PVH to pay $2.8bn for Warnaco to take control of Calvin Klein October 31, 2012 PVH will buy rival Warnaco Group for about $2.8bn (£1.7bn) in a deal that will give the company more control of the Calvin Klein clothing brand and boost profits immediately, sending PVH shares up as much as 23 per cent. PVH bought Calvin Klein in 2003 and makes formal and sportswear under that brand, while [...]
Japanese earnings under stress but housing gets back on track October 31, 2012 JAPANESE total cash earnings were flat in September, compared to a year earlier, data revealed yesterday, but separate housing figures were boosted by reconstruction efforts in the wake of last year’s earthquake. Japanese wage earners took home exactly the same amount, on average, in September, as they did a year earlier, according to labour ministry [...]
Murdoch bumps up holding in Australian pay-TV firm Foxtel October 31, 2012 RUPERT Murdoch tightened his grip on Australia’s media landscape yesterday, winning support for his A$2bn (£1.29bn) takeover of a large investor in Foxtel, the country’s dominant pay-TV network. Shareholders at Consolidated Media Holdings (CMH) voted in favour of the takeover, which doubles Murdoch’s stake in Foxtel to 50 per cent. The deal also gives News [...]
Total profit rises in third quarter October 31, 2012 French oil company Total, Europe’s third largest oil firm, posted a 20 per cent rise in third quarter profit yesterday to €3.3bn (£2.7bn), up from €2.8bn last year. Profits from the refining and chemicals division was up 54 per cent to €564m, from €367m in the third quarter of last year. Oil and gas output [...]
Croda takes on JP Morgan Caz October 31, 2012 Global manufacturer of speciality chemicals Croda, which counts Procter & Gamble, Unilever, L’Oreal and Estee Lauder among its customers, yesterday said it had appointed JP Morgan Cazenove as joint broker, alongside Morgan Stanley, with immediate effect. In July it reported a six per cent increase in first-half profit, thanks to increased sales of high margin [...]
Mondi posts flat profits October 31, 2012 South African paper and packaging producer Mondi yesterday posted flat profits year on year. In the three months to September, underlying profit came in at €135m (£109m), down slightly from €136m over the same period last year, which the firm blamed on weaker demand over the summer months. Mondi added that price increases in the [...]
Who’s switching jobs October 31, 2012 RBC Wealth Management Adam Norris has been appointed senior manager in the wealth management firm’s newly-formed intermediary wealth solutions offering. He joins from HSBC Private Bank, where he focused on Channel Islands-based private clients. Norris has also held roles at Deutsche Bank. MIG Capital Paul Chrimes has been appointed chief operating officer of the trading [...]
Best of the Brokers October 31, 2012 LONMIN Deutsche Bank upgraded its rating to “hold” and increased its target price to 490p from 445p. The bank said the size of Lonmin’s proposed rights issue will “ensure the company’s survival”. WOLSELEY Jefferies downgraded its rating from “hold” to “underperform”, as it thinks the stock is no longer a US recovery play. The broker [...]
FTSE 100 higher as US stockmarket prepares to open October 31, 2012 The large cap index was trading marginally higher this morning, led by an upswing in mining stocks thanks to an uptick of base metal prices. Following two days of closure, the US stockmarket is preparing to open today. Airline group IAG was the top blue-chip riser this morning, while utility stocks and Barclays made up [...]
Total profits jump on strong refining margins October 31, 2012 French oil company Total posted a 20 per cent rise in third quarter profit this morning to €3.3bn (£2.7bn), up from €2.8bn last year. Europe’s third-largest oil company benefited from a temporary widening between the price of crude and the selling price of its fuels, thanks mainly to refinery closures in the US and Europe, [...]