Religare takes Northgate stake in investment push February 23, 2010 RELIGARE Enterprises, the Indian financial services group, yesterday agreed to take a majority stake in private equity group Northgate Capital, as part of a new commitment to invest up to $1bn (£649m) in asset management firms across the globe. The partnership with Northgate, which has $3bn under management and is based in California and London, [...]
Meet the man who would be king: a radical dressed in Liberal clothing February 23, 2010 THE Liberal Democrats have never held much sway in the City. Their traditional supporters prefer a sleepy, polite way of life – not the cut and thrust of the Square Mile. If the opinion polls are to be believed, however, Nick Clegg is set to play the role of kingmaker in a hung parliament after [...]
Wolseley set to beat yearly profit target February 23, 2010 SHARES in building supplies group Wolseley today shot up more than 11 per cent after it forecast that profits for the year to 31 July will beat market expectations. The FTSE 100 group, which operates in the UK, US and mainland Europe, says that trading profit before exceptional items will exceed the £326m currently pencilled [...]
EDF to up its stake in Edison February 23, 2010 ELECTRICITE de France SA (EDF) is considering using power assets and cash to buy a stake worth €1.6bn (£1.4bn) in Italy’s Edison. EDF currently holds 50 per cent of the power producer and plans to purchase a further 31 per cent from A2A SpA and its partners. According to analysts A2A SpA is set to [...]
Elementis stays positive despite slump in demand February 23, 2010 ELEMENTIS, the British chemicals maker, posted a 62 per cent decline in full year pre-tax profits yesterday following a global slump in demand for its products. But the company maintained its dividend and shares were up more than 11 per cent, with analysts maintaining their “buy” rating on the stock. Brewin Dolphin said: “Elementis’ full-year [...]
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 [...]