Lift in Johnson Matthey sales November 23, 2011 JOHNSON Matthey, the world’s largest supplier of catalytic converters, yesterday posted a 24 per cent rise in first-half profit, helped by truck sales in North America, and said it expected a stronger second half thanks to resilient demand. The speciality chemicals company said customer demand was holding up in most regions, Underlying profit before tax [...]
Tesco stokes up shop price war November 23, 2011 TESCO, Britain’s biggest retailer, is expanding its price-cutting campaign as grocers battle to lure cash-strapped shoppers in the run up to the key Christmas trading period. Tesco, which takes more than one in every ten pounds spent in British shops, said yesterday it was reducing the price of 1,000 staple products, including meat, fruit and [...]
Newspapers prove drag on DMGT profits November 23, 2011 DMGT, the owner of the Daily Mail, posted a drop in full year profits yesterday, after a strong performance from its events arm failed to offset falling revenues and higher costs in its newspaper divisions. Revenues at Associated Newspapers, the division which publishes the Daily Mail and the Metro, were flat on an underlying basis [...]
What’s in a name? Not a huge amount November 23, 2011 “THE ‘D’ and ‘M’ in our name might stand for ‘Daily Mail’, but we’re far from that.” So said Stephen Daintith, DMGT’s finance director, as he discussed the group’s full-year results with journalists yesterday. The message, loud and clear, was that this was no longer a newspaper company, but rather a company that happens to own [...]
Microsoft vows Yahoo secrecy November 23, 2011 MICROSOFT has signed a confidentiality agreement with Yahoo, allowing the software giant to take a closer look at Yahoo’s business, according to a source familiar with the matter. Microsoft joins several private equity firms that are also poring over Yahoo’s books and operations, as they explore various options for striking a deal with the struggling [...]
Huhne calls for energy backing November 23, 2011 CLIMATE change secretary Chris Huhne hopes his “Green Deal” will kickstart £14bn private investment in insulating draughty homes by 2020. In his annual energy statement, Huhne said policies to increase efficiency and boost participation in renewable technologies would save households about £94, or seven per cent off the annual utility bill. But he conceded rising [...]
Invista sues Lloyds over fee dispute November 23, 2011 A FURIOUS row has broken out between Invista Real Estate Investment Management and its majority shareholder Lloyds Banking Group after the fund manager claimed the bank was refusing to make payments. Invista announced yesterday that it was suing the bank for failing to pay a £545,600 instalment it allegedly owes after cancelling a major contract [...]
Traders’ fears heard as court hearing slated for December November 23, 2011 TRADERS in Paternoster Square have seen customer numbers slump by up to 90 per cent, according to City of London papers published yesterday. Businesses in the part of the square that has been cordoned off are experiencing the heaviest losses, with stores in St Paul’s Churchyard also suffering, albeit less, because of safety concerns and [...]
Former Olympus boss Woodford arrives in Japan for crunch talks November 23, 2011 FORMER Olympus chief executive Michael Woodford returned to Tokyo yesterday for a meeting with investigators and a showdown with his former board colleagues. As speculation grew of possible links between shadowy payments by Olympus and organised crime, Woodford landed with little fanfare at Tokyo’s Narita airport, to be met by an assistant and about 30 reporters. [...]
Weir spends £430m on US shale gas firm November 23, 2011 WEIR, the Scottish pumps and valves maker, has agreed to buy US manufacturer Seaboard Holdings for $675m (£430m) in a deal that will boost its presence in the booming shale oil and gas industry in North America. Weir said yesterday that it expected the acquisition of Houston-based Seaboard to be immediately earnings accretive and added [...]
