Potash company breaks up cartel July 30, 2013 URALKALI has dismantled the world’s largest potash cartel in a move that it expects to slash prices by 25 per cent, heralding a reshaped industry and pummelling shares of companies that produce the key fertiliser ingredient. The break-up of the Belarus Potash Company (BPC), a joint venture with Belarussian partner Belaruskali, could cause a price [...]
Vodafone launches Kabel bid July 30, 2013 Vodafone officially launched its takeover of German cable firm Kabel Deutschland yesterday after getting the go-ahead from its target’s home regulators to publish details of the €7.7bn (£6.7bn) bid. Kabel’s shareholders have until 11 September to make a decision on the offer, which is worth €87 per share, and which the board has said it [...]
Thomson Reuters stays steady July 30, 2013 Financial news provider Thomson Reuters yesterday said revenues ticked up two per cent to $3.1bn (£2bn) in the second quarter. The Anglo-Canadian outfit, listed in New York, said earnings per share were constant at $0.48. “I am pleased with the progress we continue to make despite challenging market conditions, particularly in the banking and legal [...]
Warhammer enjoys record year July 30, 2013 The company behind the Warhammer model range yesterday announced a record pre-tax profit of £21.4m for the year ending 3 June. Tom Kirby, chairman and acting CEO of Games Workshop, said it had been “a mixed year” with a nine per cent increase in profit followed by a sales slump in the second half. Kirby said [...]
Brand Index: Welby’s challenge highlights how vulnerable Wonga is July 30, 2013 LAST week, in an interview with Total Politics magazine, the Archbishop of Canterbury Justin Welby said that he has told Wonga CEO Errol Damelin he wants to compete the payday loans company out of existence by strengthening credit unions. Mentions of Wonga were seen by 45 per cent of UK Twitter users on Thursday and [...]
GKN tops FTSE as planemakers hike production July 30, 2013 ENGINEERING firm GKN topped the FTSE 100 yesterday after beating forecasts with a five per cent rise in half-year profits to £278m. The results were boosted by a strong performance from GKN’s aerospace unit, which makes airframes for Airbus and Boeing. The division posted a 37 per cent rise in profit, as plane makers ramped [...]
Covent Garden portfolio sends Capco property values soaring July 30, 2013 CAPITAL & Counties (Capco) said a strong performance from its bustling Covent Garden estate helped push the total value of its property up by 13 per cent to £2.1bn in the first half of the year. The developer has been sprucing up its Covent Garden portfolio, attracting trendy restaurants and retailers including Dior and the [...]
Weir profit fall beats forecast July 30, 2013 FTSE 100-listed engineering firm Weir Group yesterday posted a smaller than expected fall in first-half profit and said the continued recovery of the US energy market should help it meet full-year forecasts. Pre-tax profits declined by 14 per cent to £193m and revenue fell 10 per cent to £1.19bn over the period. “We anticipate good [...]
Generic drugs hit Big Pharma July 30, 2013 DRUGS companies Pfizer and Merck yesterday reported a substantial drop in quarterly revenues after losing exclusive rights to key drugs. Pfizer’s cholesterol drug Lipitor now faces competition from a variety of generic sources in Western Europe and the US. Pfizer, the world’s biggest drugs manufacturer, also lost its monopoly on a variety of other treatments during [...]
Pace rides US media boom July 30, 2013 PACE, the Yorkshire-based provider of set-top TV boxes, yesterday said its first-half profits had tripled thanks to huge sales growth in the North American market. A massive increase in demand in the US for media servers – devices that transmit TV and internet feeds to the screens of laptops, tablet and smartphones – means the [...]
