Premier Inn boost Whitbread sales June 22, 2010 UK hotel and restaurant group Whitbread has reported a strong start to the year – fuelled by its Premier Inn chain. Like-for-like sales at the budget hotel rose 10.5 per cent in the 13 weeks to 3 June, compared with the same period a year earlier. Sales across the Whitbread group were up 7.6 per [...]
BA agrees recovery plan for £3.7bn pension deficit June 22, 2010 BRITISH Airways has agreed a recovery plan for its £3.7bn pension deficit – removing a final obstacle to its planned merger with Spain’s Iberia. BA said it had reached a deal with the trustees of its Airways Pension Scheme (APS), which last December had a deficit of £1bn and its New Airways Pension Scheme (NAPS), [...]
Bureau Veritas in £450m deal for Inspectorate June 22, 2010 FRENCH certification company Bureau Veritas has agreed to buy commodities testing and inspection firm Inspectorate for £450m. The purchase from UK-based Inspicio, majority owned by private equity firm 3i Group will put Bureau Veritas among the top three companies in a global market worth more than €5bn (£4.2bn), Bureau Veritas. “Bureau Veritas now attains a [...]
Former ICI food firm sold for £877m June 21, 2010 A US food company that used to be part of chemicals giant ICI has been sold in a $1.3bn (£877m) deal. National Starch – which makes many of the fat replacers and thickeners used in processed foods – is being bought by Illinois-based Corn Products. Dutch firm AkzoNobel bought the company as part of its [...]
Jupiter shares up after flotation June 21, 2010 FUND manager Jupiter returned to the London stock exchange – to debut 15 per cent over the price set in an initial public offer (IPO). Jupiter raised £220m to pay off debt and secured a £33.5m windfall for selling shareholders in its IPO, which priced at 165p pence. The shares were changing hands at around [...]
BP disaster bill hits $2bn June 21, 2010 Oil giant BP has admitted that the cost of its response to the Gulf of Mexico oil spill has hit $2bn (£1.3bn) and it has paid out $105m in damages to those affected by the disaster. BP added in a statement that it rejected claims by its partner in the oil well, Anadarko Petroleum that [...]
Australia and China seal deals worth £6bn June 21, 2010 AUSTRALIA and China have agreed commercial deals worth more than $8.8bn (£6bn) – mostly in in mining. The agreements see state-owned China Development Bank undertaking to provide financing for several major mining projects, including a $1.2bn loan for an iron ore development. Australian Prime Minister Kevin Rudd, who is fighting a fierce mining backlash against [...]
Manufacturing output in surprise drop June 11, 2010 Manufacturing output unexpectedly fell in April, official data has shown – suggesting Britain’s recovering economy got off to a slow start in the second quarter. Figures from the Office for National Statistics also showed producer input costs eased less than expected in May, although factory gate inflation slowed slightly more than expected. The ONS said [...]
Swiss Re ups forecast for Chile earthquake losses June 11, 2010 Swiss Re has said it faces bigger-than-expected losses on claims from the Chile earthquake, putting pressure on profits. The world’s second-biggest reinsurer upped its forecast for losses from the quake to $630m (£428m) before tax from $500m. Swiss Re also took losses of $220m in the first quarter from storms in Europe, which hit France [...]
BP shares rally but leak double size of estimates June 11, 2010 Shares in BP opened opened around five per cent up – after taking a battering in the fall out from the Gulf of Mexico crisis. BP shares were up to 384.75p, recovering after plunging by six per cent on Thursday. The oil giant’s share price has almost halved since the Deepwater Horizon oil spill began [...]
