Nestle sales hit £29.6bn October 21, 2005 Nestle, the world’s largest food manufacturer, has romped to better than expected sales this year. The company, which produces Nescafe and Kit Kat, said yesterday its sales were 5.8 per cent higher for the first nine months. Switzerland-based Nestle also reaffirmed its targets of 5-6 per cent organic growth for the full year as the [...]
Paladin gets boost from Talisman October 21, 2005 City followers swept up British oil company Paladin’s shares after a £1.2bn bid with Canadian rival Talisman was agreed yesterday. Shares in Paladin rocketed to close up 74.5p, or 27 per cent, at 349.5p, after the details of the deal were announced. The deal values Paladin shares at 355p, a 17.8 per cent premium on [...]
Judge only trial for drug cartel October 21, 2005 The Serious Fraud Office (SFO) may delay bringing criminal charges against drug company directors accused of rigging the prices of NHS drugs until next year. The delay would allow the suspected cartelists to be tried under the new judge-only court procedure. The SFO opened an investigation into generic drug manufacturers Goldshield Group, Generics UK, Kent [...]
eBay shares fall despite sales hike October 21, 2005 eBay has grown even bigger in the last three months with sales now topping $1.1bn (£621m), it said yesterday. Shares still fell, however, as the online auction company had to defend itself over its $4.1bn (£2.26bn) purchase of Skype Technologies, the internet telephony company. eBay, which has taken the world by storm with its service [...]
Leather had it so good October 21, 2005 The sexiest of all fabrics, leather has been part of the fashion scene for nearly 100 years. Now British designers are getting in on the act. When it comes to leather fashion goods most people assume the Italians lead the way. After all, they do have a certain panache when it comes to design, quality [...]
Green: ‘I am worth £1bn pay’ October 21, 2005 Philip Green defended his stunning £1.2bn dividend payment from Arcadia Group telling City A.M: “Venture capitalists would take much more.” In a day dominated by retail news, Green earned the biggest headlines. Arcadia — which owns Top Shop, Dorothy Perkins, Wallis, Etam and Miss Selfridge — reported a 6.8 per cent rise in sales to [...]
Rosemont suffers in Katrina’s wake October 20, 2005 The fate of Goshawk’s subsidiary Rosemont Re was left hanging in the balance yesterday when its credit rating was cut. Ratings agency AM Best downgraded the insurer from A excellent to B fair, severely impairing the company’s ability to write new business. Rosemont Re has been severely hit by hurricane claims and shares in Goshawk [...]
Skandia hits back at Old Mutual overture October 20, 2005 The £3.13bn takeover battle for Skandia, the Swedish insurer, escalated yesterday as the company set out its key argument why it should remain independent. It listed 16 reasons why a hostile offer from Old Mutual of South Africa was “unacceptable”. Old Mutual said it remained committed to acquiring its target and that it was convinced [...]
St James’s A-Day profits October 20, 2005 Looming changes to pension legislation have helped wealth management company St James’s Place Capital increase its pension business by 22 per cent. New laws, due to come in on April 6 on what has become known as A-Day, have prompted more people to seek advice on their best personal pension plan including the chance to [...]
Flu anti-virus causes 17% profit jump October 20, 2005 Roche, the maker of bird flu anti-viral Tamiflu, yesterday announced a third quarter revenue increase of 17 per cent thanks to a jump in sales of the drug. The Swiss firm said sales of Tamiflu had more than doubled to SFr279m (£123m) and the companies overall sales for the quarter ending September climbed to SFr8.8bn. [...]