Skyscrapers to surge in building boom May 20, 2010 LONDON office space has been the subject of much consternation amongst the financial elite. The recession caused office construction to grind to a shuddering halt as firms battened down the hatches and waited for the worst to pass. As the economy shifted into growth, the construction industry lagged behind and office rates crept up. Prime [...]
P&G launches online store May 20, 2010 CONSUMER goods maker Procter & Gamble (P&G) has launched its own online shopping website after months of testing the site to a select number of consumers. The US maker of household brands such as Gillette, Head & Shoulders and Crest, opened its very first online “eStore” yesterday in a bid to sell its products directly [...]
Roche discontinues trial on drug to treat arthritis May 20, 2010 PHARAMCEUTICAL giants Roche and Biogen Idec have discontinued the development of an arthritis drug after a series of patient casualties, including some deaths. The move to stop the production of the ocrelizumab drug comes months after both companies announced they would suspend further treatment using the drug after the Food and Drug Administration (FDA) told [...]
CITY MOVES | WHO’S SWITCHING JOBS May 20, 2010 Collins Stewart The financial advisory group has hired property research veteran Nan Rogers (pictured) and Jonathan Imlah to its small and mid cap equity research team. Rogers has 25 years of experience and joins from Arbuthnot Securities. She has also worked at Bridgewell, Charterhouse and James Capel. Imlah was formerly at Altium Securities, where he [...]
Dentons sees profits climb May 20, 2010 CITY legal outfit Denton Wilde Sapte (Dentons) yesterday posted double-digit partner profit growth and kick started the financial reporting season as the first law firm to reveal yearly results. Profits per equity partner rose 20 per cent rise to £360,000 and comes as good news for Dentons, which saw the same measure fall by almost [...]
Caledonia back in the black May 20, 2010 CALEDONIA Investments swung strongly back into the black over the past year despite underperforming its benchmark, a performance the group said was down to its commitment to conservative, long-term investment plays. Caledonia posted a £312.4m pre-tax profit for the year to March, in comparison to a loss of £325.5m the previous year during the turmoil [...]
Bank of America sells its stake in Itau Unibanco May 20, 2010 SHARES of Itau Unibanco, Brazil’s largest private-sector bank, appeared headed for their biggest one-day drop in almost a year yesterday on concern that a massive offering of its stock owned by Bank of America will pressure prices in the days ahead. Bank of America agreed to sell its 188.42m preferred shares of the Brazilian bank [...]
Toyota recalls four models of its Lexus luxury car over steering complications May 20, 2010 TOYOTA said it plans to recall four models of its Lexus luxury car due to steering problems, its latest move in a series of massive recalls. The recall is likely to cover about 4,500 cars in Japan and 3,800 cars in the United States. The total could reach 11,500 worldwide, Toyota spokeswoman Mieko Iwasaki said [...]
IMF urges Japan to begin cutting debt next year as economy starts to pick up May 19, 2010 JAPAN should start fiscal consolidation next year, including gradually raising the country’s sales tax, taking advantage of solid growth now, the IMF said yesterday. The recommendation by the International Monetary Fund (IMF) contradicts Prime Minister Yukio Hatoyama’s pledge not to raise the sales tax rate at least until the next lower house election, which does [...]
Honeywell to snap up France’s Sperian in $1.1bn cash offer May 19, 2010 US MANUFACTURER Honeywell has secured a deal to buy French personal protection equipment maker Sperian Protection $1.1bn (£763m) in cash, the firm said yesterday. Honeywell’s €117-per-share offer for the maker of face masks and other protective equipment topped a prior bid by French holding company Menelas, owned by Cinven Investment Fund, which in March offered [...]
