Chinese hustlers are taking advantage of the Cayman legal system – and British investors are paying for it
THETINMAN November 25, 2009 Russian oligarch Oleg Deripaska will lose majority control of aluminium producer Rusal following a planned flotation of the company, said Russian finance minister Alexei Kudrin yesterday. “After VEB (the Russian state-owned bank) buys a stake, the government and Deripaska will control the company,” he said. Picture: reuters
Liontrust sees 92 per cent profit plunge November 25, 2009 FUND manager Liontrust Asset Management reported a 92 per cent slump in pre-tax profits in the first half as it continued to restructure following the loss of key fund managers. The slide to just £0.5m in the six months to September 30 compared with more than £6m in profits during the same period last year. [...]
Hansteen in KEIF stake talks November 25, 2009 Hansteen Holdings is in preliminary talks to take over the Kenmore European Industrial Fund (KEIF) for £56.8m as it looks to ramp up its exposure to continental European real estate. Hansteen logged its interest in buying the fund after acquiring an initial 12 per cent stake from Knowe Properties for £3.36m in cash and around [...]
Sportingbet profit doubles November 25, 2009 Sportingbet, the operator of the Paradise Poker Internet gambling site, said first-quarter profit rose 56 per cent, helped by during-games sport betting. Pre-tax profits rose to £6.1m in the quarter ended Oct 31, from £3.9m, or 0.7p per share, in the year-earlier period. Sportingbet is attracting more sports gambling by encouraging customers to bet during [...]
Nostalgia boosts HobbyCraft sales November 25, 2009 HobbyCraft, the leading out-of-town art and craft retailer, has reported a 67 per cent increase in profit before tax for the year to 22 February 2009. In the 35 weeks since the year end, the group said it has delivered like-for-like sales up nine per cent and total sales up 22 per cent.
Car registrations driven down in EU for 18th month in a row November 25, 2009 THE number of cars registered across Europe slumped 30.7 per cent last month to 141,765 vehicles, down from 204,522 the year before, data from the European carmakers’ association ACEA showed yesterday. In the UK, 17,197 vehicles were registered in October, the data showed, a drop of 27.7 per cent from 23,793 units the year before. [...]
UBS tax data deal with US draws closer November 25, 2009 SWITZERLAND has completed a tax review of 500 clients of UBS and is ready to share data with the United States in nearly all cases in line with an August deal that put an end to a bitter tax row. But the clients involved have 30 days to appeal the data transfer to a local [...]
Airlines balk at passenger fund November 25, 2009 AIRLINES throughout Europe have hit back at European Union demands for them to set up a compensation fund for stranded passengers. European Union consumer commissioner Meglena Kuneva, will today call for insolvency protection rules to be widened to cover holidays and airline tickets booked by passengers over the internet. EU lawmakers also want grounded passengers [...]
QinetiQ warns on profit target November 25, 2009 DEFENCE technology company QinetiQ yesterday said it was unlikely to meet full-year profit forecasts profit due to slower order uptake in Britain and the United States. QinetiQ , whose biggest customer is the Ministry of Defence, was reporting a two per cent fall in pre-tax profit to £45.1m on revenues 11 per cent higher at [...]
Xenophobic energy sales patter is a load of hot air November 25, 2009 BRITISH Gas was this week attempting to make a virtue of accuracy in its billing systems with a series of newspaper advertisements as it attempts to lure new customers with the promise of scrapping estimated monthly bills in favour of a new, more transparent system. Ironic then that just hours before the launch at least [...]
