US data shows ease in slump May 28, 2009 New orders for long-lasting US manufactured goods saw their biggest gain in 16 months in April and fewer workers filed for new jobless benefits last week, according to official data yesterday that suggested the deep recession was abating. The Commerce Department said new orders for durable goods rose 1.9 per cent, the biggest percentage advance [...]
May Gurney extends contract May 28, 2009 Construction group May Gurney Integrated Services said its long-term contract for Network Rail has been extended for two years and is expected to result in about £20m to £25m of work annually. The current long-term contract, which covers the London and North East regions and expires on 31 March 2010, has been extended to 31 [...]
German regulator admits flaws May 28, 2009 Germany’s financial markets regulator BaFin has admitted that it did not do enough to identify the problems in banks that led to the financial crisis. BaFin president Jochen Sanio said: “We as controllers did not see how much trash had built up at banks around the globe.” But he added that BaFin had not possessed [...]
Spottiswoode replies to angry adviser May 28, 2009 CLAIRE Spottiswoode, responsible for representing the interests of with-profits policyholders at Aviva, has issued a letter in response to one published in City A.M. questioning the insurer’s treatment of its investors. The Policyholder Advocate, formerly head of Ofgas, has defended a deal she struck over the group’s reattribution of a £1.4bn inherited estate controlled by [...]
Carlyle bosses admit last year was humbling May 28, 2009 BOSSES at Carlyle, the world’s second-biggest private equity house, said 2008 was a “humbling experience” and warned operating conditions for portfolio companies will remain tough. In an annual report to investors, the group’s three managing directors William Conway, Daniel D’Aniello and David Rubenstein said their “world changed dramatically” after several “spectacular” years of runaway growth [...]
Hogg Robinson hit as firms cut travel May 28, 2009 CORPORATE travel firm Hogg Robinson said yesterday that full-year pre-tax profit had slid 39 per cent, and that it expects the current market conditions to remain challenging. “We do not expect much change to the current market conditions during 2009 and have adjusted our cost base to reflect that expectation,” said chief executive David Radcliffe. [...]
A bloated BBC could hamper a recovery in media May 28, 2009 THERE was a rare spot of good news for the media industry this week. Firstly, Goldman Sachs turned positive on the industry, upping its target price for Daily Mail and General Trust to 346p and for Trinity Mirror to 88p. It also added ITV to its conviction buy list, a move which Bank of America [...]
Speedy Hire to raise 100m in rights issue May 28, 2009 SHARES in Speedy Hire dropped yesterday after the equipment rental company said it planned a heavily discounted rights issue to reduce debt and strengthen its balance sheet. The company expects to raise £100m through the sale of 458.7m new shares at 23p each, an 87 per cent discount to the stock’s closing price on Wednesday, [...]
ORIEL SECURITIES AND KBC PEEL HUNT JOINT BROKER, UNDERWRITER AND BOOKRUNNER May 28, 2009 Speedy Hire’s rights issue is fully underwritten by Oriel Securities and KBC Peel Hunt, with Rothschild as the financial adviser. The Oriel Securities team comprises members of its corporate, sales and research divisions, led by Oriel’s head of corporate Richard Crawley, who joined the firm two years ago from Credit Suisse. This month, the team [...]
Eurozone economic mood rises May 28, 2009 Eurozone economic sentiment improved more than expected in May, but inflation expectations fell again, raising the threat of deflation. A monthly survey by the European Commission, released yesterday, showed economic sentiment in the 16 countries using the euro rose to 69.3 points in May from 67.2 in April. The improvement was fuelled by the retail [...]