Cheery 2010 for De La Rue as profits rise January 26, 2010 THE world’s largest printer of banknotes yesterday announced robust trading. De La Rue said in its interim management statement that it was confident in its outlook for the rest of the year. It said trading was well ahead of the previous year, although it did not release any figures. Its preliminary results are due to [...]
Aer Lingus changes pricing January 26, 2010 LOSS-MAKING Irish carrier Aer Lingus yesterday took a step closer to the no-frills model of rival and onetime suitor Ryanair with the extension of extra charging under a plan to boost revenue. The former state airline drew a muted response from investors with its offer of basic ticketing plus top-up fees for meals, access to [...]
Buffett takes Munich Re stake for $1bn investment January 26, 2010 BILLIONAIRE US investor Warren Buffett has built a $1bn (£619m) stake in Munich Re, boosting his insurance holdings by taking a three per cent stake in the world’s biggest reinsurer. Munich Re said yesterday Buffett’s shareholding rose just above the mandatory reporting threshold on 18 January and amounted to 3.045 per cent of voting rights [...]
BSkyB wins £200m case against EDS January 26, 2010 RUPERT Murdoch’s satellite broadcaster BSkyB has won a five-year legal wrangle with Electronic Data Systems over an ill-fated IT project. In a decision that could see EDS forced to pay out more than £200m, a judge said EDS lied to Sky to secure a contract to work on the company’s overhaul of its customer service [...]
Towry Law will use a substantial US cash injection to integrate acquisitions January 26, 2010 TOWRY Law has received a substantial cash injection from a US investment firm, it was revealed yesterday. Asset Management Finance invested an undisclosed sum in the acquisitive UK company. AMF’s funding took the form of mezzanine financing, typically used to finance expansion. But sources close to the company said the money would be used to [...]
ANALYST VIEWS: WHAT DID YOU MAKE OF DE LA RUE’S INTERIM STATEMENT? January 26, 2010 JONATHAN JACKSON | KILLIK & CO “The interim management statement was in line with expectations. Trading has been strong, with banknote and paper volumes showing an increased run rate. Results appear to be well ahead of last year.” PAUL JONES | PANMURE GORDON “We see little reason to change our forecasts on the back of [...]
Cussons sees soap sales drive profits January 26, 2010 BRITISH soap and shampoo maker PZ Cussons said yesterday it was poised to make new acquisitions after revealing a 21 per cent rise in its first-half profit. The maker of Imperial Leather, Carex soap and Original Source products ended the six months to 30 November with a pre-tax profit of £44.7m – slightly above market [...]
Retail heavyweight Phil Wrigley to join Majestic as chair January 26, 2010 MAJESTIC wine yesterday unveiled a shake-up of its board, revealing retail heavyweight Phil Wrigley, 57, as chairman-designate, replacing Simon Burke who has been at the helm for five years. Wrigley, who until recently was chairman of fashion retail chain New Look, has also held senior management roles at Debenhams, Topshop owner Arcadia and BHS. Wrigley [...]
Seatwave hits out at £1bn merger of Live Nation and Ticketmaster January 26, 2010 SEATWAVE, Britain’s biggest ticket exchange, yesterday hit out at the US authorities’ decision to clear the way for a £1bn merger of Live Nation and Ticketmaster. The US Department of Justice authorised the deal to merge the concert promoter that has Madonna and Jay-Z on its books with the ticket sales giant, but imposed certain [...]
Verizon sees delayed recovery January 26, 2010 Verizon Communications yesterday said it is facing a slower-than-expected economic recovery and plans to cut six per cent of its workforce, adding that it forecasts only a modest rebound in late 2010. After reporting fourth-quarter results that were in line with Wall Street’s expectations, Verizon said weak corporate spending hurt its traditional fixed-line business, offsetting [...]