IG Group hurt by Japanese writedown January 18, 2011 SPREAD-BETTING company IG Group announced a half-year loss yesterday, blaming weak trading activity and a £143m write-down on its Japanese foreign exchange business FXO. Chief executive Tom Howkins said much of the stall in sales was down to a three-year low in market volatility towards the end of 2010. “We’ve got lots of good quality [...]
Revenues jump at Eurotunnel January 18, 2011 CHANNEL TUNNEL operator Eurotunnel posted a 26 per cent rise in revenue for 2010 yesterday after the number of trucks carried on its shuttles through the tunnel rose 35 per cent. Eurotunnel said the volcanic ash disruption in April helped the firm return to its historic market share in cross-Channel transport, following the impact of [...]
RBS offloads its stake in rehab clinic owner Priory January 18, 2011 Royal Bank of Scotland (RBS) will finally part company with the Priory Group, the care homes operator famous for its celebrity clientele. The 84 per cent state-owned bank will sell the firm to buyout company Advent International in a deal worth up to £925m. However, RBS will only receive around £133m in cash for its [...]
Work starts on Walkie Talkie tower January 18, 2011 CONSTRUCTION work began on the Walkie Tower on Fenchurch Street yesterday, kicking off three years of building work that is set to cost £500m and create around 3,000 jobs. Developers Land Securities and Canary Wharf Group agreed to resurrect the project as a 50-50 joint venture last October after it was shelved in 2009. Demolition [...]
Taylor Wimpey thanks stabilisation in the US and Canada for higher wins January 18, 2011 BRITISH housebuilder Taylor Wimpey said stabilisation in the US market helped lift 2010 profit and led to several approaches for its North American unit, which is under the hammer. Volumes and margins beat expectations in Canada and the United States, driving group underlying operating profit and pre-tax profit above expectations, the company said yesterday. “Relative [...]
Safestore swings into the black and names chief January 18, 2011 SELF-storage retailer Safestore yesterday swung to a full-year pre-tax profit helped by strong occupancy growth and robust rental rates, and raised its final dividend. The company, which generates much of its revenue from individuals moving houses, also named Peter Gowers its new chief executive after Steve Williams retires on 30 April. Gowers was most recently [...]
Iron boosts Rio Tinto but coal suffers January 18, 2011 GLOBAL miner Rio Tinto posted a six per cent rise in iron ore production in the fourth quarter, powered by Chinese demand, but said coal production suffered after flood-related disruptions in Australia. Rio Tinto said in a production report yesterday that it produced 50.05m tonnes of iron ore in the fourth quarter versus 47.23m a [...]
Vodafone slams Essar’s plans January 18, 2011 TELECOMS giant Vodafone yesterday fell out with its Indian joint venture partner Essar Group which plans to merge its telecoms business – which owns an 11 per cent stake in Vodafone Essar – into its small quoted financial business India Securities (ILS). In a letter to India’s markets regulator, Vodafone complained that the value of [...]
BP shares gain despite Abu Dhabi project delay January 18, 2011 BP shares climbed to their highest level in almost eight months yesterday on enthusiasm for its deal with Russia’s state-owned oil giant Rosneft. The rise came in spite of news that a $2.2bn (£1.4bn) joint venture between BP and Masdar to build a hydrogen power plant has been delayed pending approval from the Abu Dhabi [...]
Bidding war to buy Regal Petroleum January 18, 2011 A BATTLE to purchase British oil explorer Regal Petroleum was last night emerging following a second offer for the firm from a rival bidder. The oil and gas company had agreed to be taken over by Energees Investments, the principal holding company of Ukranian Smart Holding Group, for 24p per share in December. Yet, Cyprus-based [...]
