Profits dip at Charles Schwab July 16, 2013 ONLINE broker Charles Schwab posted a slightly worse-than-expected seven per cent fall in quarterly profit yesterday as expenses rose. The San Francisco-based company’s net profit fell to $256m (£169.6m), or 18 cents per share, in the second quarter, from $275m, or 20 cents per share, a year earlier. Revenue rose four per cent to $1.34bn. [...]
Fizz goes out of Coke income on rain and weak economy July 16, 2013 COCA-COLA reported weaker-than-expected sales volumes yesterday, blaming ongoing economic malaise and unusually poor weather for the downturn. Coca-Cola said overall volume rose one per cent, which was below its expectations, and cited slow economies in Europe, Asia and Latin America. It also said historically wet and cold weather across various regions curbed sales of soft [...]
Plans for £160m new Smithfield Quarter given the green-light July 16, 2013 PLANS to turn part of Smithfield market into a new public quarter with offices, shops and restaurants, was given the all clear yesterday. The City of London Corporation voted in favour of Henderson Global Investors’ £160m mixed-use scheme called the Smithfield Quarter, despite campaigns against altering the 150 year-old site. The McAslan + Partners-proposed development [...]
Almacantar buys offices July 16, 2013 ALMACANTAR, the property vehicle of former British Land director Mike Hussey, has snapped up 125 Shaftesbury Avenue in the West End from fund manager Blackrock, in a deal thought to be worth around £110m. The red brick 1980s building, is let to tenants including Gucci, Yahoo Europe and Lloyds TSB, and marks Almacantar’s fourth purchase [...]
Glencore starts sale process for Peruvian mine July 16, 2013 GLENCORE Xstrata yesterday announced that it has started the sale process for its Peruvian copper mine Las Bambas, as demanded by the Chinese antitrust regulator back in April in return for merger approval. “Glencore Xstrata has received numerous expressions of interest in the Las Bambas project from a diverse group of international mining companies and [...]
Rio Tinto posts record first-half iron output and is cutting costs July 16, 2013 FTSE 100-listed mining giant Rio Tinto yesterday announced record first-half iron ore production and said it is “well on track” to meet capital expenditure reduction targets. Rio posted a six per cent increase in the division’s output year-on-year to 127.2m tonnes. The company said that expansion of the Pilbara iron ore mine to 290m tonnes [...]
GSK executive admits to bribery charges on Chinese television July 16, 2013 A SENIOR executive at GlaxoSmithKline in China has confessed to bribery on state television. Liang Hong, the pharmaceutical firm’s vice president of operations in China, appeared on one of China Central Television’s (CCTV) flagship evening news programmes and admitted that costs from bribery made up part of the price of drugs sold. Gao Feng, head [...]
Baidu snaps up Chinese app store July 16, 2013 Baidu, the Chinese language internet search provider, said yesterday it has signed a $1.9bn deal to buy app store 91 Wireless, including taking a 57.4 per cent stake from NetDragon Websoft for $1.09bn. The acquisition is part of a push by Baidu to up its presence in the mobile market, provide users access to the [...]
£123m bid for broker Brightside July 16, 2013 Bristol-based insurance broker Brightside has received a £123m takeover bid from Gibraltar motor insurer Markerstudy, the company confirmed yesterday. Brightside said talks remain at a preliminary stage and no firm offer has been made, although the bid would value the firm at around 27p a share. Markerstudy now has until 13 August to either make [...]
Premier Oil sells Vietnam division July 16, 2013 FTSE 250-listed Premier Oil yesterday announced that it has disposed of its wholly-owned subsidiary in Vietnam for up to $100m (£66m). Premier will make an immediate cash payment of $45m and further payments depending on operational results. The buyer of the asset was not disclosed. “We are pleased to be delivering against our commitment given [...]
