Greencore ends takeover talks December 6, 2011 IRISH food group Greencore said yesterday talks over a possible takeover had ended due in part to turmoil in global debt and equity markets, sending its shares down over 10 per cent. Greencore, one of the biggest sandwich and ready meal suppliers to Britain, said in October it had received a potential takeover approach. “Given [...]
Rank argues the case for single rate of gaming tax December 6, 2011 TAX disparities between online and land-based gambling firms are unfair and harmful to the economy, Rank Group claimed yesterday. The low taxes on operations based outside the UK, some as low as zero per cent, encourage the industry to migrate jobs and tax revenues outside the UK, according to a paper published by Rank. With [...]
Geeley drives into the UK December 6, 2011 CHINESE automotive manufacturer Geely is set to enter the UK new car market next year, with its first models’ prices starting at around £10,000. Geely International Corporation, which also owns Volvo, is working with the UK’s Manganese Bronze Holdings (MBH) to set up dealerships, parts sales and after-sales service under the name Geely Auto UK. [...]
Russia’s state-owned power grid MRSK will list some stock in London this week December 6, 2011 RUSSIAN power grid company MRSK is scheduled to list its shares in London this week, a move it hopes will boost the liquidity of its stock and enable it to raise funds in the future, a company spokesperson said yesterday. The technical listing, in which no money is raised, will see MRSK list 25 per [...]
Profits lift at William Hill’s gaming target Probability December 6, 2011 REVENUES at potential William Hill takeover target Probability have soared by 41 per cent, though the company still posted a loss for the six months to September. Mobile gaming firm Probability, which runs the Lady Luck mobile casino brand, said yesterday its revenues had risen to £3.3m from £2.3m a year ago, and that cash [...]
Yum expects double-digit growth December 5, 2011 Yum Brands, the parent of the KFC, Taco Bell and Pizza Hut fast-food chains, yesterday raised its 2011 profit forecast and said it expects earnings per share to grow at least 10 per cent in 2012, led by continued sales and profit growth in China. Yum has nearly 4,200 restaurants in China, its top market [...]
MetLife misses expectations December 5, 2011 MetLife expects operating earnings to rise as much as seven per cent in 2012, the largest life insurer in the United States said yesterday, though its forecasts for the fourth quarter and full-year 2011 were below expectations. MetLife said it expects 2011 operating earnings of $5.2bn to $5.3bn (£3.3bn to £3.4bn); and 2012 operating earnings [...]
Toyota to give forecast on Friday December 5, 2011 Toyota Motors will announce an earnings forecast on Friday for the financial year to March 2012, as it steadily restores production disrupted by Thai flooding that forced it to withdraw its outlook a month earlier. Toyota’s output has returned to normal levels at most of its production sites worldwide, although Thai and South African plants [...]
CITY MOVES | WHO’S SWITCHING JOBS December 5, 2011 Hastings Direct Liz Latter has been appointed as head of insurer development at the firm. She will work with Adrian Parry, head of Hastings’ panel development activities for the last two years, who will step back from his full-time commitments in early 2012 to pursue other commitments, but will continue to support the business. Latter [...]
BEST OF THE BROKERS December 5, 2011 PETRA DIAMONDS Goldman Sachs initiates coverage of the Africa-focused miner with a “buy” rating and a target price of 200p, seeing its recent underperformance as a compelling entry point. The broker sees Petra as having a strong growth profile, and says the diamond market is set to enter a period of prolonged tightness. Goldman forecasts [...]
