Royal Bank of Scotland Cutting Down the Staff
On Thursday, the Royal Bank of Scotland (RBS) announced that it would be dropping down the number of its employees, in an attempt to decrease costs and boost the revenue. 3,500 of the personnel working in RBS would be terminated.
Fiat is back in US
Italian automaker, FIAT has decided to come back to the US market after three decades and is ready to face the competition that has developed because of the US as well as other foreign players.
FIAT has said that it will enter the market by using the distribution channel of Chrysler Group. But till now no response from these dealers has.
But looking at the current situation it seems rather possible that the dealers will be happy to take up the new job. But as per the plans of the company, the 500 mini cars that FIAT is going to hit the showrooms by 2011.
Aim chiefs perceive basic pay apex the £200k grade
The directors of diminutive UK companies at the junior stock market have honored themselves the pay hikes of 6.1pc in the previous year, approximately about four folds elevated than the average for the employees.
According to the report from research organization Income Data Services, revealed that the average income of an Aim director is at present £168,860, whilst the basic pay for chief executives has busted throughout the £200,000 mark for the initial time, at £203,191.
Fiat 500 Minicar to Launch in United States
After a 30 year break, Fiat is all prepared to mark its entry in the United States, with the launch of its exotic Fiat 500 minicar. Also, Chrysler Group dealer are contemplating whether they would sell the Italian brand or not.
3M offers $943M for Cogent; the Bid Not Secured Yet
According to the experts at Benchmark Co. and Lazard Capital Markets, Minnesota Mining and Manufacturing Company, currently known as 3M, does not seem to secure its bid over Cogent Incorporation, as more bidders are expected to be jumping in for the lucrative transaction.
The Benchmark Co. and Lazard Capital Markets’ report included some information regarding the bid, which was offered to Cogent by 3M for US$943 million, which is equal to $10.50 for a share. $513 million of that value would be handed in cash. The deal would be sealed by the fourth quarter of this fiscal year.
Genzyme Declines Sanofi’s Acquisition Bid of $18.5 billion
On August 30, Genzyme Corp. declined to go ahead with the Sanofi-Aventis AG’s acquisition bid of $18.5 billion or $69-a-share, as the Company undervalued the worth of the former.
In a letter to Sanofi, Henri A. Termeer, Genzyme’s Chief Executive said, “The Genzyme board is not prepared to engage in merger negotiations with Sanofi based upon an opportunistic proposal with an unrealistic starting price that dramatically undervalues our company’’.
Roche to Continue With Phase 3 Studies of TDM1 Despite FDA’s Disapproval
Trastuzumab-DM1 (T-DM1), a drug developed by Roche Holding AG, Swiss drug manufacturer, which is the first of its kind treatment that can contract tumours in HER2-positive breast cancer patients, is seeking approval from the Food and Drug Administration (FDA).
The Company submitted its application, along with the drug’s results from its Phase 2 trials to FDA, last month. Meanwhile, the phase 3 trials of the drug i.e. the first conjugated monoclonal antibody have been going on.
Dana refuses to unveil information on North Sea assets from Canada's Suncor
British oil explorer Dana Petroleum declined to unveil new information on its proposed 240 million pounds deal for North Sea assets from Canada's Suncor, trying to delay the execution of Korea National Oil Corp’s inevitable 1.87 billion pound takeover.
Dana’s chief executive delayed making its defense case to investors alongside the company’s half-year results. The British explorer hinted that it had identified further M&A growth opportunities, but didn’t announce its 240 million pounds acquisition of the UK North sea oil fields from Canada’s Suncor.
HP raises offer for 3PAR to $30 a share
The on-going bidding war for 3PAR will not finish until Hewlett Packard (HP) and Dell stop bidding for the data storage firm.
HP raised its offer for 3PAR for the third time in a week. It offered $30 per share for the data storage firm, outshining Dell’s offer of $27 per share, which had reportedly been accepted by California-based 3PAR.
HP’s latest offer values 3PAR at $2 billion. The bid equates to more than 8 times of 3PAR’s forecast sales. Commenting on the topic, OptionSizzle.com Founder Joshua Belanger said, “It's purely a lotto ticket. It's an all-or-nothing play.”
787 Dreamliner Delivery to be Delayed
The Boeing Co. will be incapable of delivering its often delayed 787 Dreamliner till the middle of February next year.
It had been planned by Boeing to deliver its first Dreamliner to Japan’s All Nippon Airways by the year’s end after over two years of postponements.
The firm’s executives have dropped a hint that the delivery might slide into early January.
But in the later parts of Thursday, Boeing gave confirmation that it was delaying the delivery of 787 till mid-February of the subsequent year.
SABMiller planning £7bn takeover bid for Carlton & United Breweries
World’s second-largest brewer, SABMiller PLC, is reportedly mulling over plans to make a £7 billion ($10.9 billion) takeover bid for Australia’s leading brewer, Carlton & United Breweries.
According to a report published in the Sunday Times, SABMiller the beer-making division of the Foster's Group before it is listed as a separate company.
Dana’s last-ditch manoeuvre to press KNOC to raise offer
British oil explorer Dana Petroleum will try to convince Korea National Oil Corp (KNOC) to raise its 1.87 billion pound takeover offer in return for board’s approval.
The news emerged after the state-owned KNOC made a 1,800 pence-a-share hostile bid for Dana on Friday, following its earlier takeover offer that was rejected by the Dana board.
The Dana board will reportedly use its interim results on Friday this week to as a platform to highlight its values and hopes that the attraction of a board seal of approval will attract KNOC back to the negotiating table with a sweetened offer.
Tesco to launch UK’s first drive-thru store
Supermarket chain Tesco has announced that it would expand its reach further with the launch of the UK’s first ever drive-thru store at Baldock in Hertfordshire this week.
The new service will allow customers to order their groceries online and pick up their weekly shop without leaving their cars.
The supermarket giant said that the new drive-thru store would target customers who want their goods picked and packed but who don’t have the time to wait at home for delivery.
M&S to recruit two new directors to enhance international and online sales
Britain's biggest clothing retailer Marks & Spencer has plans to appoint two new directors to enhance overseas and online sales.
Under the guidance of chief executive Marc Bolland, who arrived from Morrisons in May, the search for the new directors has already been started.
The multi-channel division director will sit beside the retail chief, Steve Rowe, who shoulders the responsibility of retailer’s 700 stores.
Eddie Stobart’s Business Motivated by Deals With Tesco and Irn Bru
As revealed by Eddie Stobart, the trucking group, their business got motivated by the multi-million pound deals with Irn Bru manufacturers AG Barr and Tesco, which helped making it a robust start of the year.
The business got boosted up with the contract between Eddie Stobart and AG Barr of Scotland, worth around £7m a year to offer transport and warehousing services to the latter. It also struck a £25m-a-year distribution deal with Tesco, Britain's biggest supermarket chain. The Company made other such deals with Unilever and Nestle.
ProStrakan Positive Over its Latest Drug Patch
Pharmaceuticals Company ProStrakanis has a lot of hopes adhered to its anti-vomiting patch that it expects to starts retailing before the year-end. The firm speculates to fetch sales of up to $100 million (£64m) in the United States for its new patch.
However, the Company fears that its new patch may have the same destiny as that of Abstral in America.
The drug, which is already being retailed in Europe, had to face delay following the US Food & Drug Administration ruling of a three month extension in the review of the medicine.
BHP Billiton’s Unsolicited Takeover Bid for Potash Corp
Citing some people with the knowledge of the issue, Bloomberg reported that BHP Billiton might land directly at investors’ hands, expected to be seen by as early as this week with the firm’s $39 billion uncalled-for takeover bid for Potash Corp, a Canada-based firm.
Potash Corp on Tuesday unwelcomed an unsolicited offer that had been put forward by BHP Billiton, which in turn has raised the chances that the Anglo-Australian could go ahead at launching an aggressive bid so as to grab the top level in the world of fertilizer industry.
Cornwall geothermal power plant gains planning permission
A geothermal power plant in Cornwall has gained planning approval, in a move that could help it generate green energy from the depths of the earth.
The company behind the project, Geothermal Engineering, has plans to drill 5,000m into the ground to access granite rocks that has temperatures of about 200 degree Celsius.
The Redruth plant will pump water up into the ground where it will be heated by hot rocks before being pumped back up to the surface to be converted into electricity. Unlike wind power, geothermal is able to generate power 24 hours a day.
Nissan Infiniti Launches its Brand New G25
Infiniti announced that it is welcoming a new member to its family, the G25 Sedan, which is planned to hit the markets in September 2010. According to Ben Poore, Infiniti Vice President, this 2011 G model of Infiniti, the premium product line of the Japanese Automaker Nissan, would broaden “the appeal of the G Line with a model designed to provide an additional choice for buyers looking for a true luxury sedan, but who might not need the higher levels of performance provided by our larger engine-equipped G37 models”.
Supply Manager at Apple Arrested for Receiving Bribe worth $1 million
Paul Shin Devine, who worked as a global supply manager at Apple took a sum of $1 million as bribe from about six Companies in Asia, which act as suppliers to the Silicon Valley Company. He was arrested this Friday for offenses that included wire scam, money laundering plus unlawful monetary dealings. He was charged in a federal grand jury indictment of many violations.
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