Dell shares hit by weak outlook May 23, 2012 Shares of Dell plunged 17 per cent yesterday after a disappointing revenue forecast spurred fears that global tech spending is weakening faster than anticipated and raised doubts about the PC maker’s strategy. The stock plunge erased more than $4bn from the company’s market cap. Dell shares closed 17.2 per cent lower at $12.49 on the [...]
Ocado points to fresh growth as revenues surge May 23, 2012 ONLINE supermarket Ocado yesterday announced an acceleration in sales growth for the second quarter, raising hopes that the firm has overcome last year’s distribution problems that damaged consumer confidence. Shares in the company, whose range includes products supplied by upmarket grocer Waitrose, rose 6.8 per cent after it said sales in the quarter to 13 [...]
FirstGroup profit doubles but UK bus arm faces tough road May 23, 2012 TRANSPORT operator FirstGroup said yesterday that full-year profit more than doubled – a lift fuelled by strong performances from its UK rail and US coach businesses. The bus and rail company reported a pre-tax profit of £279.9m for the year to the end of March, up from £126.5m last year. It said revenues increased 4.1 [...]
No delays at Stansted as strikes begin May 23, 2012 STANSTED Airport operated as normal yesterday in spite of industrial action by baggage handlers. Members of the Unite and GMB unions working for contractor Swissport staged the first of three planned walkouts yesterday as part of a dispute over work rotas. Unite claims that Swissport’s measures would mean ramp staff work 14 extra days a [...]
Glaxo warns it will drop $2.6bn bid unless poison pill removed May 23, 2012 GLAXOSMITHKLINE (GSK) said yesterday it would not proceed with its $2.6bn (£1.7bn) offer for Human Genome Sciences unless the US biotechnology company dropped a “poison pill” shareholder rights plan imposed to block the deal. Human Genome adopted the stockholder rights plan earlier this month in an attempt to ward off GSK in what is becoming [...]
Serco in talks with Amec over sale of nuclear advice business May 23, 2012 OUTSOURCER Serco said yesterday that it was in talks with Amec over the sale of its technical consulting business (TCS). Serco’s TCS provides provides safety advice to the nuclear industry. Amec, an engineering consultancy to the energy sector, has yet to make any formal offer the two companies said. Serco bought TCS for £75m in [...]
Essex boy who became designer to a generation May 23, 2012 ASK most Britons to name a famous designer, and they will probably offer Sir James Dyson or Terence Conran. Although both are distinguished, neither can lay claim to something as generation-defining as the iPhone. It was designed by Essex boy Jonathan Ive, who was yesterday knighted for services to design. It’s strange, then, that Ive [...]
Sky Movies is cleared in probe thanks to Lovefilm and Netflix May 23, 2012 SATELLITE broadcaster BSkyB no longer dominates the pay-TV movie market following the arrival of new entrants Lovefilm and Netflix, the competition watchdog said yesterday in a reversal of its initial findings. But the decision drew angry responses from Sky’s main rivals BT and Virgin, who said its Sky Movies channel reduces competition. Laura Carstensen, chairman of the [...]
Top panel at Norwood M&A Network dinner May 23, 2012 If you weren’t at the Le Meridien Hotel last night, there’s a good chance you’re behind on the latest City gossip. The Piccadilly hotspot played host to the third annual M&A Network dinner, chaired by former Sunday Times business editor and FTI Consulting guru John Waples. Proceeds went to the charity Norwood. The panel included Mark Florman, [...]
Royal Bank of Scotland commemorates QEII May 23, 2012 Patriotic celebration, or quantitative easing by the back door? The Royal Bank of Scotland has unveiled its contribution to the Diamond Jubilee festivities in the form of a commemorative £10 note. The bailed-out bank yesterday showed its appreciation for its de facto owner with £2m worth of royal purple and green tenners. RBS needed to [...]
