TNT silent over UPS bid as losses mount February 21, 2012 SHARES in Dutch delivery firm TNT Express fell by almost three per cent yesterday after it said it was planning to curb its international expansion plans in the wake of a net loss of €173m (£145m) for the fourth quarter. Despite pushing for a higher price from potential suitor UPS – whose €9 per share [...]
European corporate debt issues up as banks struggle to provide funds February 21, 2012 EUROPEAN bond activity is showing signs of recovery, with corporate debt issues so far in 2012 worth $75bn (£47bn), an increase of 83 per cent on the same period last year, according to data from Thomson Reuters. The data suggests that companies that struggle to borrow from banks are instead turning to capital markets for [...]
Ericsson takes in BelAir February 21, 2012 Swedish telecoms firm Ericsson is to buy privately-held WiFi technology firm BelAir Networks as part of its plan to boost its mobile broadband offering. BelAir, which produces indoor and outdoor WiFi systems for telecoms operators that allow people to surf the internet without a physical coupling to a network, has 120 staff. Ericsson did not [...]
Colliers extends bid deadline February 21, 2012 Property services group Colliers International has agreed to extends its “put up or shut up” deadline for its majority shareholder Firstservice Corporation to make a bid for its troubled UK arm. The firm had a deadline of 5pm yesterday to make a formal offer according to Takeover Panel rules, but Colliers has extended the deadline [...]
Sales slow at Asda but boss stays upbeat February 21, 2012 ASDA, owned by US retailer Wal-Mart Stores, yesterday posted a slowdown in sales growth in its fiscal fourth quarter as shoppers cut back due to rising prices, muted wages growth and an uncertain economic outlook. Chief executive Andy Clarke said he was instinctively optimistic about prospects in 2012 but said it was too early to [...]
Misys suitor talks up its merger bid February 21, 2012 TEMENOS insisted yesterday its plan to merge with British banking software group Misys presents the best deal for both sides, despite the rival offer from Vista Equity Partners on Monday. Swiss-based Temenos, which reported a 35 per cent fall in fourth quarter adjusted profits to $35.2m (£22.3m), said the merger would give “enhanced scale and [...]
Dell disappoints with glum view February 21, 2012 Dell shares fell after hours yesterday after the tech firm forecast fiscal first-quarter revenue below Wall Street’s expectations, stoking fears the PC industry has not fully emerged from its downturn. The world’s third-biggest personal computer maker projected sales would be down seven per cent this quarter from the previous quarter, when it posted revenue of [...]
Kraft forecasts earnings growth February 21, 2012 Kraft Foods has forecast earnings growth of at least nine per cent this year even as it prunes its portfolio of North American brands. Kraft, due to split in two this year, forecast 2012 net revenue growth of about five per cent, including a hit of up to one percentage point from “product pruning” in [...]
Macy’s expects sales gains February 21, 2012 Macy’s expects further sales gains this year, helped by the broad array of exclusive and private brands that led to a higher profit in the holiday quarter. For the new fiscal year just under way, Macy’s expects sales at stores open at least a year to rise 3.5 per cent. Macy’s reported net income of [...]
Home Depot beats Street forecast February 21, 2012 Home Depot quarterly results have beaten Wall Street estimates as a warm winter boosted sales at the world’s largest home improvement chain by pulling some spring demand forward. Home Depot’s quarterly sales rose 5.9 per cent to $16.01bn (£10.2bn) in the fourth quarter ended on 29 January, well ahead of the analysts’ average estimate of [...]