The Conservative party has laid the blame for Britain’s debt situation firmly on store cards.

George Osborne, the shadow chancellor, has attacked the store card industry for charging “excessively high interest rates” and claims that this issue is central to Britain’s over-indebtedness. However, the average balance on a store card is just £162 and in 2006 the Competition Commission concluded that the issue was best tackled with the provision of information to consumers.

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Rising prices for fuel are driving up wholesale prices for electricity in the UK. Rather than encouraging competition in electricity supply, the fluctuations in the market are making it increasingly difficult for new players to enter the sector. While companies with upstream assets are able to generate the bulk of their profit there, supply only businesses are finding it more difficult to prosper.

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A new report shows that Introgen Therapeutics has submitted marketing authorisation applications for Advexin p53 therapy on both sides of the Atlantic. However, Introgen may struggle to convince the regulatory authorities that the gene therapy drug will offer an improvement in the treatment of head and neck cancer.

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Pharma companies face growing competition from generics, increasingly tough pricing and reimbursement, a clamp down on healthcare spending, and the need to treat patients for longer due to the ageing population. Combined, these factors threaten both current and future revenues, prompting pharmaceutical companies to adopt a range of corporate strategies to respond to the changing market dynamics.

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The number of wealthy women is soaring while the wealth gap between men and women is quickly narrowing. As a result, banks have placed considerable effort in various initiatives to attract more female clients. However, a recent report warns that this ‘champagne and chocolate’ approach will not work as women are looking for more from their private bank than a spa discount and a pink website.

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French wine and spirit producer Pernod Ricard has announced its acquisition of V&S Vin & Sprit AB from the Swedish government. The acquisition, which has occurred after months of speculation over the future of V&S, will see Pernod Ricard take control of the Absolut vodka brand. The purchase is indicative of the growing popularity of premium positioned vodkas in the European market.

Pernod Ricard’s $9.4 million purchase of V&S has seen the French producer take control of Absolut vodka, the world’s fourth largest international spirit brand. Continue reading “Pernod Ricard: tapping into European premium vodka market” »

Following Croatia’s announcement that it is looking to sell more of its stake in state oil company INA, MOL and OMV have both shown an interest. However, as the companies attempt to try to assert de facto dominance in south-eastern Europe by buying a controlling stake in the Croatian oil major, MOL’s expansion plans may be hampered by OMV’s ongoing efforts to purchase its Hungarian counterpart.

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Abbey has increased its mortgage lending by more than 10% since last year.

Despite the slowdown in mortgage lending, which is at its lowest level in terms of new mortgages since January 1999, Abbey has increased its share of net lending in the UK mortgage market to 15.9%, up from 4.9% a year ago. This signals the bank’s intention to grow its market share while many of its competitors struggle amid the credit crunch.
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Vernalis’s decision to undergo major restructuring is a direct result of the non-approval of the company’s sNDA submission for Frova, for the treatment of menstrual migraine. A successful application had been anticipated to double the revenue potential of Frova.

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The head of BP in Poland has announced that the company will continue to expand its presence in the country, with a particular focus on the motorway sector. This is likely to be a shrewd decision; the strong growth in fuel sales in Poland, as well as the large motorway construction projects currently underway, means that the market is full of opportunities for fuel retailers such as BP.

The CEO of BP’s Polish division, BP Polska, has vigorously denied rumors that the fuel retailer is to pull out of the Polish market, a move that would have provided the opportunity for GazpromNieft and Lukoil to purchase BP’s service station network. Instead, BP has reinforced its commitment to growing its footprint in Poland and has stated that it expects its revenues from the area to continue increasing in the future.
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