Tuesday newspaper round-up: AstraZeneca, Ukraine, Energy companies

22nd Apr 2014 07:10

AstraZeneca has recruited the services of two Wall Street heavyweights to fend off any possible further takeover attempt by US rival Pfizer. The American company, for its part, has hired JP Morgan to advise it on a possible purchase. Shares of Pfizer actually gained on the news although default swaps on the firm's debt hit a three-month high of 31 basis points on Monday. Analysts Stateside are divided over the likelihood of another bid for the UK outfit, although broker Citi considers it to be likely, The Daily Telegraph says. Arriving at the Ukrainian capital, Kiev, US Vice President Joe Biden delivered a message of support for the eastern European country. That comes as the US is making preparations for another round of sanctions against Russia which may be imposed as early as this week. Moscow and Kiev are accusing each other of violating the terms of last Thursday's agreement reached in Geneva, The Wall Street Journal reports. The UK's six largest energy companies have been urged by the Association for the Conservation of Energy to hand back savings arising from lower than expected spending on a household insulation scheme. A study from the group shows that the companies will carry out fewer insulation jobs this year under the Energy Companies Obligation, which will result in at least £245m in lower spend, according to The Times. After an inauspicious start to the Easter bank, shoppers rushed into the shops on Sunday, with average footfall jumping by 12.1% when compared with the same day last year. That followed an 8.2% drop in comparison with Good Friday and Saturday of 2013, figures from Springboard showed. "People are naturally cautious about spending money," the retail insights Director at the consultancy said, according to The Times. In a further sign of a pick-up in housing, Aberdeen-based Stewart Milne is to build 5,000 homes across Britain in the coming three years. Those plans include a significant expansion in Edinburgh and east central Scotland. With over 30 sites under development in Scotland and the north-west of England the firm already has reservations running 25% ahead of its own forecasts, The Scotsman says. Better economic conditions have done little to solve the late payment of bills which has been plaguing small businesses, according to the Forum of Private Business. The organisation's banking and finance survey showed that 29% of respondents actually saw another deterioration in the average number of days past the deadline on which a payment is due, The Scotsman writes. AB