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 [...]
London set for surge of IPO activity September 28, 2009 THE CITY is gearing up for a return of initial public offering (IPO) activity as a torrent of companies prepare to take the plunge into shareholder ownership, according to Thomson Reuters data. Underscoring the dramatic recovery being staged on equity markets, five IPOs – where firms listed on stock markets – are now on the [...]
Opera ups stakes in browser probe September 28, 2009 Norwegian web browser maker Opera urged European Union regulators not to rush to close their antitrust case against Microsoft before ensuring a level playing field among browsers. Competition Commissioner Neelie Kroes has said she is keen to reach a settlement to the decade-long dispute with Microsoft before her term ends this year. But Opera said [...]
Swiss Re raises 38m from sale of run off unit, amid ongoing fight for capital September 28, 2009 SWISS REINSURANCE GROUP, the firm behind the construction of City skyscraper the Gherkin, has sold off its run-off management unit in a deal valued at up to £38m. The firm has sold its PRO unit to UK-based run-off firm consolidator Tawa, as it fights to offset losses made from investments turning sour in the credit [...]
Pawnbroker’sprofit surges on gold price September 28, 2009 PAWNBROKER Albemarle & Bond (A&B) yesterday announced a 50 per cent rise in its full-year pre-tax profit helped by a strong gold price, and said trading remained strong. The company also said in a separate statement that its founder, Philip Murphy, will retire from his role as non-executive director at the group’s next annual meeting. [...]
Restructurings to continue… September 28, 2009 THE push to cut debts will drive a high number of corporate restructurings in the next year, as banks grow more willing to take writedowns and as businesses run out of cash, a senior restructuring adviser said. Simon Davies of Blackstone Group yesterday told the Reuters Restructuring Summit that the paralysis in restructuring brought on [...]
Industry faces battle to find new professionals September 28, 2009 THERE are too few turnaround specialists in the world to cope with a surge in the numbers of companies that need restructuring after the credit crisis, an insolvency expert told the Reuters Restructuring Summit. “There are 408 practitioners in 11 of the United States’ trading partners, five of them have seven between them,” said Nick [...]
US chemical deal gets go ahead signal September 28, 2009 Dow Chemical, the American chemicals group, yesterday said it had received official approval from the US Federal Trade Commission (FTC) for its $1.68bn (£1.05bn) sale of its Morton Salt unit to Germany’s K+S to go ahead, clearing the way for the deal to reach completion stage. The companies expect the transaction to close within the [...]