Greek PM promises no default January 16, 2012 Greek Prime Minister Lucas Papademos has promised that his government will secure an agreement on restructuring its debt in time to avoid the country going bankrupt in late March. Greece needs a deal with the private sector, the EU and the IMF to avoid a disorderly default when €14.5bn (£12bn) of bond redemptions are due [...]
Alliance Boots revenue up 14pc January 16, 2012 Alliance Boots has announced 14.1 per cent growth in revenue for the third quarter compared to last year, driven by expansion in the firm’s pharmaceutical wholesale division. The company’s high street Boots stores also enjoyed a strong end to the year with like for like revenue up 4.1 per cent in the five weeks to [...]
FTSE slips as Eurozone downgrades sap confidence January 16, 2012 The FTSE 100 edged down in early trading as the Eurozone crisis sapped confidence with France losing its Triple A rating and Greece teetering on the brink of a disastrous default. Markets are now worried the Eurozone’s bailout fund, EFSF, might lose its Triple A rating after France, the fund’s second-largest guarantor, was stripped of [...]
Now Moody’s threatens France downgrade January 16, 2012 Ratings agency Moody’s said that France’s debt metrics and potential contingent liabilities were putting pressure on the stable outlook for the country’s Aaa credit rating and said it would update its position on France later this quarter. “The deterioration in debt metrics and the potential for further contingent liabilities to emerge are exerting pressure on [...]
Carnival sees $90m impact from cruise ship disaster January 16, 2012 Carnival Corp, the owner of the cruise ship that capsized off Italy’s west coast, said on Monday it estimated the impact to 2012 earnings for loss of use alone to be around $90m (£58m). The group, which said it was providing the information due to financial disclosure rules, said it also anticipated further costs to [...]
Bovis forecasts growth in 2012 January 16, 2012 British housebuilder Bovis Homes said it expected to achieve a significant increase in profit in 2012, benefiting from forward bookings rising by more than a third, following strong earnings growth in 2011. The company said it expects to report overall completions up 8 percent to 2,045 homes in 2011, with private legal completions up 18 [...]
Robert Wiseman agrees to Muller’s £279m bid January 16, 2012 Scottish milk producer Robert Wiseman Dairies has agreed to be taken over for about £279.5m by German dairy firm Müller Group, which is looking to increase its scale of operations in Europe. The recommended cash offer of 390 pence per share is at a 60 percent premium to Robert Wiseman shares’ close on Thursday, a [...]
RBS to sell Middle East M&A business January 16, 2012 Part-nationalised Royal Bank of Scotland is in talks to sell its mergers and acquisitions business in the Middle East and cut some jobs as part of a global restructuring at the UK bank, its regional head said on Monday. Simon Penney, RBS’ chief executive for Middle East and Africa, told Reuters the bank would focus [...]
Insurer Phoenix remains in takeover talks with CVC January 16, 2012 British life insurer Phoenix remains in talks with private equity firm CVC Capital Partners over a possible takeover of the company, prolonging discussions which began last November but which have been hampered by debt issues. Phoenix added in a statement on Monday that it would provide a further update on the situation no later than [...]
The Gresham, an art deco palace on the Danube, is Budapest’s finest hotel January 16, 2012 Budapest is sometimes compared to Paris. While very pleasant indeed – especially if you go in the summer and lounge by the vast 19th century public baths in the scorching sun – the city doesn’t really compete with Paris in terms of beauty, architecture or cultural riches. With its history of hardship and decimation, how [...]
