DIC wins control of Almatis August 3, 2010 Dubai International Capital has secured approval for its restructuring plans for bankrupt aluminium firm Almatis, after debt investor Oaktree withdrew its opposition in the US courts. Oaktree’s departure from the tussle for control of Almatis marks the end of a year-long battle.
Och-Ziff quadruples its profits August 3, 2010 Hedge fund company Och-Ziff Capital Management said yesterday quarterly profit more than quadrupled as investors added billions in new money, boosting its fee income. Total assets under management at New York-based Och-Ziff remained stable at $25.3bn as of 1 August on $300m net inflows.
BP faces fresh leak costs in $10bn lawsuit August 3, 2010 BELEAGUERED oil giant BP was hit by a $10bn (£6.27bn) legal headache yesterday in Texas, where it is being sued for a chemical leak completely unrelated to the Gulf of Mexico oil spill. Lawyer Tony Buzbee yesterday filed the class action lawsuit on behalf of 2,000 people who claim their health has been jeopardised by [...]
Drugmaker Shire in £428m bid for Belgian rival Movetis August 3, 2010 DRUGMAKER Shire yesterday unveiled plans to buy Belgium’s Movetis for £428m in cash to boost its portfolio of gastrointestinal products and drive international growth. The acquisition would give Shire the rights to Resolor, which treats chronic constipation in women, in 27 countries of the European Union and elsewhere. Shire estimates potential annual peak sales of [...]
Government should scrap new City watchdog, says think-tank August 3, 2010 THE coalition’s plans for financial reform will do little to benefit supervisors, banks or the stock market, according to research by the free-market think-tank the Institute of Economic Affairs (IEA). Any replacement of the FSA will not prevent financial scandals, the IEA argues in a research paper, which says UK regulators have historically lacked proper [...]
ITV to make its first foray into pay TV August 3, 2010 ITV BOUNCED back to first half profits after a “hugely successful” World Cup, announcing a raft of changes to its business model. It reported a £97m profit after limping to a £105m loss in the first half of 2009. New chief executive Adam Crozier says the beleaguered broadcaster – which saw its share price fall [...]
New chief executive Adam Crozier says group has stagnated in recent years August 3, 2010 INCOMING ITV chief executive Adam Crozier used his first results briefing to lay bare the failings of the previous administration. He slammed the old board, which presided over the biggest ever decline in the firm’s share price, claiming it had failed to tackle the fundamental issues facing the broadcaster. He said the firm is “over-reliant on [...]
Cameron: The deficit is our main priority August 3, 2010 DAVID Cameron yesterday insisted spending cuts would boost the economy, amid rumblings of discontent from coalition backbenchers who fear the toughest spending squeeze in peacetime history could go too far. Speaking at a public question and answer session in the West Midlands, the Prime Minister said there would be “light at the end of the [...]
Increased spending pushes Procter & Gamble off target August 3, 2010 PROCTER & Gamble (P&G), the world’s largest consumer goods firm, saw profits drop 12 per cent in the final quarter of its fiscal year as the company’s generous marketing spend outstripped rising sales volumes. P&G, which owns household brands such as Pampers nappies and Crest toothpaste, said earnings fell 11.3 per cent to $2.19bn (£1.37bn) [...]
Government slashes advertising and PR jobs after spending freeze August 3, 2010 THE government’s information office yesterday said it was slashing its workforce by around 40 per cent, resulting in almost 300 job losses. The Central Office of Information (COI) said a government freeze on non-essential advertising and marketing spending had significantly reduced its workload, with its turnover falling 52 per cent in June compared to the [...]
