Sony halves suppliers on cost-cutting May 21, 2009 Sony will halve the number of its suppliers in the next two years and aims to slash procurement costs by 20 per cent this year, the consumer electronics giant said yesterday, stepping up restructuring efforts amid mounting losses. Analysts saw the move as positive. It comes on top of a plan to cut fixed costs [...]
ACS raises 43.75m to fund further acquisitions May 21, 2009 ADVANCED Computer Software, the healthcare IT services provider, said yesterday it had conditionally raised £43.75m in a share placing to provide funding for future acquisitions. The placing of 145.25m shares at a price of 30p a share was handled by Seymour Pierce and Mirabaud Securities. ACS said it now has over £55m in the bank [...]
Eurozone data brings cheer May 21, 2009 THE eurozone’s services and manufacturing sectors contracted less than expected in May as firms saw the pace of decline in new orders ease, hinting the worst of a deep recession may be over, surveys showed yesterday. Markit’s Eurozone Flash Services Purchasing Managers Index (PMI) rose to 44.7 in May from 43.8 last month, beating the [...]
More jobs go as DMGT falls into the red May 21, 2009 DAILY Mail and General Trust (DMGT) said yesterday that had fallen into the red, posting a pre-tax loss of £239m for the six months to 29 March – forcing it to cut more jobs. The owner of the Daily Mail and the Mail on Sunday said that it had been hit by a £188m non-cash [...]
Re-think for Tesco’s US venture May 21, 2009 Tesco is making major changes in its US Fresh & Easy stores as analysts worry that the one-and-a-half year old chain is still searching for a successful niche. In what it calls an “evolution,” Tesco is putting more focus on value and adding about 1,000 items to its small-format Fresh & Easy stores’ current 3,500-product [...]
Western & Oriental in profit May 21, 2009 Shares in Western & Oriental gained 3.6 per cent yesterday, as the specialist luxury travel group reported a swing to pre-tax profit for the six months ended 31 March 2009. The company posted first-half pre-tax profit of £100,000 against a £2m loss in the year previous, while gross profit margins came in significantly ahead of [...]
PartyMarkets in loyalty scheme May 21, 2009 PartyMarkets.com, a subsidiary of PartyGaming, is launching a cash loyalty programme for the financial spread betting market today. Called TradeBack, the loyalty programme gives a rebate to the customer based on the number of trades executed, regardless of whether they have made a profit or loss.
Press Association falls into red May 21, 2009 The Press Association yesterday said turnover for 2008 was up 8 per cent – but that it fell to a pre-tax loss of £8m. Privately-owned parent firm PA Group said profit before exceptionals was up 11 per cent, but that it had been forced to write down £8.8m of assets at its sport business. PA Group [...]
MF Global shares fall on bigger quarterly loss May 21, 2009 FUTURES and options broker MF Global posted a wider quarterly loss yesterday, hurt by a 37 per cent drop in revenue, and claimed $30m (£18.9m) as due from its former parent company, sending its shares down 12 per cent. The company’s commodities businesses, including metals, energy, and agriculture, saw lower volumes and tighter spreads, chief [...]
General Motors thrashes out deal with workers’ union over healthcare debts May 21, 2009 GENERAL Motors (GM) and the United Auto Workers (UAW) yesterday reached an agreement on contract changes and restructuring $20bn (£12.6bn) in debt owed to a trust fund for retiree healthcare. The tentative agreement, which was reached after a round of intensive talks involving representatives of the US Treasury, will now go to a ratification vote [...]
