Glaxo enjoys a return to growth October 26, 2011 DRUGMAKER GlaxoSmithKline said sales returned to growth in the third quarter as the pharmaceutical giant looked to put patent expiries and a collapse in revenue from troubled diabetes pill Avandia behind it. The firm said sales in the quarter increased four per cent from the same period a year ago at £7.1bn – slightly ahead [...]
Chairman of Olympus finally quits October 26, 2011 If every axed employee dreams of taking their boss down with them, then Michael Woodford was living the dream yesterday. All-powerful Olympus chairman Tsuyoshi Kikukawa (pictured) finally fell on his sword after the scandal engulfing his company showed no sign of abating. Olympus, the 92-year-old camera-maker, has now lost more than half its value since [...]
Int Power boosted by Brazil prices October 26, 2011 INTERNATIONAL Power said trading in the nine months to September was in line with its expectations, as strong growth across its Latin American operations helped offset poor results across Europe. The FTSE 100 firm, which merged with the power generation arm of GDF Suez in February, said revenues until the end of September were €12.3bn [...]
Peugeot cuts jobs as it issues profit alert October 26, 2011 FRANCE’S PSA Peugeot Citroen plans to cut 6,000 jobs in a bid to slash costs after warning yesterday that pricing pressure meant its core car making business would barely make a profit this year. PSA pledged to reduce costs by €800m (£697m) next year, including the job cuts. It also expects 2011 free cash flow [...]
Rosneft snaps up BP exec October 26, 2011 RUSSIA’S top oil producer Rosneft yesterday beat forecasts with a $2.82bn (£1.78bn) third quarter net profit, as the state-owned giant ploughs on with its international expansion efforts. Rosneft has hired a former BP project director to help it forge ties in the international market, just months after the firm’s $10bn share swap with BP collapsed. [...]
London lets the world in October 26, 2011 TWENTY-FIVE years ago today the doors of the London Stock Exchange were blown wide open. In one sweeping moment of market deregulation, London’s horizons suddenly broadened, and money flowed into the Square Mile. Outside investment broke up the LSE’s boys’ club and fixed commission charges for brokers, which effectively killed competition, were scrapped. The brainchild [...]
When black bowler hats gave way to red braces October 26, 2011 THE BIG Bang set the City on a course of profound expansion, not just of wealth, but of people and culture and even location. Twenty-five years after deregulation, London’s financial and legal districts are full of the sort of people that would have made the bowler-hatted old boys of the post-war period shudder. Women, foreigners, [...]
Recalling how machines took over the old City October 26, 2011 IN 1986, we saw our way of life on the floor of the stock exchange coming to an end. How would we respond, off the floor, sitting behind screens? We’d had a while to realise how things would change as we already had SEAQ in play on screens so we were experiencing a mixture. We [...]
STOCKBROKERS RELIVE LIFE BEFORE THE BANG October 26, 2011 LONG FORGOTTEN stockbroking firms were revived at Drapers’ Hall last night at the reunion for all those who worked on the London Stock Exchange floor before the Big Bang. Seligman Harris, Phillips & Drew, Capel Cure Myers and Quilter & Co – all consigned to City history, but former staff such as Phil Cole still [...]
BAA earnings rise as traffic edges higher October 26, 2011 BAA posted a 17 per cent rise in underlying earnings in the first nine months of the year, lifted by traffic growth, especially at London’s Heathrow airport. BAA, owned by a consortium led by Spanish infrastructure group Ferrovial, said adjusted earnings before interest, tax, depreciation and amortisation rose to £842.2m, on revenues 10.2 per cent [...]
