UK trade gap widens March 9, 2010 THE UK’s goods trade deficit with the rest of the world has grown to its widest since August 2008, official figures have shown. Exports in January plummeted by almost 7 per cent leaving the deficit at £7.987bn compared with £7.01bn in December. The figures were disappointing because the weak pound was expected to boost exports. [...]
Shanks pulls out of Carlyle takeover talks March 9, 2010 SHARES in waste management group Shanks slumped by as much as 20 per cent after it pulled out of takeover talks with US private equity group Carlyle. The FTSE 250 group says it is unwilling to recommend a final price of 120p cash per share, claiming the £475m offer undervalues the company and its prospects. [...]
Aer Lingus losses shoot up as cuts loom March 9, 2010 AER lingus has announced that its operating losses quadrupled to €81m (£73.5m) last year. The Irish carrier’s revenue plummeted 11 per cent to €1.2bn. It has fended off two hostile bids by low-cost rival Ryanair but is locked in a dispute with cabin staff over its cost-cutting programme. The company’s board will meet to adjust [...]
Eurotunnel profits down after weather chaos March 9, 2010 EUROTUNNEL’S profits for last year were hit by snow disruption to services, the company said. The Channel Tunnel operator posted a profit of 1.5m euros (£1.36m) for 2009, down from 44m euros in 2008. Eurostar train services timetables were badly hit in December when snow played havoc with timetables. And a fire in September 2008 [...]
Insurer Chaucer back in the black March 8, 2010 LLOYDS of London insurer Chaucer moved back into the black last year and has tipped the current year as a positive one for growth. The company announced a pre-tax profit of £42m for 2009 – a turnaround after a loss of £26.2m in 2008. Chairman Martin Gilbert said: “We are optimistic for 2010 believing that [...]
Bovis moves back into profit March 8, 2010 HOUSEBUILDER Bovis is steaming ahead with plans to invest in new land after returning to profit in 2009. The FTSE 250 group says it has restarted its land acquisition scheme with four sites with planning consent snapped up in the fourth quarter of 2009 and terms agreed on another 15. It had £122m net cash [...]
Stagecoach sees revenues drive forward March 8, 2010 STAGECOACH revenues from fares at its rail businesses grew last year despite the recession. Like-for-like revenues at the transport company’s British rail services were up 2.1 per cent in the 40 weeks to 7 February. Meanwhile Virgin Rail, in which it owns a 49 per cent stake, achieved sales growth of 8.8 per cent. The [...]
Shell and PetroChina in £2bn bid for Arrow March 8, 2010 ROYAL Dutch Shell and PetroChina are making a joint $2.96bn (£1.95bn) takeover bid for Australian liquefied natural gas (LNS) group Arrow Energy. Shell said in a statement: Royal Dutch Shell confirmed that it is participating in discussions to acquire Arrow Energy. Arrow said it had received a “non-binding indicative and conditional” proposal. The company has [...]
Prudential to speed up Hong Kong listing March 8, 2010 PRUDENTIAL has said it will accelerate plans to list its shares in Hong Kong to allow Asian investors to take part in its $21 (£13.8bn) rights issue to help fund the acquisition of AIG Asia. The company wants to achieve the dual listing in London and Hong Kong to be triggered before the rights issue. [...]
Factory prices surge as costs rise March 5, 2010 THE price factories are charging for their products surged last month month as they passed on the rising cost of energy and raw materials. Prices jumped 4.1 per cent on the year last month compared with January’s 3.8 per cent, according to the Office for National Statistics (ONS). Core inflation is running at 3.5 per [...]
