution Securities gave British Land a “neutral” rating after its investor day, in which it noted the lack of a clear roadmap. The broker acknowledges the quality of the firm’s portfolio and excellent balance sheet but said a lack of clarity prompted the rating. It gave a target price of 600p. CREDIT SUISSE [...]
CITY MOVES | WHO’S SWITCHING JOBS September 22, 2011 Vipera The mobile financial services provider has appointed Luciano Martucci, the former chairman of IBM Italia, as a non-executive chairman. In addition, Petter Neby, chairman of Neby & Jahrmann, a cornerstone investor in Vipera, has been appointed as a non-executive director, and non-executive chairman John Defterios has resigned from the board. Sinclair IS The pharma [...]
FTSE suffers 5pc losses on Fed woe September 22, 2011 A TOXIC cocktail comprising a grim economic outlook from the US Federal Reserve and downbeat data in China left Britain’s top shares nursing a near five per cent drop yesterday, as investors pinned some hopes on this week’s G20 meeting. Commodity stocks, sensitive to data showing a stuttering recovery, were the biggest fallers by some [...]
