Premier Oil sells Vietnam division July 16, 2013 FTSE 250-listed Premier Oil yesterday announced that it has disposed of its wholly-owned subsidiary in Vietnam for up to $100m (£66m). Premier will make an immediate cash payment of $45m and further payments depending on operational results. The buyer of the asset was not disclosed. “We are pleased to be delivering against our commitment given [...]
European car demand lowest in two decades July 16, 2013 THE EUROPEAN car market rolled further downhill in June, taking the half-year sales total to its lowest level in 20 years. Last month, motorists in Europe registered 6.3 per cent fewer new cars than in June 2012, piling further misery on manufacturers like Peugeot, which is closing factories due to the prolonged slump. The UK [...]
Art lovers drive first-half sales to new record high at Christie’s July 16, 2013 A GROWING appetite for art has boosted revenues at auction house Christie’s, which said yesterday that global sales hit £2.4bn in the first six months of 2013, a record high for the third year in a row. Worldwide sales rose 13 per cent year-on-year in the first half of 2013, while private sales grew by [...]
The BBC cuts running costs in spite of a turbulent year July 16, 2013 THE BBC cut its running costs further in the last financial year, which saw three probes into Jimmy Savile, extensive Olympics coverage and the move to New Broadcasting House. The broadcaster’s annual report said it delivered £580m efficiency savings in the final year of its five-year cost-cutting drive, exceeding its goal to save three per [...]
Guardian losses narrow to £30m July 16, 2013 THE GUARDIAN News and Media, which owns the Guardian and Observer newspapers, reduced its losses before tax, interest and amortisation from £44.2m to £30.9m in the last financial year. Revenues for the continuing businesses of its parent company, Guardian Media Group, were almost flat at £206.8m, and the group posted a pre-tax profit of £22.7m, [...]
MoD slammed for accounting July 16, 2013 THE NATIONAL Audit Office has refused to sign off the Ministry of Defence’s accounts for the fourth year in a row. The NAO said a £1.5bn impairment booked on the army’s German bases was not handled correctly, meaning the department’s operating costs were underestimated. Under the NAO’s calculations, the MoD’s spending would have come in [...]
Private jet hire is in the ascent July 16, 2013 A PAIR of private jet companies said yesterday that the market for charter aircraft has been booming. Air Partner, a broker of private jets that counts the royal family among its clients, said business has been improving over the last two months. The firm said new work from tour operators and energy firms mean its [...]
HR Owen to top forecast July 16, 2013 LUXURY car seller HR Owen expects to beat its profit forecasts this year as early delivery of new models and “very promising” signs in its used car division help to lift sales. The firm said its Rolls-Royce and Bentley franchises had performed particularly well in the first six months of the year. With the new [...]
Prudential to sell off Japan unit July 16, 2013 Insurance giant Prudential revealed yesterday that it is set to offload a closed book life insurance wing in Japan. Tokyo-based SBI Holdings will pay around £56m for the PCA Life Insurance unit, so long as approval is granted by regulators. Prudential said that the sale does not mean it is turning its back on the [...]
Dairy Crest to make baby food July 16, 2013 Dairy Crest announced plans yesterday to enter into the booming baby food market by making demineralised whey powder, the key ingredient used in baby formula. The company had been debating what to do with the whey left over from the cheesemaking process at its Davidstow creamery in Cornwall, which can also be used in sports [...]
