EU banks carry vast non-core loans April 13, 2011 European banks are carrying over €1.3 trillion (£1.15 trillion) in non core loans, according to new information published by PwC today. These loan portfolios consist of both performing and non performing loans (NPLs), which PwC says the banks will spend the next 10 years either running off or selling. NPLs in the UK topped €175bn [...]
Schneider in denial of Tyco bid rumours April 13, 2011 aSCHNEIDER Electric continued to deny rumours yesterday that it was in discussions to purchase Tyco International, despite contrary reports. The French-based energy management group was said to have made a preliminary bid for approximately $30bn (£18.46bn) for the Switzerland-based security agency, but Schneider quickly refuted the reports. “In response to market rumours, Schneider Electric announced [...]
Hansteen completes £150m share issue to boost expansion April 13, 2011 PROPERTY investor Hansteen has raised £150m through a share issue, as it looks to cash in on cut price properties arising from the financial downturn. The real estate firm, which specialises in industrial estates and business parks, said yesterday it had successfully issued 185m new shares through a £50m placing with existing shareholders and an [...]
WS Atkins shares rocket as it promises to beat expectations April 13, 2011 SHARES in engineering consultancy group WS Atkins rose seven per cent yesterday after the company said it expected its full-year results to beat market forecasts, backed by the strong performance of its Middle East operations. The Surrey-based company, which is the official engineering design services provider for the London 2012 Games, announced its earnings will [...]
Asos sees overseas growth fuel profit April 13, 2011 ONLINE fashion retailer Asos yesterday said its sales were “flying” in overseas markets as the web defies the downturn on the high street. The firm said retail sales increased 70 per cent to £93.4m in the three months to 31 March, its financial fourth-quarter. That compares with a rise of 59 per cent in its [...]
JD Sports negative on growth in 2011 despite sales boost April 13, 2011 JD Sports saw a jump in profit yesterday but remained downbeat about the outlook. The gloomy trading forecast overshadowed better-than-expected profit figures for the past year of £81.6m, after analysts had pencilled in £79m. Same-store sales for the year increased by 3.1 per cent, boosted by strong demand for brands such as Adidas and Nike [...]
3i invests in Go Outdoors April 13, 2011 GO Outdoors yesterday secured a £28m cash injection from private equity house 3i as it accelerates its growth plans to open 40 new shops over the next four years. The deal with 3i values the company at £100m. In exchange for its investment 3i takes a minority stake in the business owned by Paul Caplan. [...]
CITY VIEWS: ARE YOU BUYING MORE ONLINE? April 13, 2011 RUSSELL EADES | RBS Yes. It is easier to find stuff online. I’ve recently bought a house so I go on ebay to buy furniture. You can find it faster. It costs more to go to a store. TOM SHORTO | INSIGHT INSURANCE Not particularly. It is easier to go to the shops on my [...]
Tesco rapped over Asda claim April 13, 2011 Supermarket giant Tesco has been reprimanded for making misleading claims about rival Asda prices. In a national press advertisement, Tesco featured a selection of fresh food products displaying their in-store prices, and those of the same or equivalent products at Asda. Tesco was hitting back at Asda’s price guarantee campaign which guarantees the price of [...]
Smiths News sees profit lift April 13, 2011 Newspaper and magazine distributor Smiths News first-half underlying pre-tax profit rose 11 per cent on cost cuts, and the company said it expected the royal wedding to boost its magazine sales in the second half. September to February underlying pre-tax profit was £19.2m, compared with £17.3m last year. Revenue, however, fell 5.2 per cent to [...]
