‘Staycationers’, swine flu and recession dent Kuoni’s results August 20, 2009 LUXURY holiday and tour operator Kuoni yesterday provided fresh evidence on how economic turmoil and the swine flu pandemic have damaged the leisure sector. The Zurich-based firm said it swung to a first-half loss of SFr51m (£29m) compared with SFr26.5m profit in the same period a year ago due to adverse currency movements and rising [...]
CITY VIEWS: HAVE YOU OPTED FOR A “STAYCATION” TO WEATHER THE DOWNTURN? August 20, 2009 CLIFF CUNNINGHAM POLAR LAKE“No, I went to Portugal. I’m not particularly fazed by the credit crunch – I got a good deal and it was just a little break. Going on a holiday abroad is an expense, but travel is cheaper than it has ever been thanks to good old Ryanair and the like.” NEVILLE [...]
Rio profits plunge but optimism holds August 20, 2009 RIO TINTO, the world’s second-largest miner, yesterday blamed the collapse in metal prices for plummeting pre-tax profits, but was cautiously confident about the future. London and Sydney-listed Rio reported first-half pre-tax profit was 56 per cent lower than the same period in 2008, at $4.3bn (£2.6bn). But the miner said that it had eased its [...]
HOW DID THE MARKET REACT TO RIO TINTO’S RESULTS? August 20, 2009 IVOR PETHER ROYAL LONDON ASSET MANAGEMENTThe results were a bit below consensus, and that was largely to do with the short fall in iron ore. But it is more about the outlook from here than the results that they reported. If you factor in current commodity prices they could see a substantial lift moving forward, [...]
IP Group falls to a loss August 20, 2009 Intellectual property marketing firm IP Group said yesterday that it had slipped to a first-half pre-tax loss of £4.9m, compared to £15.8m a year earlier, as the economic crisis hit its portfolio performance. IP, which takes university research and turns it into commercial outfits, reported a 26 per cent fall in net assets and said [...]
Obama trims US deficit outlook August 20, 2009 A stabilising US financial sector has freed President Barack Obama to trim 2009 budget deficit projections. The White House budget office will lower its deficit forecast next week for the current fiscal year to $1.58 trillion (£95bn) from $1.84 trillion after removing $250bn set aside for bank bailouts, officials said. The decision shows the administration [...]
Silverfleet buys sausage maker August 20, 2009 Private equity firm Silverfleet Capital has agreed to buy German sausage casings maker Kalle, former owner Montagu Capital said yesterday. The €212.5m (£183.3m) deal, one of the largest private equity acquisitions of the year, is backed by a syndicated loan arranged by Bank of Ireland. Kalle is one of the five biggest artificial sausage-skin makers [...]
Ireland sets to value bad bank August 20, 2009 The Irish government has issued a tender seeking a derivatives valuer for its “bad bank”, following invitations for firms to assess the loans and real estate collateral it will acquire. The publication of the tenders is one of the clearest signs yet that Dublin is moving closer to launching the National Asset Management Agency (NAMA) [...]
Redrow in board reshuffle August 20, 2009 Housebuilder Redrow has launched a boardroom shake-up by naming a new deputy chairman and two non-executive directors. The reshuffle comes after the firm was taken back under the control of original founder Steve Morgan. Alan Jackson, who is already a director of several non-public firms and sits on the board of The Restaurant Group, has [...]
Advent appoints ex-Boots chief August 20, 2009 Private equity firm Advent International yesterday appointed Richard Baker, former Alliance Boots chief executive as an operating partner. Baker has been acting as an adviser to the group since the beginning of the year. Baker led the merger of Boots and Alliance Unichem as well as steering the sale of the firm to Stefano Pessina [...]