Ex-Refco boss charged with fraud October 13, 2005 Refco’s former chairman and chief executive Phillip Bennett was arrested yesterday and charged with securities fraud, two days after the company, the largest independent American futures broker, said he hid $430m (£245m) in unpaid debts. American attorney Michael Garcia told reporters yesterday that Bennett, 57, and unidentified accomplices “hid from investors and regulators hundreds of [...]
What’s outside your window? October 13, 2005 The price of property is soaring in Thailand despite laws preventing foreigners owning land. Since the Asian tsunami struck on 26 December last year, the number of tourists visiting Thailand has fallen dramatically. About a year ago, 192 holiday flights landed at Phuket airport every week – last week that figure was only 35. Hotels [...]
US drier for SAB Miller October 13, 2005 Shares in dual-listed global brewing company SABMiller fell yesterday despite a relatively strong trading statement from the group. Despite announcing a performance in line with management expectations, the group warned that trading conditions in America were increasingly difficult. Shares in the Anglo-South African company fell by 14p to 1044p a share early yesterday. The company [...]
Pithy returns for AIM’s Chinese newcomers October 13, 2005 Two AIM newcomers from China both reported strong trading performances yesterday. Asian Citrus, the largest orange plantation owner and operator in China and the biggest Chinese firm on AIM, reported its first full-year results since floating on 3 August. Pre-tax profits for the year to 30 June soared by more than 60 per cent to [...]
Steady jog at Adidas October 13, 2005 German sporting goods company Adidas-Salomon said it was on course to meet its full year targets, despite its proposed €3.1bn (£2.1bn) acquisition of rival Reebok. Adidas chairman and chief executive Herbert Hainer told investors yesterday that the group remains on course to produce a 20 per cent increase in net income, operating margins of 11 [...]
Huge loss for Vastox October 13, 2005 Oxford and Sheffield universities were at the forefront of commercial science yesterday as two of their spin-out companies reported on their trading performance. Vastox, the company founded by a team of Oxford University scientists led by Professor Steve Davies, reported its maiden first half results since floating on AIM last October. The company has developed [...]
Jurys backing offer October 13, 2005 The board of the Irish hotels group Jurys has recommended a bid led by the daughters of the late founder P.V Doyle to take the company private. The hotel group board announced yesterday that it had reached terms with JDH Acquisitions, a group that has the support of 40 per cent of Jurys shareholders. A [...]
Casino boost October 13, 2005 Sportingbet, the online sports betting and gaming group, shored up confidence in the sector yesterday by unveiling that profits had quadrupled. Shares in internet-based poker businesses crashed on Monday when Empire OnLine’s chief executive Noam Lanir suggested that there was little growth in the sector during the third quarter. His comments helped send shares in [...]
Carphone tills ring October 13, 2005 Carphone Warehouse, the independent mobile phone company run by Charles Dunstone, said it was likely to ring up 35 per cent more profits in the first half of the year. The company also confirmed that as part of its expansion plans it would look at Onetel, the communications group being sold by Centrica. Carphone Warehouse [...]
GUS gloomy over retail sales October 13, 2005 Retail conglomerate GUS, which owns Argos and Homebase, yesterday predicted the retail sectors it serves would remain in negative like-for-like sales territory until at least September 2006. “We are planning on the assumption that like-for-like sales will remain in decline for the market as a whole for the next 12 months,” said finance director David [...]