Divestments needed if the tech group wants to meet price expectations March 23, 2011 WITH operating margins up 17.4 per cent and a confident outlook for the year ahead, Smith Group’s long-term outlook now depends on its ability to navigate through its restructuring and implement portfolio changes that will bring value to shareholders. It’s been an unpredictable few years for the technology company, which launched a restructuring plan in [...]
Deutsche Bank March 23, 2011 In yesterday’s paper, we reported that Deutsche Bank had been asked to pay out €541m in compensation to a paper company as a result of selling it a derivatives deal without first adequately describing the risks. This was incorrect. The amount should have been €541,000. We apologise for the error.
BoA forced to scale back dividend March 23, 2011 The Federal Reserve told Bank of America (BoA) to rein in its plans for a modest dividend increase, in a sign that regulators still view the lender as being financially weaker than its rivals. The largest US bank by assets did not disclose how much of a dividend increase it was looking for, and did [...]
Huntsworth profits surge March 23, 2011 PR firm Huntsworth saw its profits surge 14 per cent last year after a string of new business wins. It reported pre-tax profits of £26.7m on revenues up 11.1 per cent to £173.6m.
Unilever washes hands of Sanex March 23, 2011 Unilever has sold its shower gel and deodorant business Sanex to US consumer goods group Colgate-Palmolive for €672m (£584m), the firm said. The sale is part of Unilever’s deal with the EU to sell the brand for anti-trust reasons.
ENRC profits double on production rises March 23, 2011 KAZAKH miner ENRC met forecasts with full-year underlying profit that more than doubled, on record production and demand recovery, and said the global economic outlook was still improving. “We remain positive on the group’s prospects for 2011, although the control of costs growth and the development of our assets in Africa will be important issues [...]
CITY MOVES | WHO’S SWITCHING JOBS March 23, 2011 Mayer Brown The City law firm has boosted its asset finance team with the hire of former Orrick Herrington & Sutcliffe European managing partner Stuart McAlpine. McAlpine focuses on cross-border asset and project finance transactions in the shipping, offshore and energy sectors. At Orrick, he spent time in the firm’s Singapore, London and Paris offices. [...]
BP sells US plant for $575m March 23, 2011 BP has sold one of its US natural gas plants to Anadarko for $575.5m (£354.3m) as part of its $30bn asset sale to fund reparations for last year’s Gulf of Mexico spill. The Wattenberg Processing Plant in Colorado has the capacity to process 195m cubic feet per day and 15,000 barrels of natural gas liquids. [...]
Colliers halves its losses March 23, 2011 Commercial real estate consultant Colliers International halved its pre-tax losses last year to £8.4m, on revenues up 14 per cent to £65.9m. The firm said market conditions in the UK market are improving, though Colliers’ property management business saw a seven per cent decline in revenues as its clients sold their buildings. Colliers chief executive [...]
Hammerson snaps up malls March 23, 2011 Anglo-French retail property owner Hammerson has bought six British retail assets for £208m, equivalent to a yield of seven per cent, from St Martins Property Investments. The biggest asset in the portfolio is the Centrale shopping centre in Croydon. Hammerson also bought up the remaining 75 per cent interest in Central Retail Park in Falkirk [...]
