Showing posts with the label The Telegraph Citybriefing.

The Telegraph Citybriefing -May 2, 2014-.

  City briefing TOP OF THE AGENDA US drugmaker  Pfizer  is reported to have raised its indicative offer for AstraZeneca  to £63bn or £50 a share, up from £46.61, adding that the British drugmaker was reviewing the proposal.   At the same time,   Conservative peer  Lord Heseltine  has entered the fray saying the government should have more powers to intervene in takeovers.  He told BBC Business Editor Kamal Ahmed: " Every other advanced economy has mechanisms of some sort on a fail-safe basis to scrutinise foreign takeovers and we're the only country that doesn't." However, it's not down to the government and investors have been impressed by  Pfizer chief Ian Read 's charm offensive this week and are likely to back a sweetened offer.    RBS  has unveiled a first-quarter net profit of £1.28bn, compared with a £8.6bn loss last time. The taxpayer-owned bank said it was making progress but that "ongoing conduct and regula

The Telegraph Citybriefing -April17, 2014-.

    City briefing   JAMES TITCOMB BUSINESS REPORTER Follow James on Twitter TOP OF THE AGENDA The  Co-op 's annus horribilis will be laid bare this morning. Amid a drugs scandal, an exodus of management and the loss of its banking arm, the mutual is expected to reveal that it lost around £2.5bn last year when it reports annual results later this morning. The group  revealed a £1.3bn loss  at its banking arm last week and is also expected to write down the value of the stores it acquired when it bought Somerfield  in 2009. The group has seen chief executive  Euan Sutherland quit and will soon lose  Lord Myners , the director brought in to reform the Co-op's governance. We'll have more on the Co-op throughout the day from 9am when it publishes its results. We've already had a profit warning from  Mulberry  this morning. The fashion label says annual profits are likely to be "marginally below current expectations", and has told invest

The Telegraph Citybriefing - April 11, 2014.

    City briefing   JAMES TITCOMB BUSINESS REPORTER Follow James on Twitter TOP OF THE AGENDA The crisis at the  Co-op  continues: The mutual's  banking  arm  has announced a £1.3bn loss for 2013 , has said that it will not pay £5m in deferred bonuses and says it does not expect to make a profit in 2014 or 2015. Its chief executive  Niall Booker , who will receive a £2.9m pay package with a bonus of up to £1.2m, says the losses "reflect the magnitude of the issues that have come to light since I joined". He has also apologised to the bank's customers, saying: "We appreciate that customers and other stakeholders continue to feel angry about how past failings placed the future of the business so seriously at risk." The  Co-operative Group  lost control of the bank last year, with bondholders taking over as the bank struggled to fill a £1.5bn capital hole. We'll have coverage of developments throughout the day at  Telegraph

The Telegraph Citybriefing - April 7, 2014.

      City briefing   LOUISE ARMITSTEAD CHIEF BUSINESS CORRESPONDENT Follow Louise on Twitter TOP OF THE AGENDA TWO of the world's biggest cement companies,  Lafarge  and  Holcim,  have confirmed a merger that will combine €32bn of sales. The deal, which would create the biggest cement business in Europe and America and operations across 90 countries, has been received "unanimous approval" by the boards in both France and and Switzerland. In a statement today, Rolf Soiron, chairman of Holcim, said the merger of equals was a "one in a lifetme opportunity to deliver substantially better value to customers with more innovation, a wider range of products and solutions, and more sustainability and enhanced returns to shareholders." But the deal faces big competition hurdles: the biggest global cement companies have been under investigation by EU authorities for alleged cartel behaviour. Lafarge and Holcim are already planning disposal