Shareholders clinch deal on EADS structure December 5, 2012 SHAREHOLDERS in EADS reached agreement yesterday on the biggest shake-up of control in the aerospace company since it was founded over a decade ago, putting the bulk of its shares beyond government influence. The accord to wind down a complex Franco-German power-sharing pact came weeks after talks broke down to merge the group with UK [...]
Freeport pays $9bn for Plains and McMoRan Explorations December 5, 2012 FREEPORT-McMoRan Copper & Gold said yesterday it would acquire Plains Exploration & Production and McMoRan Exploration for $9bn (£5.6bn) in cash and stock in a major expansion into energy. The combination would create a company with gold, oil and natural gas assets around the world. Freeport said the new entity, on a pro-forma basis, would [...]
BTA bank to clear its debt December 5, 2012 BTA, Kazakhstan’s third-largest bank by assets, is set to wipe out around 70 per cent of its $11bn (£6.8bn) debt after creditors voted to accept a second restructuring deal in as many years. In the last major hurdle to approval, claimants holding a cumulative $10.2bn of the bank’s debt voted yesterday in favour of a [...]
Sage revenues slow on tough Europe trading December 5, 2012 PAYROLL software maker Sage yesterday warned tough trading conditions in Europe next year would plague the firm’s revenue. The accounting programme maker, the only software company in the FTSE 100, said revenues had edged up two per cent over the past year, but this was less than the four per cent increase last year. The [...]
First winter snowstorm shuts airports and causes rail havoc December 5, 2012 THE FIRST big snowstorm of the winter forced Stansted Airport to close for around two hours this morning and caused disruption on train routes into London. Stansted re-opened its runway shortly after 8am, having cleared two inches of snow, but the closure caused around 40 cancellations and delays for frustrated passengers for the rest of [...]
Newspaper bosses find accord on regulation without the state December 5, 2012 NEWSPAPER editors yesterday reached a broad agreement over new systems of press regulation, agreeing to many of Lord Justice Leveson’s proposals but ruling out any state interference. At a breakfast meeting in central London yesterday, Fleet Street bosses signed up to the majority of the Leveson report’s recommendations, including a revamped system of complaints and [...]
Brewin pleases as more funds bolster profits December 5, 2012 BREWIN Dolphin, the 250 year-old investment manager, yesterday recorded a £43m pre-tax profit after excluding redundancy and other exceptional costs. The profit jump – an increase of eight per cent – was underpinned by an income of close to £270m over the past 12 months. As one of the City’s oldest investment houses, investors have [...]
Numis portfolio boost offsets revenue fall in tough markets December 5, 2012 CITY broker Numis kept its head above water in the increasingly crowded broking market last year after a multi million pound boost from its investments portfolio, it said yesterday. The brokerage, which helps raise money from the markets for small businesses, saw revenues dip after a 15 per cent drop in institutional commission and trading [...]
UK businesses plan to invest despite the gloomy economy December 5, 2012 UK small businesses are preparing to invest again next year after adapting to the ‘new normal’ of a gloomy economy treading water, a survey of 200 chief executives revealed yesterday. Just 13 per cent of those polled said they planned to cut investment next year, with the remainder saying they were prepared to maintain or [...]
What do you think of Brewin’s results? December 5, 2012 ROBIN SAVAGE CANACCORD GENUITY The outlook refers to some sign of improved trading volumes since the summer; importantly the margin improvement programme is delivering results. We expect management to deliver margins of over 20 per cent. DAVID MCCANN NUMIS We continue to believe there are much better opportunities in the sector and would continue to [...]
