Creston stumbles but marketing wins promise a better second half November 28, 2013 MARKETING firm Creston reported a nearly 80 per cent slump in profits during the first half of the year yesterday, missing market expectations and causing the company’s share price to drop by over seven per cent. The drop was due to the firm’s US agency losing a key contract and Creston’s high level of pitching [...]
E.On prepares to sell its Italian unit and eyes £2.5bn valuation November 28, 2013 GERMAN utility E.On has started preparations for the sale of its Italian business and will soon begin the search for a buyer, four people familiar with the matter said, at a price likely to be about €3bn (£2.5bn). Burdened by a massive expansion of renewable energy capacity, falling wholesale prices and tepid energy demand in [...]
Hibernia raising €350m for Irish property spree November 28, 2013 PROPERTY investment group Hibernia yesterday revealed plans to float in London and Dublin to raise €350m (£291.4m), which it aims to spend on the recovering real estate market in the Irish capital. Hibernia will be managed by Kevin Nowlan, who previously looked after assets for Nama, Ireland’s so-called bad bank that is dealing with distressed [...]
Character Group is on track for a merry Christmas as profits return November 28, 2013 TOY PRODUCER and distributor Character Group may have a jolly Christmas after all, having swung from a loss in the first half of the year to a £720,000 pre-tax annual profit. The firm, which makes Peppa Pig, Postman Pat and Doctor Who toys, said a 25 per cent jump in international sales had helped offset [...]
Arrow Global’s earnings soar in debt collector’s maiden results November 28, 2013 DEBT collection firm Arrow Global reported a 45 per cent rise in collections to £93.3m during the nine months to 30 September, following its market debut last month. Profits rose 86 per cent to £17.7m during the period driven by an increase in core collections for the firm. “We see a strong pipeline of portfolio [...]
Solid trading in the US and UK helps Wolseley November 28, 2013 BRITISH plumbing supplies group Wolseley posted like-for-like revenue growth of 3.5 per cent in its first quarter yesterday, boosted by strong trading in the US and Britain which offset weaker European markets. The company, which operates the Plumb Center and Ferguson chains in Britain and the US said trading profit for the group was up [...]
Network Rail slammed for not spending its budget on repairs November 28, 2013 NETWORK Rail has been criticised for spending £1.2bn less than expected on maintaining the railways over the last four years and causing more than half of the delays endured by British passengers. The Office of Rail Regulation said Network Rail was responsible for 1.7m minutes of delays between April and October, after infrastructure failures rose [...]
German workers hit the streets to protest restructuring at EADS November 28, 2013 MORE than 20,000 workers from European aerospace group EADS took to the streets in Germany yesterday to protest against restructuring plans they fear could cost thousands of jobs. Protests were held at about 30 sites, from the company’s Airbus factories near Hamburg in the north to its Eurofighter jet assembly plant in Bavaria’s Manching in [...]
Petrochina buys 25 per cent of Exxon’s interests in Iraq field November 28, 2013 PETROCHINA has bought a 25 per cent stake in the West Qurna-1 oilfield project from Exxon Mobil, strengthening China’s hold on Iraq’s energy resources. China is already the top foreign player in Iraq’s oilfields, which are the largest in the Middle East open to foreign investment. Iraq said in August that Exxon Mobil was selling [...]
India to investigate Ericsson patents November 28, 2013 India’s Competition Commission (CCI) is to investigate Swedish telecoms equipment maker Ericsson in regard to a dispute over charges levied on India’s Micromax for the use of Ericsson’s patents. Ericsson had sued Micromax in March for patent infringement and the Indian firm responded by filing a complaint to the CCI, Ericsson said. “The CCI has [...]