Heritage losses widening April 18, 2012 Oil explorer Heritage yesterday reported widening losses at the company. The loss rose to $63m (£39.3m) in 2011 compared to $44.2m the previous year. The company said it had upped its capital expenditure to $134.9m from $119m. However the company still has a cash pile of $311m. Chief executive Tony Buckingham said: “2011 has been [...]
Chesapeake chief in perks row April 18, 2012 Aubrey McClendon, the chief executive of Chesapeake Energy has borrowed as much as $1.1bn (£686m) over the last three years against his stake in thousands of company wells, Reuters said yesterday. The loans, used to fund McClendon’s operating costs for a perk that offers him a chance to invest in a 2.5 per cent interest [...]
Bunzl goes on the deal trail as 2012 starts well April 18, 2012 DISPOSABLE products supplier Bunzl said yesterday that 2012 had got off to a good start, helped by continued strong demand in the United States and the contribution of acquisitions, and said it was targeting more deals. The British company, which supplies food packaging and healthcare consumables, said first-quarter group revenue at constant exchange rates rose [...]
Strong demand in Africa and Middle East boosts Heineken April 18, 2012 HEINEKEN shares touched a four-year high yesterday after quarterly results showed a surge in sales. The maker of Amstel, Foster’s and Strongbow reported a 4.7 per cent rise in volume sales on a like-for-like basis, more than double the growth that had been expected. Sales rose particularly sharply in Africa and the Middle East. Revenues [...]
GKN profit is driven up by auto unit sales April 18, 2012 BRITISH car and plane parts maker GKN said yesterday its first-quarter profit rose by a fifth, driven by strong growth at its automotive business on the back of robust luxury car sales. The group’s Driveline unit, which makes products such as driveshafts, chassis and axles, reported a 28 per cent rise in profit in the [...]
Eurozone hit by construction sector collapse April 18, 2012 RECESSION fears were raised further yesterday as figures showed a huge monthly fall in Eurozone construction output in February – the third monthly fall in the sector. However, official trade data confirmed the EU as a whole recorded its first current account surplus in almost a decade in the final quarter of last year, adding [...]
Spanish banks hurt by boom in bad loans as economy weakens April 18, 2012 SPANISH banks’ bad loans rose to their highest level since October 1994 in February, Bank of Spain data showed yesterday. Bad loans now account for 8.2 per cent of their credit portfolios, as the sector battles sliding house prices and a looming recession. Banks are facing a new wave of loan defaults as an economic [...]
Deep recession throws out Italy’s deficit plan April 18, 2012 ITALY’S recession will be far worse than initially thought, the government confirmed yesterday, forcing Prime Minister Mario Monti to push back his goal for balancing the budget. Borrowing costs remained high on the announcement, with 10-year bond yields rising a touch to 5.48 per cent. The economy is now forecast to contract 1.2 per cent [...]
Chinese house prices fall again leading to fears of slowdown April 18, 2012 HOUSE prices are falling in most Chinese cities, according to an official study published yesterday, raising concern about the severity of the economy’s slowdown. Of the 70 surveyed in March, 46 cities experienced falling prices in the month while 16 were unchanged and just eight reported a rise. That compares with 45 falling in February. [...]
Mortgage fraud increases 8pc April 18, 2012 MORTGAGE fraud rose by eight per cent last year, according to research out yesterday from Experian. Thirty-four out of every 10,000 mortgage applications were found to be fraudulent, double the overall rate of fraud across the UK’s financial services sector. Most cases involved people providing false personal information on their application and in particular attempts [...]
