Bunzl acquires US distribution firm as revenues head upwards June 27, 2012 GLOBAL distribution and outsourcing company Bunzl said yesterday it had bought Service Paper Company in the United States while separately issuing an upbeat trading statement. Service Paper distributes disposable supplies to the grocery, food service, food processor and industrial packaging sectors throughout the Pacific Northwest. Revenues of the business acquired for the year ended 31 [...]
Tepco to receive £8bn injection June 27, 2012 Tokyo Electric Power (Tepco) shareholders voted yesterday to approve the Japanese government’s 1 trillion yen (£8bn) capital injection, to avert the collapse of the utility in the aftermath of the Fukushima nuclear crisis. The capital injection will hand control of Tepco to the government. It brings total state support for the company to 3.5 trillion [...]
Xtract suspends share trading June 27, 2012 Shares in Xtract Energy were suspended yesterday. The company said it had received cash demands from Noreco, the operator of its Danish Luna well, in relation to cost overruns on the drilling of the well. The company said in a market statement that its financial future was uncertain. It said: “We are exploring various potential [...]
Italians clarify drilling rules June 27, 2012 Mediterranean Oil & Gas said yesterday it would pursue plans for a concession in the Central Adriatic after the Italian government clarified rules on offshore drilling. Italy put in place offshore drilling restrictions in 2010 as a defensive measure after BP’s Gulf of Mexico spill. Changes to these rules now mean restrictions on offshore exploration [...]
WHO’S SWITCHING JOBS June 27, 2012 LDC The private equity house has announced that Keith Holdt has been appointed as investor director in its value enhancement group. He joins from Swiss Post Solutions, where he was head of global business development and sales. Holdt previously spent eight years with IBM. Lloyds Banking Group Andrew Bester has been appointed chief executive, wholesale [...]
BEST of the BROKERS June 27, 2012 ASHTEAD Canaccord Genuity said fourth quarter results published by the industrial equipment firm Ashtead last Thursday were better-than-expected and as a result, it is raising its target price by eight per cent to 285p and retaining its “buy”stance. The broker has upgraded its full year profit-before-tax forecast by nine per cent to £163.5m and said [...]
Boosted by bank and commodity stocks, FTSE breaks its losing run June 27, 2012 BRITAIN’S leading shares bounced back yesterday, snapping a four-session losing streak, with commodity and banking stocks squeezed higher as worries over the global growth outlook were eased by some upbeat US data. Volumes were again low, however, as most investors preferred to remain on the sidelines ahead of a crucial European summit. The FTSE 100 [...]
Surprisingly positive data lifts US shares June 27, 2012 U S stocks rose yesterday as stronger-than-expected economic data helped lift energy stocks, overshadowing concerns a European Union summit will not yield tangible progress in easing the debt crisis. The energy sector showed the strongest gains among the 10 major S&P 500 groups, rising 1.9 per cent as oil prices settled higher at $80.21 a [...]
The UK’s consumer debt burden is stifling hope of economic recovery June 27, 2012 THE Eurozone crisis has grabbed all the headlines. Yet Britain’s economic problems are not exactly the same as those of the Eurozone. In Euroland, the crisis has centred on banking and sovereign debt. In Britain, we have already given our banks plenty of capital. Remember the part-nationalisation of RBS and Lloyds TSB? It was in [...]
A hostile US Supreme Court risks trapping Obama in a political nightmare June 27, 2012 ALEXANDER Hamilton, the US Founding Father, described the judicial branch of government as the “least dangerous to the political rights of the Constitution,” because it “has no influence over either the sword or the purse; no direction either of the strength or of the wealth of the society.” With the Supreme Court expected to rule [...]
