Falklands Oil & Gas plunges on empty well July 12, 2010 FALKLANDS Oil & Gas saw its market value halve yesterday after the company said its Toroa exploration well to the south of the islands had not yielded reserves. Crestfallen investors, who had hoped to replicate rival Rockhopper’s successful drilling to the north of the disputed British territory, rushed to dump the stock. Falkland’s shares closed [...]
Mid-cap M&A activity surges as economy rebounds July 12, 2010 SMALL and mid-size companies have been increasingly active on the M&A scene in the first half of the year, dabbling in a greater number of more lucrative deals as the economic tide begins to turn. The value of global mid-market mergers and acquisitions, among companies valued up to $500m, surged by 42.3 per cent to [...]
Morgan Stanley private equity co-heads resign July 12, 2010 STEPHEN Trevor and Stuart Bohart are resigning as co-heads of Morgan Stanley’s private equity division, the latest change as the Wall Street firm overhauls its investment management unit. Morgan Stanley investment management chief Gregory Fleming announced Trevor and Bohart’s departure in an internal memo. Trevor joined Morgan Stanley in 2007 and planned to build a [...]
Halliwells moves to avoid administration by selling off assets to rival legal outfits July 12, 2010 HALLIWELLS, the law firm, is in talks with a number of rivals to sell off parts of its business after filing notice to appoint an administrator. City firm Barlow Lyde & Gilbert is one of a group of law firms currently vying for a portion of Halliwells business, with the firm considering taking over its [...]
City property deals top £1bn during last quarter, thanks to foreign buyers July 12, 2010 OVERSEAS investors looking for stable assets ratcheted the value of commercial property deals in the City by 57 per cent to £1.1bn in the last quarter, according to research published yesterday. A further £1.1bn worth of property in the Square Mile and Docklands is under offer with sales set for the third quarter of 2010, [...]
Domino’s seessales lift due to World Cup July 12, 2010 DOMINO’S Pizza yesterday reported a 29 per cent increase in first half pretax profit as sales were boosted by the World Cup and the company’s sponsorship of ITV hit Britain’s Got Talent. Domino’s, which operates the British and Irish franchises of the global delivery brand, made a pre-tax profit of £17.5m in the half year [...]
Thomas Cook in €30m deal for Oger tours July 12, 2010 HOLIDAY group Thomas Cook has bought German tour operator Oger for €30m (£25.2m). Oger specialises in holidays in Turkey and tours and carried more than 400,000 passengers last year. It reported gross revenues of €256m and operating profit of €3.3m. Thomas Cook said that the deal could create €8m in cost savings. Manny Fontenla-Novoa, group [...]
Luxury shops in boost from Indian spend July 12, 2010 THE number of luxury goods purchased by Indian shoppers visiting the UK in June surged by 89 per cent compared with the same month last year, according to a retail survey. The figures, compiled through a poll of 15,000 businesses, reveals the extent to which high street spending is fuelled by foreign spending power. According [...]
Kier loses Mattar but still bullish July 12, 2010 CIVIL engineering and building specialists Kier said yesterday record net cash balances and strong order books will push it towards the upper end of market expectations when it reports full year underlying profit before tax. The update came as the group announced finance director Deena Mattar is to leave the company, with Haydn Mursell of [...]
Regulatory doubt a threat to business, finds survey July 12, 2010 ORGANISATIONS have cited regulatory uncertainty as the key threat to business performance for the next 12 months as the global economy continues the climb out of recession. The third annual Ernst & Young Global Business Risk report found political uncertainty surrounding the regulatory system was contributing to businesses placing regulation in the top spot. Recruiting [...]