Bupa to spend $355m on Hong Kong’s clinics October 14, 2013 BRITISH medical services group Bupa is buying Hong Kong’s largest private network of clinics for $355m (£222m) from India’s Fortis Healthcare. The deal to buy Quality Healthcare Medical Services is expected to go through as quickly as the end of this month. Bupa chief executive Stuart Fletcher said: “Quality HealthCare is a successful, well managed [...]
Matalan lowers profit forecast October 14, 2013 THE LATE summer heatwave has kept sales of Matalan’s new autumn range under wraps, prompting the discount fashion retailer to trim its full-year earnings forecasts. Matalan made £283.5m in revenues in the 14 weeks to the end of August, up from £269.2m in the previous year. But the group said it now expects to make [...]
Banks fear new trade finance rule October 14, 2013 Anti-money laundering rules could end up crushing the availability of trade finance to businesses trying to trade with emerging markets, the British Bankers’ Association (BBA) said yesterday. In response to a consultation from the Financial Conduct Authority, the BBA warned tough rules making banks gain details of their clients customers overseas may put an end to [...]
Construction confidence rising October 14, 2013 Swelling order books and improved profits margins are increasing confidence in the construction sector in the UK and globally, according to a survey published today by KPMG. The study found firms expect more government spending on infrastructure projects and the global economic recovery to drive new business. It found 57 per cent of UK firms [...]
Energy pricing puts SSE at risk of a downgrade October 14, 2013 ENERGY firm SSE’s plans to hike prices could put it at risk of a debt rating downgrade, analysts have warned. The supplier angered consumer groups last week when it said it would raise its bills by 8.2 per cent from next month, adding £104 on to the average annual bill. SSE blamed the majority of [...]
Centrica issues £840m notes to finance recent acquisition costs October 14, 2013 FTSE 100-listed energy firm Centrica yesterday said it is issuing two bonds totalling $1.35bn (£840m), to pay for previously announced acquisitions and refinance existing debt. The new facility is made up of $750m in four per cent senior notes due 2023 and $600m-worth of 5.375 per cent senior notes due 2043. Centrica – which owns [...]
Saudi Aramco set to tap shale October 14, 2013 SAUDI Aramco, the world’s largest oil exporter, plans to tap into the lucrative shale gas market and is ready to supply a major power plant project in northern Saudi Arabia, its chief executive said yesterday. “Two years after launching our unconventional gas program in northern Saudi Arabia, we are ready to develop a 1,000-megawatt power [...]
Coal expected to overtake oil October 14, 2013 COAL is set to become the biggest source of global energy later this decade, according to research out yesterday from Wood Mackenzie. Huge demand from India and China is predicted to fuel the boom, while carbon policies will fail to change Europe’s energy mix until after 2020, the consultancy said. Consumption of coal is expected [...]
UK court throws out a libel claim against Browder October 14, 2013 THE High Court yesterday threw out a libel suit brought against British investment fund manager Bill Browder by a Russian former police officer who denies allegations that he played a part in the death of the lawyer Sergei Magnitsky. Pavel Karpov, a former Russian Interior Ministry investigator who is on the so-called Magnitsky list of [...]
ISS confirms that a float is a likely choice as current owners seek exit October 14, 2013 ISS, the private equity-backed services company, yesterday confirmed it was working on an initial public offering (IPO) of the group. The Danish business, which offers outsourced services like cleaning and catering, is co-owned by pan-European private equity firm EQT and Goldman Sachs. An ISS spokesman said: “An IPO remains an option for the company, and [...]
