Aviva’s Delta Lloyd unit eyes IPO this year or next, says its chief September 28, 2009 INSURER Aviva’s Dutch unit Delta Lloyd plans to list in the fourth quarter of this year or early next year, the chief executive of Delta Lloyd said yesterday. “We are working on it. If there is additional information to give, we will let the market know,” Niek Hoek said on the sidelines of a Holland [...]
Mandelson extends scrappage scheme September 28, 2009 CAR industry bodies have welcomed the government’s decision to extend the cash-for-bangers scheme, saying it will help the ailing automotive sector achieve a lasting recovery. Business secretary Lord Mandelson announced at the Labour party conference yesterday a £100m extension to the scheme, which equates to 100,000 vehicles. He also widened the cut-off period to trade [...]
Shares in Wolseley rocket as trading outpaces forecasts September 28, 2009 WOLSELEY, the building supplies group, saw its shares surge yesterday, despite reporting a loss, as headline numbers for the first half of the year beat expectations. The company, which is fighting a massive slump in the housing market, reported pre-tax losses for the year to 31 July of £766m, down from a profit of £399m [...]
WHAT IS THE OUTLOOK FOR WOLSELEY? September 28, 2009 ANDY BROWN PANMURE GORDONThe company is still facing a tough trading environment, and, though we are seeing signs of market stabilisation, the housebuilding industry is just bouncing along the bottom. The shares went up because headline numbers were better than expected, but a 10 per cent rise is a bit overdone.RICHARD CURR PRIME CFDSAlthough the [...]
Beacon Hill in magnesite deal September 28, 2009 Beacon Hill Resources said yesterday it has conditionally agreed to acquire the entire issued share capital of Tasmania Magnesite together with a fundraising of £1m. The group added it had made losses of £177,000 from continuing operations for the first six months of the year, narrowing from losses of £953,000 in the same period last [...]
Moody’s downgrades Naftogaz September 28, 2009 Moody’s Investors Service yesterday downgraded the ratings of Ukraine’s Naftogaz, saying it expects the state energy giant to default on its debt this week. Moody’s cut Naftogaz’s probability of default rating to Ca from Caa2 after the company offered last week to restructure $500m of notes due on 30 September.
Tomorrow’s DLRStrike called off September 28, 2009 The planned 48-hour DLR strike by the RMT union due to begin tomorrow has been called off. The union had threatened a walk out over proposed changes in rosters at the control centre in Poplar. Talks were held over the weekend and the union Serco said an agreement had been reached. Managing director of Serco [...]
Losses widen at Piccolino’s parent firm September 28, 2009 INDIVIDUAL Restaurant Company (IRC), the owner of the Piccolino and the Restaurant Bar & Grill chains, yesterday reported widening first half losses and said that it would put its expansion plans on hold this year. First-half pre-tax losses widened to £838,000, compared to £83,000 in 2008, despite a five per cent increase in revenues to [...]
Dutch bank merger to go ahead September 28, 2009 THE Dutch finance ministry still intends to pursue a combination of nationalised banks ABN Amro and Fortis Bank Nederland, it said in a letter to parliament yesterday, quoshing speculation it might scrap the plan. Before it can merge the two banks, the state has to comply with a European Commission order from late 2007 on [...]
Head for China, former Lord Mayor tells banks September 28, 2009 UK BANKS should turn their attention to China’s burgeoning economy in their search for lucrative new business, former Lord Mayor of London Sir David Brewer said yesterday. Brewer, now the “China Business Champion” for UK Trade and Investment (UKTI), said there were “huge opportunities” for companies seeking to grow in China, which has maintained its [...]