Newspaper article The Evening Standard (London, England)

Taking Stock; Your At-a-Glance Guide

Newspaper article The Evening Standard (London, England)

Taking Stock; Your At-a-Glance Guide

Article excerpt

BANKING AND FINANCE

Domestic & General, the warranties group facing takeover by Homeserve, is trimming its board. Colin Honey quits as a non-executive. Deputy chief executive John Ritchie becomes non-board MD of the international business.

BUILDING AND PROPERTY

The former US Navy HQat 20 Grosvenor Square will be turned into some of London's most expensive flats after being bought for [pounds sterling]230 million by an unnamed private investor who beat competition from Candy & Candy's Christian Candy.

CONSUMER

Shares in Fyffes fell 101/ 4p to 573/ 4p today after the tropical fruit distributor said profits for the year will be hit by higher fuel and shipping costs. The Dublin-based firm cut its forecast to e15 million ([pounds sterling]10.2 million) from e20 million.

ECONOMICS

Japan's trade surplus with the rest of the world rose 51.8% in April, the sixth monthly gain in a row, although exports to the US fell for the first time in two years, highlighting a cooling US economy and the greater importance of China as an export market.

ENGINEERING

Cookson, maker of ceramics for industrial purposes, warned the weak dollar will reduce the rate of sales growth at its US-facing businesses. But a strong first four months of the year means it still expects a good improvement in 2007.

HEALTH

More bad news is on the wayfor GlaxoSmithKline, says Morgan Stanley, which predicts that recently panned diabetes drug Avandia is likely to get a 'black-box' warning from US regulators limiting its use.

INDUSTRIALS

Silverdell, which deals with asbestos in unwanted places, has been unfairly valued at the bottom end of its peer group, says broker Edison. It says the shares deserve to be rerated as the quality of earnings is recognised.

LEISURE

Luxury goods maker Richemont, owner of brands including Cartier and Montblanc, said demand for high-end watches and jewellery was so high that the outlook for its business was 'broadly positive'. Profits last year surged 21% to e1.33 billion ([pounds sterling]904 million).

MEDIA

WPP has been downgraded to hold from buy by Collins Stewart after a visit from chief executive Sir Martin Sorrell left it worried further expensive strategic acquisitions in digital capabilities will begin to act as a drag on their return on capital. …

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