Pinewood expansion plan refused October 22, 2009 Film studios Pinewood Shepperton said its second-half trading to date was in line with market expectations while revenue remained below year-ago levels. But the company also said the South Bucks District Council (SBDC) refused the company’s planning application for Project Pinewood, a long-term scheme to expand its famous studios in the south east. It said [...]
Petrofac confident on earnings October 22, 2009 Oil and gas services company Petrofac said it was confident it would deliver full year earnings growth of at least 20 per cent after continued contract wins and healthy bidding activity. The company said that contract activity was lively in both its construction and offshore businesses.
Lonmin warns of metal pressures October 22, 2009 Lonmin, the world’s third-largest platinum producer, said precious metal miners in South Africa would likely face continued challenges in 2010 as it posted a 25 per cent drop in fourth-quarter platinum sales. Chief executive Ian Farmer said above-inflation wage increases are putting cost pressures on the miners.
Aid plea over Japan Airlines October 22, 2009 Ataskforce working on plans to save Japan Airlines from collapse has asked for over 550bn yen (£3.62bn) of debt waivers and debt-for-equity swaps in a frantic bid to save the carrier. The task force, which reports to transport minister Seiji Maehara – has asked for the aid from Development Bank of Japan and has also [...]
Axa looks to offload its stake in Chinese Taikang Life arm October 22, 2009 FRENCH insurer AXA has started the ball rolling on a Chinese asset sale that could raise as much as $1bn (£604m). Axa will sell the 15.6 per cent Taikang Life Insurance Company stake it took on when it bought Swiss group Winterthur in 2006. The group has enlisted US investment bank Morgan Stanley to advise [...]
Aviva unveils shake-up of European arm October 22, 2009 INSURANCE giant Aviva has unveiled plans for a “quantum leap” restructuring of its mainland European operations. The group, led by chairman Lord Sharman, has said it will integrate 12 separate businesses across Europe, and adopt a single distribution model across the region. It will simplify its product range as part of the move, designed to [...]
HOW DID THE MARKET REACT TO DEBENHAMS’ RESULTS? October 22, 2009 KATHARINE WYNNE INVESTECWe believe the combination of positive margin trends, evidence of improving full price sales despite a highly promotional stance, and Debenhams’ brand mix – which allows customers to trade up and trade down within the range – should support a higher valuation. KEITH BOWMAN HARGREAVES LANSDOWNDebenhams has climbed a very steep hill, with [...]
Green appoints chief exec to run clothing empire Arcadia October 22, 2009 RETAIL magnate Sir PhilipGreen yesterday appointed a full-time chief executive to run clothing business Arcadia. Green said he had hired Ian Grabiner, Arcadia’s chief operating officer, as chief executive, as he warned of a tough Christmas on the high street. And the tycoon – who is adamant that the shake-up will not see him take [...]
Profits up at Debenhams October 22, 2009 Department Chain Debenhams reported a better-than-expected 14 per cent full-year pre-tax profit and saying it had cash for acquisitions. Disappointing retail sales data from the Office for National Statistics cast a shadow over Debenhams’ news that it had made a profit of £125.2m, driven by a strong demand for its Designers at Debenhams range. Sales [...]
HORLICK PLANS SECOND PUSH INTO FILM INVESTMENT AT BRAMDEAN October 22, 2009 CITY superwoman Nicola Horlick has been keeping herself to herself of late, but she came out yesterday guns blazing to deny scurrilous rumours that her firm, Bramdean Asset Management, is on the block. “Bramdean is not for sale,” she insists, before launching into a tirade against idle gossipers. Horlick – who earlier this year was [...]
