Moody’s cuts GSK outlook July 29, 2013 DRUG company GlaxoSmithKline, already rocked by a bribery scandal in China, suffered a fresh setback yesterday when Moody’s cut its credit outlook for the firm on concerns about cash outflows. Moody’s said the reduction in the long-term A1 rating to negative from stable was not triggered by the situation in China, where analysts believe GSK [...]
Sumo-suited and booted runners race in Battersea Park July 29, 2013 AN INFLATABLE sumo suit was the mandatory dresscode in Battersea Park at the weekend, as 150 runners from the likes of newly rebranded professional services firm EY sprinted – and wobbled – in costume around Battersea Park. The annual 5km Sumo Run, which last year set a Guinness World Record for the largest gathering of [...]
Ex-British Lion gets teeth stuck into new role July 29, 2013 I AM (a former) Lion, hear me roar was the shout yesterday as it was announced that ex-England and Lions rugby star Tim Rodber had been appointed the new chief executive of property outsourcing firm Instant. Rodber, who was part of the winning Lions team that beat South Africa in 1997, was top dog at [...]
Ad merger turns into bromance between Publicis and Omnicom July 29, 2013 THE MERGER between advertising giants Publicis and Omnicom is already being described as a fully-fledged bromance by the news wires – and for good reason, as yesterday’s amorous conference call proved. “The stars aligned at this time,” cooed Omnicom boss John Wren, confirming that “all I’ve gotten is love letters” from admirers in the industry [...]
Canadians go shopping in Manhattan with Saks buy July 29, 2013 Canadian department store Hudson’s Bay (HBC) said yesterday it would buy American peer Saks in a $2.4bn (£1.5bn) deal that would add prime real estate to its portfolio and bring the luxury chain to its home market of Canada. HBC, which operates Lord & Taylor in the United States and Hudson Bay in Canada, is [...]
Supermarket contract wins lift Cranswick sales July 29, 2013 Sausage-maker Cranswick posted a 10 per cent rise in underlying sales in the first quarter of the year after winning fresh pork contracts in the period with supermarkets Asda and M&S.The company said total sales in the three months to 30 June were up 12 per cent when taking into account contributions from two recent [...]
Rio sells stake in Northparkes mine to China July 29, 2013 RIO TINTO has agreed to sell its majority stake in the Northparkes copper mine in Australia for $820m (£532.5m) to China Molybdenum, a Chinese firm making its first foray offshore and into copper. The purchase is the biggest Chinese mining deal since China Guangdong Nuclear Power won control of the Husab uranium project in Namibia [...]
High fuel costs and early Easter send Ryanair profit plummeting July 29, 2013 STRIKES in France, soaring fuel costs and an earlier Easter have knocked quarterly profits at budget airline Ryanair. The Irish firm yesterday posted a 21 per cent fall in profits after tax to €78m (£67.4m) for the three months to the end of June. Revenues rose five per cent to €1.34bn, while fuel costs rose [...]
Absolute Radio sold to Bauer in £25m deal July 29, 2013 ABSOLUTE Radio was yesterday sold to Bauer Media in a deal worth up to £25m, in a major act of consolidation for UK commercial broadcasting. Bauer, which already owns stations such as Magic and Kiss, said the loss-making business sits well with its existing brands. The company is expected to make savings by combining back-office functions. [...]
Keller’s earnings double as US construction market rebounds July 29, 2013 BRITISH engineering firm Keller Group’s first-half profit more than doubled, it said yesterday, as cost cuts and a recovery in the North American construction market helped widen margins. Keller, which built the foundation for the Olympic Stadium in London, said it expected full-year results at the top end of market expectations but warned that the [...]
