Boeing says 787 is on track May 21, 2009 Aircraft manufacturer Boeing said yesterday that its Dreamliner 787 was still on track for its first flight later this quarter, and said it is on the lookout to buy defence firms. The American company stood by a previous full-year forecast, but said that deliveries of new planes, including the 787, set to begin next year [...]
Tata on track for refinancing May 21, 2009 Tata Motors, which owns British marques through its Jaguar Land Rover (JLR) unit, moved closer to fully refinancing the $3bn (£1.8bn) bridge loan it used to buy JLR, after it raised 426bn rupees (£26.4m) through a rupee bond yeterday. Together with earlier prepayments of $1.11bn, the bond means India’s largest automaker now has $1.05bn outstanding [...]
Rio hit again as investors snub Chinalco May 21, 2009 MINING giant Rio Tinto came under fire again yesterday over its controversial proposed tie-up with Chinalco. In the latest in a series of criticisms from shareholders and the Australian government, investors in Sydney called for changes to the proposed $19.5bn (£13.6bn) tie-up with the Chinese state-owned aluminium company. Shareholders object to the stake which Chinalco [...]
ABI chairman extends tenure May 21, 2009 THE Association of British Insurers (ABI), whose members hold investments equivalent to 20 per cent of the London stock market, has extended the tenture of chairman Archie Kane until 2010. The ABI said the move would enable Kane to continue leading the association in shaping its response to the financial crisis and help UK financial [...]
BarCap hiring spree continues May 21, 2009 BARCLAYS Capital (BarCap) continued its hiring spree yesterday, raiding its rivals for a pair of star M&A bankers. Matthew Ponsonby of Citigroup and Mark Warham will join the division as co-heads of mergers and acquisitions in Europe. The appointments continue the unit’s strategy of building European equities and M&A teams to match BarCap’s US operations. [...]
Barnes & Noble losses narrow May 21, 2009 US bookstore Barnes & Noble reported a narrower-than-expected £2.7m quarterly loss and raised its full-year outlook yesterday, boosted by cost-cutting and sales that fell less than planned in a weak book retail market. The company said shoppers have been paring back on non-essential items, including books, in the recession.
Sugar seeks junior apprentice May 21, 2009 A group of 10 teenagers will feel the sharp edge of Sir Alan Sugar’s tongue, with one becoming the tycoon’s “Junior Apprentice”, in a spin-off of the BBC’s hit business reality show. Candidates will compete in tasks, designed to test their entrepreneurial skills, to win a career-based prize worth up to £25,000.
Qataris make preferred bid for Panmure May 21, 2009 PANMURE Gordon, the 133-year-old City stockbroker, said yesterday it had conditionally raised £23m via a share placing with QInvest, Qatar’s largest investment bank. The firm’s decision to accept QInvest’s proposal came after lengthy deliberations over the merits of two further stakebuilding offers from private equity firm BlueGem and hedge fund SPQR Capital. Under the terms [...]
Investec hopeful despite slump in full-year profits May 21, 2009 SOUTH African specialist bank Investec saw 2009 full-year net profit fall by a quarter to £292m, it said yesterday, but added that it expects impairment to level out. The group, led by chief executive Stephen Koseff, saw impairment losses jump from £114m to £256m in 2009, but managing director Bernard Kantor said he expected bad [...]
British Land shares suffer as values cut May 21, 2009 SHARES in British Land took a battering yesterday after the company wrote down £3.2bn on the value of its property portfolio, reviving fears that banks will suffer huge losses from commercial mortgage lending. Announcing its annual results, the commercial property group said its net asset value tumbled 64 per cent to 398p a share, well [...]