Omega joins the big boys on the main London Stock Exchange market space July 7, 2009 OMEGA Insurance, the Lloyd’s of London underwriter, has ascended to the main market of the London Stock Exchange, after it last week boosted its control of Lloyds’ successful Syndicate 958. The insurer yesterday left the smaller Aim space to join bigger rivals on the main market, and is now one of seven non-life insurers on [...]
Lear files for bankruptcy in downturn July 7, 2009 LEAR, the world’s second biggest maker of car seats, filed for Chapter 11 yesterday, a day after it set out plans to restructure its $3.6bn (£2.2bn) debt burden under a deal with creditors. US company Lear, which has been weighed down by heavy debts and a sharp decline in automobile demand, said the reorganisation had [...]
HOW DOES PERSIMMON’S NEWS AFFECT YOUR VIEW OF THE PROPERTY SECTOR? July 7, 2009 IMRAN AKRAM COLLINS STEWART“This is a very upbeat trading statement. House prices continue to weaken, however the rate of decline is getting smaller and, crucially, the group expects to make no further land writedowns at this point. The news is positive for the whole sector, providing further confirmation of a level of stability in the [...]
Persimmon sees an end to housing blues July 7, 2009 HOUSEBUILDER Persimmon yesterday buoyed the battered property sector as it claimed the worst of the housing crisis is over, reporting a surge in volume and revenues over recent months. Persimmon said it had completed 4,006 homes over the six months to end of June, with total sales revenue of around £625m, 37 per cent lower [...]
Jacques Vert plunges into red after retail turbulence July 7, 2009 LADIES’ clothing retailer Jacques Vert, the owner of the Planet and Precis Petite brands, dived into the red over the past year due to the turmoil in the retail sector, though it said yesterday the decline in sales had eased since the year end. The group posted a £2.9m pre-tax loss for the year to [...]
Penguin chops 100 UK staff July 7, 2009 CONSUMER book publisher Penguin yesterday confirmed that it will axe up to 100 jobs in its London offices as it implements a series of changes designed to position the company for the digital era. The Pearson-owned publisher has entered into a period of consultation with employees regarding the dismissal of around 10 per cent of its [...]
CITY VIEWS: HAS IKEA SAID GOODBYE TO ITS GLORY DAYS? July 7, 2009 ANDREW GARRARD WILLIS“It’s a sign of the times. Perhaps people have forgotten their old ‘Chuck out your chintz’ slogan, or maybe they’re moving on to the pound shop. Ikea is a bit of a first-time buyers’ store and obviously there are less of those around at the moment.” IAIN MUIRHEAD ITECH“It’s not an attractive store [...]
Swedish retail giant Ikea to slash workforce again July 7, 2009 THE continued decline in consumer spending is forcing Ikea to downsize its workforce further, and put a sharp halt on planned growth and expansion having already trimmed 5,000 employees from its pay roll. Only weeks after the company had to announce massive global job losses and the abandonment of plans to open stores in India, [...]
Avocet completes Indonesian project after Wega buyout July 7, 2009 GOLD miner Avocet said yesterday it had completed a drilling programme in Indonesia, adding it had issued and allotted 423,717 new ordinary shares at 5p each as it completes its acquisition of Wega Mining. The Aim-listed miner said it would undertake further drilling “in order to outline an inferred mineral resource” if testing on the [...]
C&W investors urged to block directors’ pay July 7, 2009 CABLE & Wireless (C&W) is under pressure again over pay deals offered to directors, after advisory firm Pirc urged investors to oppose plans to extend a controversial incentive plan. The plan, which also came under fire from a top 10 shareholder, has led to a “red top” alert from the Association of British Insurers (ABI), its [...]
