London pre-open: Early gains expected

3rd Aug 2009 07:38

Footsie is expected to post moderate gains in early dealings as Barclays kicks off a round of banking resultsBarclays delivered profits of £3bn for the first half, an increase of 8% against the same period last year, despite £4.6bn of gross losses on credit market exposures and £3.3bn of other impairments. Profit before tax for the period rose to £2,984m from £2,754m last year as it posted record income of £16,253m, up 37%.AstraZeneca has received approval from the US Food and Drug Administration for the use of its ONGLYZA to treat type 2 diabetes in adults. The treatment, which has been developed in collaboration with the biopharmaceutical company Bristol-Myers Squibb, is used to improve blood sugar control levels in diabetics.Packaging group Rexam is to reduce its annual can making capacity by 1.3bn tonnes with the closure of its Dmitrov plant in Russia as it responds to weakness in the country's economy. The closure will not impact its ability to meet customer requirements, the firm said, adding that it will result in annualised savings of about £6m in 2010. Restructuring costs will total £16m for 2009, it said.Pub group Mitchells & Butlers has confirmed the appointment Adam Fowle as chief executive with immediate effect after two months doing the job in an acting capacity. Fowle has been on the M&B board since October 2007 when he was appointed Managing Director for Restaurants.