GlaxoSmithKline confirms Lucozade and Ribena sell off for £1.35bn September 9, 2013 GlaxoSmithKline has announced an agreement with Japanese consumer goods company Suntory to sell off its Lucozade and Ribena businesses for £1.35bn (release). Combined sales of the two brands saw annual sales of £0.5bn GSK's Consumer Healthcare business has been increasing its focus around a core portfolio of healthcare brands, with a particular emphasis on emerging [...]
Primark expects higher profits on stronger sales and store openings September 9, 2013 Associated British Foods has announced that "operating profit for the second half will be ahead of expectations" as results are boosted by a strong performance from fashion retailer Primark. Sales at Primark for 2013 are now expected to be 22 per cent higher than the last at actual exchange rates. Here's what they put the [...]
Before the open – 09/09 September 9, 2013 We're expecting the FTSE to open a little higher as momentum from Asian markets carries on into Monday's session. That comes after some stronger Asian data this weekend, as Chinese exports grew by 7.2 per cent in August, beating expectations of a six per cent rise. Japan's Nikkei closed up 2.48 per cent on the [...]
BG Group sees oil production falling by 30,000 barrels a day on Egyptian instability and Norwegian delays September 9, 2013 Multinational oil and gas company BG Group has announced that oil production is set to suffer in the wake of "on-going political and social instability" in Egypt and delays to production in Norway (release). BG Group now sees a reduction of 30,000 barrels of oil equivalent per day in 2014. Despite that, the company's guidance [...]
MPs deliver new blow to HS2 plan September 8, 2013 HIGH Speed 2 (HS2) lacks a “convincing strategic case”, according to a damning report released today by MPs that questions the entire justification for the £50bn railway. Margaret Hodge MP, chairman of the public accounts committee, said the department for transport had relied on “fragile numbers, out-of-date data and assumptions which do not reflect real [...]
Atomic kitten: Nuclear boss claims cat taxi September 8, 2013 EXECUTIVES in charge of a £22bn nuclear decommissioning contract were yesterday criticised after their expenses claims came to light – showing they billed the taxpayer £714 to provide a taxi for a cat. The publicly-funded Nuclear Management Partners (NMP) consortium ran up hundreds of thousands of pounds in problematic claims at the Sellafield site in [...]
TSB opens doors as bank prepares Lloyds spin off September 8, 2013 THE NEW TSB Bank will open its doors to customers this morning, as the spin-off from Lloyds Banking Group unveils its rebranded high-street sites. When it is fully sold off from Lloyds, the 632 branches will represent a new competitor on the high street and has pledged to focus on local, traditional retail banking. Its [...]
Scrap the licence fee – and drag British TV into 21st century September 8, 2013 THERE is a simple solution to the scandal that is currently engulfing the BBC, centering around the size and scope of payoffs to former staff and the implication that public money was squandered. The answer is to reform the way the BBC is funded, and to allow it to spend its own money hiring and [...]
Final furlong for Royal Mail float September 8, 2013 MINISTERS are expected to set the timetable for the flotation of Royal Mail later this week despite last minute hurdles that could scupper the announcement. Business minister Michael Fallon is close to pressing the button on the £3bn float, which is expected to give each Royal Mail employee free shares worth about £2,000. However ongoing [...]
GSK drinks deal set to go ahead September 8, 2013 PHARMACEUTICALS firm GlaxoSmithKline (GSK) is expected to announce as soon as today that it has struck a deal to sell its soft drinks Ribena and Lucozade to Japan’s Suntory Food and Beverage. The two firms are reported to have reached an agreement that would see the two brands sold to Suntory for £1.3bn. GSK announced [...]
