Eutelsat’s IPO abandoned October 28, 2005 Eutelsat, the world’s third largest satellite operator, dramatically abandoned its planned initial public offering (IPO) on the Paris Euronext late last night, citing volatile European stock markets. The news comes after Eutelsat was forced to slash its IPO valuation by 20 per cent to around €2.7bn (£1.83bn) on Tuesday, because investors thought its price was [...]
Boots deal is ‘looking up’ October 28, 2005 Boots chief executive Richard Baker claimed yesterday that investors are warming to the idea of the proposed merger with Alliance UniChem. The proposed £7bn “merger of equals” was met with a lukewarm response by shareholders and ratings agencies when it was announced at the start of this month. However, in the intervening weeks, Baker, chairman [...]
It’s a record for Exxon and Shell October 28, 2005 Big oil got bigger yesterday as Exxon Mobile and Shell reported the largest third-quarter profits in corporate history — a combined $18.9bn (£10.6bn) — within hours of each other yesterday. Anglo-Dutch company Shell set the tone of the day for the oil business when it reported that its three-month net profit leapt 68 per cent [...]
Global growth to slow, says WTO October 28, 2005 A report by the World Trade Organisation (WTO) has warned that the world faces a long-term trend of lower growth. Although global goods trade is predicted to grow slightly more than usual next year, the organisation’s director director general Pascal Lamy has warned that the world badly needs the successful resolution of the Doha world [...]
Sales boost for drugs giant GlaxoSmithKline October 28, 2005 Drugs giants GlaxoSmithKline and AstraZeneca unveiled big rises in sales yesterday with demand for key drugs soaring. GlaxoSmithKline, the larger of the two, said sales of its asthma product Advair and Avandia for diabetes increased 20 per cent and 22 per cent respectively. The British company, whose market capitalisation is £83bn, has seen sales in [...]
Investigation into GM’s pension fund October 28, 2005 Loss-making General Motors, the world’s largest carmaker, is being investigated by regulators over its pension accounting and the insurance regime at its finance arm. The powerful American regulator the Securities and Exchange Commission (SEC) has issued subpoenas against GM which centre on its pension liabilities with car parts maker Delphi, which declared bankruptcy earlier this [...]
Brussels meddlers will ruin the Premiership October 28, 2005 The Barclays Premiership is widely regarded as the best football league in the world. A key ingredient of the Premier League’s success has been its ability to attract the top players. Top stars cost big bucks, and the money that the media companies have pumped in has helped the clubs to compete in the market [...]
Monty is in charge October 28, 2005 Colin Montgomerie finished the first round of the Volvo Masters with a share of the lead and a five-shot advantage over his closest rival for the European Order of Merit title, Michael Campbell. The Scot, who is playing alongside Campbell for the first two days in Valderrama, shot an opening 67 to end the day [...]
In a flush on the fairway October 28, 2005 Card schools and golf clubs are big news for singles right now. Lorraine Adams holds the winning hand for a birdie Would you believe that the most sought-after events this year have been our poker nights and golf days? Even those who don’t know how to play poker or golf are desperate to buy up [...]
A week in the life: Jacqueline Kerr October 28, 2005 Head of mutual funds and life funds investment at Standard Life Over the last two years we have been bullish about equities. They have been on a good run and that reflects the amount of equities we hold in comparison to our other assets. One of my roles is to divide up the asset allocation [...]
