Fresh losses as global credit picture deteriorates2007-08-15 16:53:31

Balfour Beattyadded 1 to 431 - the construction and services group reporting a 36% rise in H1 profit to £76 million.

In a separate but related development, the company announced that its Balfour Beatty Construction BBC unit in the US has been awarded four major contracts, including its first under the US military's 30 billion Base Realignment and Closure BRAC Programme, to a total value of over 730 million.

Under the BRAC Programme, it's anticipated there will be over 800 projects at more than 200 bases across the US - many of the projects involving extensive modernisation and expansion programmes.

GlaxoSmithKline gave up 11 to 1251 - US health officials confirming that diabetes drugs made by GSK and Takeda Pharmaceutical Company will carry new, stronger warnings stating they may cause heart failure.

The warnings are set to be in a "black box" - the strongest form of warning that can be issued for prescription drugs - on Glaxo's Avandia, Avandaryl and Avandamet products, as well as on Takeda's Actos and Duetact treatments.

Dobbies Garden Centres fell 20 to 1455 - Scottish businessman Tom Hunter - through his West Coast Capital vehicle - raising his stake in the firm from 27.66% to 28.58%.

Supermarket giant, Tesco, which has tabled a £156 million, 1500p per share offer for the garden centres operator, will likely regard Hunter as a major nuisance, given he has previously said he won't bid for Dobbies, nor will he accept the Tesco offer in its present form.

Quintain Estates & Development slumped 84.25 to 819.75 - late selling ensuing after Quill Securities - a unit of the UK's biggest mortgage lender, HBOS - said it wasn't currently considering a bid, despite having built up a 13.8% stake.

Quintain meanwhile says it has reduced its exposure to investment properties, having diversified into student accommodation and nursing homes where 'positive trends still apply'.

Trafficmaster shed 0.25 to 53.75 - the intelligent driving services provider announcing it will take over the supply of UK RDS-TMC traffic information to Vauxhall and Saab satellite navigation systems, in a new, three-year contract. Financial terms weren't disclosed.

The new contract begins this month, with navigation-equipped Vauxhall vehicles and will roll out to Saab models in 2008.

Since the launch of Trafficmaster's service at the end of 2004, six of the UK's top ten car brands have chosen it as their RDS-TMC traffic information provider.

Fulcrum Pharma

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2007-08-15 16:53:31 © Moneyextra.com