Finsbury sees a big rise in cake and bread profit September 23, 2013 FINSBURY Food Group yesterday reported a huge rise in profits after it sold its Free From business and raised £3.8m through an equity placing. The bread and cake company’s profits before tax soared 19 per cent to £5.5m, up from £4.6m, in the year to 29 June. Meanwhile debt fell 78 per cent from £33.9m [...]
Danone powdered milk business probes China bribery allegations September 23, 2013 A UNIT of French food group Danone said yesterday it has opened an investigation after Chinese state TV reported that it bribed medical staff to boost sales of its infant formula at hospitals in a number of regions across northern China. The latest allegations follow a report by China Central Television (CCTV) last week that [...]
Jerome Booth’s investment firm buys UK’s Icon Film Distribution September 23, 2013 SERIAL investor Jerome Booth turned his focus to the silver screen yesterday, as his investment company bought UK film distributor Icon. New Sparta, the vehicle Booth founded to invest in film and media firms, bought Icon Film Distribution from its parent company Icon UK Group for an undisclosed sum. Icon has a library of more [...]
Dairy Crest rates cheese better than butter as spread sales dip September 23, 2013 DAIRY Crest hailed Cathedral City cheese as its star performer yesterday, as it predicted steady sales for its first half of the year. The dairy food producer, whose products also include Clover, Utterly Butterly and Country Life, said sales of its four key brands for the six months to 30 September are likely to be [...]
Bangladesh garment factories are forced to shut as protests continue September 23, 2013 MORE than 100 Bangladeshi garment factories were forced to shut yesterday as thousands of workers protested to demand a $100 a month minimum wage and about 50 people were injured in clashes, police and witnesses said. Garments are a vital sector for Bangladesh and its low wages and duty-free access to western markets have helped [...]
GM to buy back preferred shares September 23, 2013 General Motors said yesterday it would buy back just under half of its preferred shares held by the United Auto Workers healthcare trust for about $3.2bn, cutting costs by financing the deal with lower-cost debt. To finance the purchase of 120m of the Series A preferred stock from the UAW Retiree Medical Benefits Trust at [...]
Canada counts Alberta flood costs September 23, 2013 The massive floods that devastated swaths of southern Alberta in June are estimated to be the costliest natural disaster in Canadian history, with the Insurance Bureau of Canada pegging the property damage at C$1.7bn (£1.03bn). The bureau, which represents Canadian home, cars and business insurers, said the preliminary estimate for the floods surpassed the C$1.57bn [...]
Cuba plans port and trade zone September 23, 2013 Cuba published rules and regulations yesterday governing its first special development zone, touting new port facilities in Mariel Bay in a bid to attract investors and take advantage of a renovated Panama Canal. The decree establishing the zone and related rules takes effect on 1 November and includes tax and customs breaks for foreign and [...]
City Moves for 24 September 2013 | Who’s switching jobs September 23, 2013 Rockspring The property investment company has announced the appointment of David Thomas as European director responsible for its fund accounting team. Thomas was most recently at PwC, where he spent nine years specialising in investment management and real estate. Barclays The bank has recruited Peter Horrell as chief executive of its wealth and investment management [...]
Total to taper its investments from next year September 23, 2013 FRENCH oil giant Total said yesterday that it would bring its investment spend down next year while its oil and gas production will grow to 2.6m barrels of oil equivalent per day (boepd) in 2015, boosting the company’s available cash flow. Investors were eager to know how the French oil major would taper its unprecedented [...]