Quest gets a bid from Dell June 25, 2012 QUEST Software has received an improved bid from Dell to buy the maker of enterprise management software for about $2.32bn (£1.5bn), a source close to the matter said last night. The US firm disclosed that it had received an improved bid but did not reveal the bidder’s identity. The company has recently been pursued by [...]
Asset managers face challenge of Solvency II June 25, 2012 ASSET managers face a culture shock following the implementation of the European Union’s Solvency II directive, according to research released yesterday by KPMG. The heavily trailed reforms will require insurers to hold increased levels of capital by 2014, as well as implementing an improved level of financial disclosure. But a report commissioned by the European [...]
Restaurant Giraffe looks east after Johnson leads growth June 25, 2012 RESTAURANT group Giraffe is set to open a branch in Dubai as its turnaround continues under serial entrepreneur Luke Johnson. The firm, backed by 3i and Johnson’s Risk Capital Partners, posted an operating profit of £1.1m for the year to 25 March, after recording a £2.5m loss for the same period the previous year, when [...]
40,000 HMRC workers strike over job cuts June 25, 2012 MORE than 40,000 employees at HM Revenue & Customs (HMRC) went on strike yesterday, in a dispute over job cuts that has become embroiled in the row over high-profile individuals avoiding tax. The Public and Commercial Services Union (PCS) claimed that more than three quarters of its HMRC members walked out in protest at plans to [...]
Glencore may force Davis out June 25, 2012 ONE OF Xstrata’s most prominent investors has turned up the pressure on chief exec Mick Davis, warning that he could be forced to resign as part of the tie-up with Glencore. Standard Life head of equities David Cummings, who has spoken out against the deal, told the BBC that “to preserve the integrity of the [...]
Shire takes a tumble as rival enters market June 25, 2012 DRUG maker Shire was the biggest blue chip faller yesterday after regulators ruled against the company in its battle over generic copies of its hyperactivity drug Adderall XR. Shares dropped 11.34 per cent after the approval of a rival cut-price version of the medicine from Actavis, which is being bought by Watson Pharmaceuticals. Adderall XR [...]
Rio Tinto and BHP Billiton are dented by UBS forecast June 25, 2012 MINING heavyweights Rio Tinto and BHP Billiton saw their shares slide yesterday after UBS reduced its forecasts for the pair. UBS said that the companies’ Australian tax liabilities will be A$1.8bn (£1.1bn) in the 2013 fiscal year and A$1.4bn in 2014. The bank cut its estimates for profits at both BHP and Rio by four [...]
Sandberg first woman on Facebook board June 25, 2012 Social network Facebook promoted its long-standing chief operating officer Sheryl Sandberg to its board yesterday, making her the first female director on the company’s seven-man board. The 42-year-old joined Facebook in 2008 and played a key role in guiding the social network giant to its $16bn IPO in May. She had worked previously at Google, [...]
HOW WILL THE LAUNCH OF WATSON’S GENERIC DRUG AFFECT SHIRE? June 25, 2012 SAVVAS NEOPHYTOU PANMURE GORDON We expect the stock to be under pressure in trading as the market appraises the impact of likely new generic competition to the company’s $500m franchise Adderall XR. We downgrade our forecasts by 6.3 per cent for 2012 and reiterate our Sell recommendation. PETER WELFORD JEFFERIES FDA has approved the first [...]
Gatwick airport profit boosted by emerging market growth June 25, 2012 GATWICK airport yesterday reported a strong rise in full-year profit, helped by traffic growth and the addition of new routes to emerging markets in Asia. London’s second largest airport said earnings before interest, taxes, depreciation, and amortisation rose 17 per cent to £221.5m in the year to the end of March on revenues up 8.6 [...]
