Rowntree sells stake in Vedanta February 17, 2010 Miner Vedanta Resources yesterday suffered another setback in its long-running altercation with human rights organisation Survival International, after the Joseph Rowntree Charitable Trust said it would sell all its shares in the business. The news came just weeks after the Church of England also sold its stake in Vedanta, which aims to mine extensively on [...]
Jarvis downgrades loss forecasts February 17, 2010 Rail network services firm Jarvis warned yesterday that its full-year operating loss will be wider-than-expected, citing lethargic trading volumes and contract spending delays from Network Rail. Jarvis now expects to make a £5m loss this year, as well as posting £3m worth of costs associated with restructuring the business. The firm saw revenues almost halve [...]
Cobham wins army deal February 17, 2010 British aerospace electronics group Cobham has won a contract to make components for new helicopters to be used by the US army, boosting its US expansion plans and its relationship with the American military. The contract, awarded by United Technologies’ Sikorsky Aircraft Corp, covers the manufacture of composite components for the blades of the US [...]
Sable Mining takes major stake in Delta February 17, 2010 SABLE Mining Africa, the latest venture by former English cricketer Phil Edmonds and his business partner Andrew Groves, has paid $17.5m (£11.2m) for a 29.33 per cent stake in Delta Mining Consolidated. The cash deal gives the AIM-listed investment company access to four major coal interests in South Africa and Botswana. “This deal to acquire [...]
FSA to get tough on takeovers February 17, 2010 TOUGH new laws will leave companies which breach takeover rules open to unlimited fines. The announcement follows claims the FSA had no sting in its tail after a billion pound property fund was fined a measly £1,000 after admitting breaking the rules. Semperian PPP Investment Partners yesterday pleaded guilty to rushing ahead with the takeover [...]
Rexam slips into the red in downturn February 17, 2010 CAN maker Rexam slipped into the red last year as hard-pressed consumers cut spending on drinks, although it said cost-cutting should help it improve performance in 2010. Rexam, whose customers include Coca-Cola, Pepsi and SABMiller, said it made a pre-tax loss of £59m in the year to 31 December, compared with profits of £240m last year. [...]
Thorntons revels in sweet profit figures February 17, 2010 THORNTONS reported a 25 per cent rise in first half profits yesterday – with the company hoping its new ice cream lines will boost summer figures. Pre-tax profits jumped to £9.1m in the 28 weeks to 9 January as the group managed to shift most of its Christmas stock. Thorntons’ chocolates are sold through supermarkets [...]
WESTFIELD PULLING IN THE CROWDS February 17, 2010 SALES at Westfield shopping centre were up 11 per cent last month, it was revealed yesterday, lifting some of the gloom that has dogged the wider retail market. The mall in West London’s Shepherd’s Bush also saw spending in the run-up to to crucial Christmas trading period soar 18 per cent compared with the equivalent [...]
Burberry to close design plant with a loss of 300 jobs February 17, 2010 BURBERRY is cutting back on its loss-making Spanish operations with 300 jobs to be axed. The company will stop designing and selling exclusive collections for Spain after Autumn/Winter 2010. A facility in Barcelona, which is responsible for the Spanish collections, wil be closed. Burberry said that this would result in a one-off charge, but that [...]
Mulberry says profits to rise with boost from Alexa bag February 17, 2010 LUXURY brand Mulberry has predicted that it is on the way to smashing profit forecasts for the year as its “Alexa” range helped to boost sales. The handbags, named after and designed for TV presenter Alexa Chung have been a hit since their launch last month. “It is clearly very helpful for sales when someone [...]