KPMG recovers $500m in MF Global assets November 29, 2011 MF GLOBAL UK administrator KPMG said it had recovered about $500m (£320m) of client assets frozen at the defunct broker, and planned to make significant returns to customers before a March 2012 deadline. “We have so far collected about a half of the approximate $1bn outstanding but it is hard to speculate on the final [...]
US consumers hopeful as confidence figures soar November 29, 2011 CONSUMER confidence in the US climbed by the most in more than eight years during November, figures showed yesterday, increasing to 56 from a revised 40.9 reading in October. The Conference Board’s index showed the biggest monthly gain since April 2003, rebounding this month from a to-and-a-half-year low, but a fall in house prices in [...]
St Ives sales up 10pc on last year November 29, 2011 St Ives has reported a sales increase of around 10 per cent for the 13 weeks to 28 October, compared to the same period last year. The firm said the increase is mostly from both acquisitive and organic growth in its marketing services segment, while sale across the print businesses were broadly in line with [...]
Gatwick turnover takes off November 29, 2011 Gatwick posted a 15 per cent jump in half-year turnover yesterday. Underlying passenger numbers rose 3.3 per cent to 19.7m, and cost control and new landing fees helped lift earnings before exceptionals 34.4 per cent to £164.4m. The airport has scrapped landing fees during winter to encourage airlines to land at Gatwick during off-peak times [...]
Murdoch gets a bloody nose November 29, 2011 James Murdoch has survived as chairman of BSkyB although his mandate for leading the group was dealt a blow as 44 per cent of the company’s independent shareholders abstained or voted against his re-election at yesterday’s AGM. Murdoch’s win is unsurprising as News Corporation, headed by his father Rupert, owns 39 per cent of the [...]
Facebook IPO is expected to raise $10bn November 29, 2011 Facebook is expected to go public next year in one of the largest initial public offerings ever. It is thought that the social networking site will aim to raise $10bn (£6.4bn) from an IPO, to launch between April and June next year, resulting in a company valuation of more than $100bn. Although Mark Zuckerberg has [...]
American Airlines goes into Chapter 11 after deal with pilots falls through November 29, 2011 AMERICAN Airlines and its parent company AMR Corp filed for bankruptcy yesterday after failing to win a labour deal with pilots and suffering from mounting fuel costs. AMR had been the only major US carrier to avoid bankruptcy in the past decade. Its rivals used bankruptcy to restructure their labour agreements and cut costs. That [...]
BHP could sell off diamond mines November 29, 2011 BHP Billiton, the world’s biggest miner, is considering selling all or part of its diamond assets, which include the EKATI mine in northern Canada, as it focuses on large, long-life, scalable assets. BHP said yesterday it had begun a review to examine whether a continued presence in the diamond industry was consistent with its strategy [...]
Olympus will review structure November 29, 2011 Japan’s Olympus Corp has launched a review of its business structure, according to an internal memo, amid speculation the 92-year-old company may have to sell assets in order to survive a massive accounting scandal. The company is also looking to reform its corporate governance, and is setting up separate teams to supervise the two reviews, [...]
Tiffany sales lose their shine November 29, 2011 Concerns about slowing sales momentum took some of the lustre off Tiffany & Co’s stock yesterday amid signs that European and US economic distress are weighing on luxury consumers. The upscale jeweller, a stock market darling for how fast its international business has grown, reported third-quarter earnings that beat analysts’ estimates but gave a profit [...]
