Barclays Share News (BARC)

LONDON (Alliance News) - The following is a summary of top news stories Tuesday.
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COMPANIES
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British drugs company AstraZeneca PLC set out its defence against a GBP63 billion takeover offer from US rival Pfizer Inc, urging its investors to be patient because it is set to grow quickly after it invests in its pipeline and transforms the company over the next few years. The company, which Friday rejected the US company's latest informal GBP50-a-share offer, reaffirmed that its revenue in 2017 would be broadly in line with the USD25.71 billion it reported in 2013. However, it expects revenue to more than double over the following five years, reaching more than USD45 billion by 2023. It said core earnings will grow at an even faster rate over the same period as it restructures and cuts costs.
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Meanwhile, AstraZeneca also said the US Food and Drug Administration had approved its Epanova drug as a treatment for reducing high levels of blood fat. In a statement, the company said the FDA had approved the omega-3-carboxylic acids treatment as an adjunct to diet to reduce triglyceride levels in adults with severe hypertriglyceridaemia.
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Barclays PLC reported a decline in first-quarter adjusted pretax profit as it was hurt by a slump in the performance of its investment bank, just two days before Chief Executive Antony Jenkins is due to present a strategic update revamping the underperforming division. In a statement, the bank said it made a GBP1.69 billion adjusted pretax profit in the first three months of the year, 5.6% lower than the GBP1.79 billion reported for the corresponding quarter a year earlier.
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Aberdeen Asset Management PLC said first-half pretax profit fell after net revenue came under pressure due to a decrease in fees received, while operating expenses also increased in what was a difficult period for emerging markets. In a statement, Aberdeen, which completed the acquisition of Scottish Widows Investment Partnership Group Ltd from Lloyds Banking Group PLC at the end of the second-quarter, said pretax profit fell by 10% to GBP168.7 million in the six months ended March 31, compared with GBP188.2 million in the corresponding period a year earlier. Net revenue decreased by GBP12.5 million to GBP503.5 million due to declines in net management fees, performance fees and transaction fees. Operating expenses increased by GBP10.7 million to GBP335.2 million as Aberdeen booked a GBP15.3 million cost related to the acquisition in the first-half.
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Glencore Xstrata PLC said it raised production across a range of metals during its first quarter compared to the previous year but suffered a fall in zinc production year-on-year and in copper, zinc and gold production sequentially from the quarter just prior. The mining giant said its own-source copper production increased 24% to 382,000 tonnes in the three months ended March 31, compared to the previous year, due to expansions at its Mutanda operations in the Democratic Republic of Congo and Ernest Henry site in Australia, along with improved production at its Collahuasi mine in Chile and Antamina site in Peru.
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Construction giant Balfour Beatty PLC said its construction business has continued to struggle which will result in "significantly" lower group pretax profit for 2014 than previously expected. The infrastructure group also said Chief Executive Andrew McNaughton has stepped down with immediate effect, and Non-Executive Chairman Steve Marshall will take over as executive chairman until a successor has been appointed. During the period, Balfour said it underwent a strategic review to explore ways to simplify its structure and create a more focused group. The review has led to the decision to assess options for the possible sale of its engineering and design business Parsons Brinckerhoff, Balfour said.
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Countrywide PLC said it expects to deliver full-year profit at the top end of its expectations after a strong first quarter which saw its lettings business thrive as the UK's housing market continues its recovery. In an interim management statement for the period up to May 5, the property services group, which operates through various brands including Bairstow Eves and John D Wood & Co, said total income in the first quarter rose to GBP157.1 million for GBP121 million in the first quarter of 2013. Countrywide said first quarter 2014 revenue and earnings before interest, taxation, depreciation and amortisation rose 20% and 50%, respectively, compared with the same period in 2013.
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Lonmin PLC said the Association of Mineworkers and Construction Union plans to continue the ongoing platinum miners' strike in South Africa into its fifteenth week and noted that many employees have indicated their wish to return to work but fear for their personal safety. The platinum sector in the country has been crippled by strikes at mines owned by Lonmin, Impala Platinum Holdings Ltd and Anglo American Platinum Ltd, a subsidiary of Anglo American PLC as the AMCU attempts to achieve significantly better wages.
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Ultra Electronics Holdings PLC said it had bought aerospace products manufacturer ICE Corporation Inc for up to USD11.6 million, an acquisition that will add to Ultra's earnings and further boost its presence in the US market. In a statement, Ultra said it will pay an initial USD8.6 million in cash, using the company's existing financing facilities, and will pay up to USD3.0 million more as long as the WheelTug electric taxi system gets certification. ICE provides essential parts for the system.
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MARKETS
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UK stocks are trading slightly lower, with Aberdeen Asset Management leading the blue-chip fallers.
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FTSE 100: down 0.2% at 6807.65
FTSE 250: down 0.2% at 15905.65
AIM ALL-SHARE: down 0.2% at 823.21
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The pound has risen to its highest level since August 2009 against the dollar after PMI data showed the UK service industry is expanding faster-than-expected.
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GBP-USD: up at USD1.6949
EUR-USD: up at USD1.3924

GOLD: down at USD1308.51 per ounce
OIL (Brent): up at USD107.88 a barrel

(changes since end of previous GMT day)
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ECONOMICS AND GENERAL
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British service sector grew at the fastest pace thus far this year during April, as increased activity and new business as well as better future prospects prompted firms to hire aggressively, survey data from Markit Economics showed. The Markit/Chartered Institute of Purchasing & Supply UK Services Purchasing Managers' Index climbed to 58.7 from 57.6 in March. The score exceeded economists' projection of 57.8. A PMI reading above 50 suggests expansion in the services sector, which has grown for 16 straight months now.
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Euro area retail sales increased for a third straight month in March, defying expectations for a decline, figures from Eurostat showed.Retail sales rose 0.3% from February, when sales grew 0.1%, which was revised from 0.4% gain.
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Slowing growth in emerging markets, especially China, prompted the Organization for Economic Cooperation and Development to trim its global growth outlook for 2014. In its latest economic outlook, the Paris-based OECD forecast the global economy to grow by 3.4% this year, down from a forecast of 3.6% in its November 2013 review. The recovery was forecast to strengthen by 2015, with global output growing 3.9%. The forecast showed the US continuing to lead the recovery among developed economies, with growth of 2.6% this year and 3.5% in 2015. The eurozone was also seen as emerging from years of belt-tightening on a stronger footing, the report showed.
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EU finance ministers were laying the groundwork for a controversial new tax on financial transactions, amid hopes that the project could help win over voters ahead of tricky European elections. Supporters argue that the measure will help make the financial sector act more responsibly. But the proposal has met fierce opposition, with critics worrying that the levy could drive investment away from Europe. The tax found no unanimous support in the EU. However, 11 countries have decided to proceed on their own. They include the eurozone's four largest economies - France, Germany, Italy and Spain - as well as Austria, Belgium, Estonia, Greece, Portugal, Slovakia and Slovenia.
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Three more companies add their names to the fast-expanding pipeline of London initial public offerings, as Clipper Logistics said it intends to float on the main market, while accounting software company Big Red Cloud Group PLC and online advertising company Marimedia Ltd said they will list on AIM.
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European foreign ministers met in Vienna for a diplomatic effort to defuse the Ukrainian crisis, one day after up to 30 people were feared to have been killed in fighting in the country's east. British Foreign Secretary William Hague said the annual meeting of the Council of Europe's foreign ministers should send a message to Russia not to interfere in this month's presidential election in Ukraine. "Russia is clearly intent on disrupting and preventing the elections," Hague said before the meeting
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The Eurozone is experiencing a more lasting recovery and any risk of deflation remains very low, the European Commission said Monday, while its latest projections showed that inflation will take more time than estimated earlier to return to the European Central Bank's target. In its Spring 2014 forecast, the executive-arm of the EU projected 1.7% GDP growth for 2015, which was lower than the 1.8% predicted in February. The growth forecast for this year was retained at 1.2%.
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A group of EU countries seeking to introduce a common levy on financial transactions have taken a "decisive step" toward implementing the tax on shares and certain derivatives traded from 2016, ministers said Monday. "We have made important progress towards a system of taxation that will include shares and derivatives," Italian Economy Minister Pier Carlo Padoan said, after the 11 countries held talks in Brussels.
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A White House climate report due to be released Tuesday will be the most comprehensive source of scientific information ever produced about how climate change would impact all regions of the US.
It is the third national climate assessment, John Podesta, senior adviser to the president, said Monday at the White House. Podesta previewed the report Monday, saying it will show the US is now the largest producer of natural gas in the world and the largest producer of gas and oil in the world.
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Thailand's Constitutional Court is to rule Wednesday on whether caretaker Prime Minister Yingluck Shinawatra broke the law in transferring a civil servant three years ago, which could result in her dismissal from office. The court announced the schedule after hearing the testimony of Yingluck and three other witnesses. If the court finds against her, it may dismiss the caretaker prime minister and her entire cabinet from office, creating a power vacuum that is expected to lead to more political turmoil.
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