Losses grow wider at Regal September 16, 2009 REGAL PETROLEUM, the oil and gas group, reported a widening first-half net loss yesterday, but said it was expecting improved earnings for the next year as funding problems at the group have been resolved. The firm reported a net loss for the six months to the end of June of $7.57m (£4.59m) compared with $5.26m [...]
Recovery in commodities boosts profits at Ambrian September 16, 2009 NATURAL resources investment bank Ambrian Capital moved back into profit over the first half of the year after total income almost tripled, boosted by a strong performance in the commodities division. Ambrian’s income rose to £10.13m in the six months to June, compared to £3.74m in the first half of 2008. Pre-tax profit came in [...]
De La Rue hit by costs as it restructures September 16, 2009 BANKNOTE printer De La Rue yesterday said it would be hit by £7.5m of exceptional costs thanks to a revamp at its cash-processing unit and a one-off tax fee. The firm, which prints notes in 150 national currencies, has been forced to pump £5m in to overhaul the underperforming unit, which makes banknote-sorting machines and [...]
BEST OF THE BROKERS September 16, 2009 SAINT GOBAINGoldman Sachs removed Saint Gobain from its “buy” list and downgraded the stock to “neutral” following a period of outperformance. The broker upgraded its 12-month target price to €39, from €31.4, but said that there is limited upside relative to the sector average. Upside risks include stronger-than-expected rebound in European construction activity and faster [...]
CITY MOVES WHO’S SWITCHING JOBS September 16, 2009 DeloitteThe business advisory firm has hired Carl Bates and Ed Marsden as partners in its technology, media and telecoms (TMT) data team. Both join from Detica, where Bates, pictured, was managing director for the UK consulting business and Marsden led the TMT practice. Bates also previously spent four years as a director at Deloitte, while [...]
Tech firm woes to hit new high September 16, 2009 The number of business failures in the technology, media and telecommunications (TMT) sector is set to peak at 2,360 in 2010, exceeding levels seen in the aftermath of the dot-com bust. According to the latest Industry Watch report by accountants and business advisors, BDO Stoy Hayward, the business failure rate will peak at 1.5 per [...]
Cattles creditor talks progressing September 16, 2009 Beleaguered sub-prime lender Cattles yesterday said talks with its creditors to obtain a standstill agreement on its debt were progressing, adding that both sides are currently considering a draft of the heads of terms for an agreement. However, Cattles said it would not be appropriate to reveal details on the specific provisions in the draft, [...]
Sun on the horizon for UK hotels September 16, 2009 The UK hotel industry will soon be over the worst of the downturn, a new report from PricewaterhouseCoopers claims today. The firm predicts that revenue per available room (Revpar) will fall 12.1 per cent overall this year, but that this will slow to a 2.4 per cent decline in 2010. It also said the fall [...]
The British economy needs kid glove treatment September 16, 2009 The collapse in UK output seems to have run its course and activity is now stabilising, but what sort of recovery can we expect? Recent evidence on the economy has been mixed. On the positive side, the latest KPMG/REC Report on Jobs found that permanent and temporary staff appointments rose in August for the first [...]
Music body tries to deny industry rift September 16, 2009 THE BODY representing the UK music business yesterday attempted to quash talk of an industry split over the government’s plans to disconnect people caught illegally downloading music. The controversial issue has polarised the music industry, with some artists supporting business secretary Lord Mandelson’s proposals to disconnect persistent illegal filesharers, but others attacking them. But UK [...]
