Tata appears in telecoms probe April 4, 2011 Indian tycoon Ratan Tata appeared before a parliamentary panel in New Delhi yesterday, as part of an investigation into a multi-billion dollar telecoms graft scandal. India’s Public Accounts Committee is investigating alleged corruption in the sale of 2G telecoms licences in 2007-08, which a state auditor said cost New Delhi up to $39bn in lost [...]
Nanoco Group posts £1.65m loss April 4, 2011 Quantum dots developer Nanoco Group has reported a first-half loss before tax of £1.65m, against a previous loss of £0.47m. Revenue in the six months to 31 January was £1.14m, down from £1.60m. Nanoco said that at this stage in its development, revenues were primarily a reflection of the amount and timing of milestone and [...]
How evergreen Evercore is defying its critics April 4, 2011 I realise that investment bankers like nothing better than heaping criticism and (most often) venom onto their rivals. Even so I was somewhat taken aback recently when one eminent banker described Evercore as a “retirement home for veteran bankers.” A bit tough, one might think. Naturally, it was a phrase that stuck in my mind. [...]
Profits fall at Restaurant Group April 4, 2011 Individual Restaurants has posted a 3.9 per cent drop in revenue to £51.3m in the year ending last December. Similarly restaurant earnings before interest, tax, depreciation and amortisation fell by £1.1m to £7.7m. Net debt however, was reduced by £0.7m to £4.3m at the company, which runs 33 casual dining restaurants under the Piccolino and [...]
Oddbins enters administration April 4, 2011 Wine and alcohol retail chain Oddbins has formally entered administration proceedings, having been unable to convince creditors, including HM Revenue & Customs, to back its company voluntary agreement and accept lower repayments. Deloitte has been appointed as administrator and says several interested parties are in talks to provide the funding required to recapitalise the business.
YouGov in US expansion as profit rises April 4, 2011 POLLING firm YouGov yesterday reported a profit rise of 64 per cent as it unveiled an acquisition in the US. The company posted a £2.3m underlying pre-tax profit while turnover was up 27 per cent to £27m in the period in the six months to 31 January. YouGov, whose biggest market is the US, also [...]
Innovation seals Tesco car contract April 4, 2011 BUSINESS process outsourcing company The Innovation Group has won a maintenance, repair and servicing contract for Tesco’s new online vehicle sales service. Tesco Cars was launched yesterday in partnership with carsite.co.uk and will mainly sell vehicles with one previous owner. The deal will give customers access to Innovation Group’s national network of garages through an [...]
Cranswick sees trading in line April 4, 2011 PORK supplier Cranswick said results for the year will be in line with expectations. Underlying like-for-like sales for the year to 31 March 2011 increased by four per cent while volumes during the period were up six per cent. Underlying sales in the fourth-quarter were in line with those of the previous year. However the [...]
Greene King in new debt deal April 4, 2011 PUB group Greene King has secured a new five year £400m revolving credit facility with its banking partners to bankroll expansion. This replaces the existing £400m facility, which was due to expire in April 2012. The company said in a statement: “This new facility gives Greene King continued financial flexibility and helps underpin the ongoing [...]
CITY VIEWS: WOULD YOU BUY A USED CAR FROM TESCO? April 4, 2011 Save or Borrow peer to peer at RateSetter.com JOE ST JOHN | LOCKTON “Yes, I use Tesco for many things, and their new areas seem to be doing well. It is a trusted brand.” JIMMY ATKINS | RFIB “Yes, but I would use a recognised used car dealer website too as they have more specific [...]
