Finsbury suitor walks away July 16, 2009 Finsbury Food Group, the bread and cakemaker, has confirmed that talks over a possible offer for the company have been called off. On 1 June, Finsbury announced that discussions were underway but then warned that the approach was only “exploratory in nature” and expressed “considerable doubt” that an offer would materialise.
Henderson profits to fall 50 per cent July 16, 2009 HENDERSON, the fund manager that acquired failed rival New Star, yesterday warned that its first half profits are likely to be 50 per cent lower than last year as its assets under management continued to plummet. In a trading update the group warned it will report its first-half pre-tax profits were between £25m and £28m, [...]
Berlin and US at loggerheads over GM July 16, 2009 GENERAL MOTORS (GM) and Berlin were at loggerheads yesterday, as the debate over who should buy the US company’s European arm, made up of Opel in Germany and Vauxhall in the UK. Germany said yesterday it may renege on its offer of state aid if the US company, which came out of bankruptcy last week, [...]
Rio staff quit China after four arrests July 16, 2009 MINER Rio Tinto told its overseas employees in China to leave the country yesterday, as concerns grew over four of its workers who have been detained by the state on espionage and bribery charges. Rio said it was “still operating” in the country, and refused to comment on the withdrawal of its foreign staff. Rio Tinto’s China [...]
Isle of Man to pay out 193m July 16, 2009 THREE-quarters of savers who lost out through the collapse of the Isle of Man arm of Icelandic bank Kaupthing Singer & Friedlander will get all of their money back by September, it emerged yesterday. The Manx parliament approved a £193m government funding package which will accelerate compensation payments to savers of KSF Isle of Man [...]
China’s GDP grows by 8pc on stimulus efforts July 16, 2009 CHINA looks set to hit its full-year growth target of eight per cent after a surprisingly strong second quarter notable for a surge in investment driven by powerful fiscal and monetary stimulus. Annual gross domestic product growth accelerated in the second quarter to 7.9 per cent from 6.1 per cent in the first quarter, making [...]
Autonomy on target but shares slump July 16, 2009 SOFTWARE firm Autonomy reported a record second quarter performance yesterday, but shares dropped as some analysts expressed disappointment at the firm’s cautious outlook. The company, which specialises in meaning-based search technology, said that second quarter revenues grew by 55 per cent to £195.1m year-on-year, and profit-before-tax was up 64 per cent to £71.7m. “Despite the [...]
Sales slump at Spectris July 16, 2009 Precision instrument and controls company Spectris said sales took a further hit in the first half on weak car and mining sector demand, hurting its shares and prompting analysts to cut 2009 forecasts again. The British company, whose products have helped reduce fuel costs at power stations and cut the noise made by Japan’s Bullet [...]
Sainsbury’s chair faces two jobs row July 15, 2009 J SAINSBURY chairman Sir Philip Hampton yesterday faced questions over his £396,000 pay packet and whether he had enough time to be the chairman of both Sainsbury’s and Royal Bank of Scotland (RBS). One shareholder at the retail giant’s annual meeting called on Hampton to halve his pay as long as he did both jobs. [...]
UK energy bills will soar July 15, 2009 THE UK’s energy bills could rise by 17 per cent over the next decade as a result of government plans announced yesterday to generate one third of the country’s electricity from renewables by 2020. Energy secretary Ed Miliband presented a white paper setting out the government’s plans to also cut carbon dioxide emissions by 34 [...]