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 [...]
France to lose triple-A rating January 13, 2012 France has been notified that its triple-A rating with agency Standard & Poor’s has been downgraded by one notch and will step up reforms to shore up its economy, French Finance Minister Francois Baroin said on Friday. “I confirm that France has received, like most euro zone countries, a notification of a change of its [...]
Tesco executive sold shares before profit warning January 13, 2012 Tesco’s UK operations chief sold stock just over a week before a profit warning sent shares in the world’s third-biggest retailer plunging, a regulatory filing shows. Noel “Bob” Robbins, UK chief operating officer, sold 50,000 shares at 404.51 pence apiece on 4 January, netting around £202,000, according to a filing published on January 5. That [...]
Npower to cut gas prices by 5pc January 13, 2012 Energy supplier Npower says it will cut gas prices by five per cent from 1 February. The move comes in the same week as three other major suppliers announced price cuts, T to reflect a dip in wholesale prices during the mild winter. British Gas has cut its electricity prices by five per cent with [...]
JP Morgan reports lower profits January 13, 2012 JPMorgan Chase & Co reported lower fourth-quarter earnings down 23 per cent as the European debt crisis weighed on trading and corporate deal-making. The first major Us bank to announce results for the period, JPMorgan said net income was $3.72bn (£2.43bn), or 90 cents a share, compared with $4.83bn, or $1.12 a share, a year [...]
Lloyds boss will not take 2011 bonus January 13, 2012 Lloyds Banking Group Chief Executive Antonio Horta-Osorio has waived his bonus for 2011 due to a two-month absence, the bank’s performance and the tough economic circumstances faced by its customers. The bonus could have been worth £2.4m for Horta-Osorio, who will get basic pay of £1.1m He may also get £4.5m in a long-term plan [...]
Banks lead FTSE up after bond auctions boost January 13, 2012 Banks led the FTSE 100 up this morning as they were buoyed by tentative signs of recovery in the Eurozone. European shares and the single currency rose after positive comments on the region’s outlook from the European Central Bank and the success of Spain’s bond auction yesterday. Meanwhile Italy launched a €4.75bn bond auction today. [...]
