Games tourism boost for Visa August 7, 2012 TOURISTS’ spending in the UK on Visa cards spiked in the first week of the Olympic Games, the company reported yesterday. International visitors shelled out £457m on these shores through their Visa debit or credit cards, up eight per cent from the same week last year. Visa is a sponsor of the Olympics, with some [...]
PwC: Leisure sector hit hard August 7, 2012 THE HOSPITALITY and leisure industry continues to suffer from economic slump and the squeeze on UK consumers, said PwC. Across the country, 332 hospitality and leisure companies became insolvent in the second quarter of 2012, worse than many other sectors. “London alone has seen 432 restaurant insolvencies since quarter three 2010,” said a report issued [...]
Meggitt lifted by plane orders August 7, 2012 BRITISH aircraft parts supplier Meggitt posted a 15 per cent rise in first-half profits yesterday, led by strong demand for new more fuel-efficient planes and a robust performance from its military business. The company, which supplies flight displays and wheels to aerospace leaders Airbus and Boeing, reported an underlying pretax profit of £168.5m. Sales rose [...]
Heineken’s offer for Tiger Beer faces Thai billionaire challenge August 7, 2012 HEINEKEN’S $6bn (£3.8bn) bid to take full control of Tiger Beer maker Asia Pacific Breweries faces a challenge from a group led by Thai billionaire Charoen Sirivadhanabhakdi, which has lodged a higher bid to increase its stake in APB. Kindest Place Groups, a vehicle owned by Charoen’s son-in-law, yesterday made an unsolicited offer of S$55 [...]
Premier Foods to hit cost saving target early after strong sales August 7, 2012 AUSTERITY is paying off for Premier Foods. The debt laden owner of iconic British food brands — from Hovis bread to Mr Kipling confectionery — is on track to axe £40bn in costs in 2012, allowing it to reach its savings target a year early. Premier also boasted strong first-half sales across many of its [...]
E.ON profit up on settlement August 7, 2012 OPERATING earnings at E.ON could rise by more than 50 per cent to around €6.7bn (£5.3bn) in the first half, Germany’s largest utility announced in an unscheduled statement ahead of its interim report on 13 August. Last year’s earnings were hit by Germany’s decision to phase out nuclear power by 2022. A settlement with Russia’s [...]
INVESTORS CHEER AS ESPIRIT HIRES INDITEX MAN August 7, 2012 SHARES in Hong Kong-listed Esprit soared by 28 per cent yesterday as investors cheered the appointment of an executive from rival Inditex. Struggling Esprit has lured Jose Manuel Martínez Gutiérrez – most recently group director of distribution and operations at the Spanish retail giant – as its new chief executive, effective from the end of [...]
BBA hit by fall in de-icing demand August 7, 2012 Aircraft services firm BBA Aviation yesterday posted a 15 per cent fall in interim profits, due to lower de-icing revenue. Underlying pretax profit fell to $71.7m (£45.8m) from $84.6m in 2011.
Mondi warns of Europe weakness August 7, 2012 South African paper maker Mondi revealed a 21 per cent drop in first-half earnings yesterday and warned of weak demand in Europe. Underlying operating profit fell to €269m (£214m) from €354m last year.
MGM losses smaller than forecast August 7, 2012 MGM Resorts International unveiled a smaller-than-expected quarterly loss yesterday as its revenues from operations rose in both its casinos and hotels.
