Zombie firms taking a bite out of earnings at Begbies Traynor December 12, 2012 AN ARMY of “zombie companies” being kept afloat by record low interest rates have hit business recovery group Begbies Traynor’s earnings in the last six months. The firm’s revenues fell 11 per cent to £26.1m in the half-year to the end of October, while pre-tax profits dropped from £3.4m a year ago to £2m. A [...]
Hong Kong to crack down on poor share issue prospectuses December 12, 2012 BANKS will face tougher penalties if they put incorrect information in the prospectuses of firms planning to list, under new proposals from the Hong Kong authorities unveiled yesterday. Under new rules “sponsor firms have civil and criminal liability for defective prospectuses,” the Securities and Futures Commission said, concluding its consultation. But the sponsoring bank will [...]
Berkshire Hathaway in $1.2bn share buyback December 12, 2012 BERKSHIRE Hathaway, the company controlled by billionaire financier Warren Buffett yesterday said it paid $1.2bn (£743m) to repurchase 9,200 Class A shares from the estate of a longtime shareholder. The move comes after Berkshire hit historically low valuations last year.
How to give December 12, 2012 online at: www.cityam.com/appeal by text CITY13 and amount (£5 or £10 only) to 70070 Text donations may not work from company mobile phones as these often block premium messages. credit or debit card by phone to Opportunity International (01865 725 304) If donations exceed our programme needs in Africa, they will be deployed elsewhere. TWEET [...]
Help give someone Opportunity December 12, 2012 SANDRA and her family are among the many that were helped by the money raised from the appeal last year. Full Name: Sandra Clara Tomas Gender: Female City, Country: Tete, Mozambique Children: four aged five to 21 Sandra Clara lives in Tete, the north-western province of Mozambique, with her four children aged five to 21. [...]
Travel caterer cooks up strong sales rise December 12, 2012 SSP, the airport and railway station caterer, yesterday reported a 3.2 per cent rise in annual sales, boosted by its expansion in Asia and the US. The group, which runs more than 2,100 travel outlets for brands such as Marks & Spencer and Starbucks, said operating profit jumped 23.7 per cent to £61.5m on sales [...]
Carillion confident on full year as it snaps up Canadian firm December 12, 2012 SUPPORT services firm Carillion said yesterday it was on track to deliver a “robust” full-year performance, adding that the value of its pipeline is expected to be larger than previously thought by the year-end. Carillion, which maintains roads, railways and military bases, said in a trading update that revenue will be lower this year than [...]
Travis Perkins hit by weak market conditions December 12, 2012 A DOWNWARD trend in like-for-like sales at British builders’ merchant Travis Perkins continued in November, as weak construction and consumer markets weighed on business. Like-for-like sales for the year-to-date slipped 1.8 per cent. Total sales, which includes the acquisition of Toolstation last January, fared better, rising 1.6 per cent for the 11 months to the [...]
Callebaut swallows cocoa firm December 12, 2012 Barry Callebaut, the Switzerland-based group that supplies chocolate and cocoa products to large suppliers, said yesterday it has agreed to buy Petra Foods’ cocoa ingredients business for $950m (£590m). The company said the acquisition would “help boost its presence in developing countries”. Barry Callebaut expects the cocoa market in the Asia-Pacific region to grow by [...]
Ophir reveals Tanzania find December 12, 2012 Africa focused oil company Ophir Energy yesterday said it had successfully completed appraisal drilling on three wells in a block offshore Tanzania, and found a “consistent, high-quality” reservoir at the Jodari field. As a result, it has reconfirmed the 3.4 trillion cubic feet recoverable resource estimate. Ophir Energy will now focus its efforts on appraising [...]
