Drax profits are hit hard by declining British gas prices and drop in demand February 23, 2010 DRAX, the British power station operator, has recorded a substantial drop in full-year profits and revenue due to declining power prices and demand. Pre-tax profits fell 64 per cent for 2009 to £158m from £443m the year before. Revenues were 16 per cent lower at £1.47bn – against analyst predictions of 1.36bn. The company said [...]
Morgan Sindall sees signs of recovery as orders rise February 23, 2010 CONSTRUCTION group Morgan Sindall posted a 28 per cent fall in full-year pre-tax profit, mainly due to lower demand for open market housing and fit-out services, and said it expected its markets to remain tough in 2010. However, the company said yesterday that it was seeing some signs of recovery in demand for fit-out from [...]
GM sell-off driving forward February 23, 2010 Spyker Cars of the Netherlands yesterday closed the deal to buy Saab from General Motors for cash and shares worth $400m. Saab said it was no longer in liquidation and control had been returned to chief executive Jane Ake Jonsson. Saab had been in administration since February. Saab and Spyker will now operate as sister [...]
SMOKING-HOT CUBANS LAUGH IN THE FACE OF A CIGAR SALES SLUMP February 23, 2010 CAVIAR, lobster, champagne and sports car sales have all been dwindling over the course of the downturn, so I suppose we really should have seen this one coming. Apparently, the latest luxury product to take a tumble is the Cuban cigar, synonymous with bulging wallets the world over – which saw an eight per cent [...]
UK says Falkland drilling is legal February 23, 2010 Britain rejected Argentine objections to oil exploration off the disputed Falkland Islands yesterday, saying the drilling was within international law. Argentine President Cristina Fernandez said Latin American leaders backed her objections to exploration off the Falklands, known in Spanish as Las Malvinas, as drilling began on the first well on Monday. “British sovereignty in respect [...]
Ferrovial seeks new funds February 23, 2010 Debt-laden Spanish infrastructure conglomerate Ferrovial made an unprecedented call for financial investors to join it in new projects yesterday as it seeks to strengthen its balance sheet after a tough 2009. Ferrovial, owner of UK airport operator BAA and tollway firm Cintra as well as construction and service divisions, posted flat growth in core profit [...]
ArcelorMittal hit by slump in steel sales February 23, 2010 ARCELORMITTAL chairman and chief executive Lakshmi Mittal took home 12 per cent less in 2009 after the steel giant suffered its worst year to date. Mittal, who made $4.1m (£2.6m) in 2008, saw his annual salary dip down to $3.6m (£2.3m) last year after an agreement by the board to take a double digit pay [...]
Eurostar on rollercoaster ride as brand flags February 23, 2010 EUROSTAR’S BrandIndex scores dropped dramatically when five trains broke down on 18 December 2009, leaving 2,500 people trapped in trains and over 100,000 stranded due to disrupted travel plans. Continuous press coverage only compounded the brand’s problems. Eurostar’s overall “Index” score plummeted from +22 on 16 December 2009 to -3 on 1 January 2010. BrandIndex’s [...]
CITY MOVES | WHO’S SWITCHING JOBS February 23, 2010 PVE CAPITAL The investment group has appointed two new members to its team managing the Matrix PVE Global Credit Fund, a hedge fund launched in October last year as a joint venture between PVE Capital and private equity firm Matrix. Elena Ciampichetti joins as head of credit research from Citi, where she was a managing [...]
FSA to pay £270,000 to fraud victims February 23, 2010 CITY regulator the Financial Services Authority is set to hand back £270,000 to victims of a “boiler room” share fraud scam, as part of an investigation into how cold calls from overseas persuaded citizens to invest in worthless shares. The FSA, whose investigation centres on two individuals and seven businesses suspected of involvement, said yesterday [...]