Bank of China to launch £5.7bn rights issue July 2, 2010 BANK of China plans to raise up to 60bn yuan (£5.7bn) through a rights offer, it said. The bank proposed that shareholders get up to 1.1 rights per 10 shares held, it revealed in a statement. “All the proceeds to be raised from the rights issue … shall be applied towards strengthening the capital base [...]
US LOSES 125,000 jobs in June July 2, 2010 THE US lost 125,000 jobs last month, official figures have shown. It was the first time jobs were lost on a month-on-month basis this year. The figures from the Department of Labour reflected the departure of 225,000 temporary employees who had been working on the census in May. The private sector created 83,000 jobs. US [...]
Eurozone unemployment steady at 10pc July 2, 2010 EUROZONE unemployment held stable in May at ten per cent, compared with the downwardly revised figure in April in the first sign of an improving labour market thanks to economic recovery. The unemployment rate was revised down from 10.1 per cent to 10.0 per cent for April, and stayed there in May. Some economists had [...]
Pets at Home profit surges by 36pc July 2, 2010 BRITISH pet products retailer Pets at Home reported a 36 per cent increase in annual profit – fuelled by new store openings and an 8.8 per cent rise in sales from existing shops. The firm, bought in January by private equity firm Kohlberg Kravis Roberts for about £955m made a pre-tax profit of £54.24m in [...]
Brit Insurance rejects improved Apollo bid July 2, 2010 LLOYDS of London insurer Brit Insurance has rejected an improved takeover proposal from US buyout firm Apollo Management. However, it indicated that it was open to further offers. A possible revised offer of £10.50 per share, up from an original bid of £10 “undervalues the company,” and is not an acceptable basis for takeover talks, [...]
Construction sector steady – but tough road ahead July 2, 2010 CONSTRUCTION sector activity expanded in June at roughly the same pace as in May, but firms were less optimistic about future prospects, a survey of purchasing managers showed. The Markit/Chartered Institute of Purchasing and Supply construction PMI eased slightly to 58.4 in June from 58.5 in May, which was its highest since September 2007. That [...]
Travis Perkins restores dividends July 2, 2010 BUILDERS’ merchant Travis Perkins has said it will restore dividends after better-than-expected first half results. The company, which also sells DIY products, said revenue for the six months to 30 June increased 4.7 per cent with sales at stores open over a year up 3.4 per cent. It said: “In May, we reported a strong [...]
Ageas in £215m deal for Kwik-Fit insurance arm July 2, 2010 Kwik-Fit Insurance Services is being sold for £215m to Belgian-based insurance group Ageas. The insurance intermediary – currently owned by private equity company PAI Partners – will contribute over 600,000 customers to Ageas, giving it a customer base of 1.6m in Britain. Ageas chief executive Bart De Smet said: “I welcome this acquisition on its [...]
RBS completes sale of Sempra to JP Morgan July 2, 2010 ROYAL Bank of Scotland (RBS) has completed the sale of its metals, oil and European energy business RBS Sempra Commodities to US bank JP Morgan in a $1.6bn (£1.1bn) deal. RBS was ordered by the European Commission last year to sell offload assets after being bailed out by the UK government. The bank was also [...]
Office hires advisors for possible sale July 2, 2010 BRITISH fashion and sports footwear retailer Office has hired advisers, which could lead to a sale of the business. The company – owned by West Coast Capital, the private equity vehicle of Scottish entrepreneur Tom Hunter – said on Friday it had appointed corporate adviser Hawkpoint in the UK and boutique investment firm Financo in [...]