Frontline teeters on the brink as global oil tanker industry struggles to survive November 22, 2011 FRONTLINE, the global oil tanker industry’s top independent player, warned it would need to restructure to survive tough times, and said the wider sector was teetering on the brink as it battled overcapacity and weak demand. The Norwegian firm, an industry bellwether, warned yesterday that charter rates this quarter would stay well below break-even levels [...]
Netflix sells $400m stock to boost funds November 22, 2011 NETFLIX, the US video rental company, has sold $400m (£255m) in stock and convertible bonds to boost its war chest. The move comes after a difficult three months that saw the company’s shares fall more than 70 per cent. The capital raising is split into two parts: selling convertible debt to long-time backer Technology Crossover [...]
Watered-down soup sales hurting Campbell as competition mounts November 22, 2011 CAMPBELL Soup, the world’s largest soup maker, reported weak quarterly sales yesterday as higher prices at its US soup and international businesses put off price-conscious shoppers, sending its shares down five per cent. The company, whose US soup business has struggled with more competition, said quarterly sales in that business fell four per cent, hurt [...]
Japan stock exchanges in mega merger November 22, 2011 THE TOKYO Stock Exchange will take over its smaller rival in Osaka in 2013 to create the world’s third biggest bourse, overtaking the London Stock Exchange. The new bourse will have listed stocks worth $3.6 trillion (£2.3 trillion), giving it the scale to cope with a weak home market and compete with a flurry of [...]
Halma eyes buyouts after earnings jump November 22, 2011 BRITISH sensor maker Halma yesterday posted a higher first-half pre-tax profit on growth at its health and diagnosis business and said it continued to look at acquisitions. Halma, which completed two acquisitions in the first half, said it found more opportunities in the developed world, but was also looking at acquisitions in Asia and South [...]
BAE terminates Xchanging deal November 22, 2011 Outsourcing company Xchanging said yesterday it had lost a lucrative human resources contract with BAE Systems. “BAE Systems has informed Xchanging HR Services that they do not intend to renew the existing HR outsourcing contract when it expires at the end of 2012,” Xchanging said. The firm’s current contract with BAE Systems contributes revenue of [...]
Medtronic lifts sales and profit November 22, 2011 AMERICAN medical device maker Medtronic reported higher quarterly earnings yesterday as sales in most of its businesses improved. Earnings were $871m (£556m), or 82 cents per share, in the second quarter ended 28 October, compared with $566m, or 52 cents per share, a year earlier. Revenue rose to $4.13bn from $3.90bn a year ago, even [...]
CITY MOVES | WHO’S SWITCHING JOBS November 22, 2011 Coutts Coutts, the wealth division of Royal Bank of Scotland Group, has appointed Amir Sadr as head of the UAE market and private office in the Middle East, based in Dubai. In his new role, Sadr will develop Coutts’ ultra high net worth proposition in the Middle East, reporting to Alex Classen, chief executive of [...]
BEST OF THE BROKERS November 22, 2011 MITIE UBS rates the outsourcing group “buy” with a target price of 290p, up from 280p following better than expected results. The broker is impressed by the firm’s confident outlook, noting its significant order wins that have driven its order book, and thinks Mitie will benefit from cost saving drives in both the public and [...]
FTSE slumps to seven-week low on further euro unease November 22, 2011 BRITAIN’S top shares index hit a seven-week closing low yesterday, led lower by energy stocks on worries slower US growth would crimp demand for crude while Commerzbank’s funding concerns hit Royal Bank of Scotland and Lloyds Banking Group. The US economy grew more slowly than previously expected in the third quarter, and the news hurt [...]
