Redrow on way to profit April 26, 2010 HOUSEBUILDER Redrow expects to return to profitability in the second half of 2010 as market conditions continue to improve. The FTSE 250 group says it has been “encouraged” by sales activity since the start of the calendar year. It is likely to legally complete more than 2,500 homes this year with sales rates per outlet [...]
Weir shares surge after hike in first half earnings forecast April 26, 2010 ENGINEERING group Weir saw its shares jump by almost 15 per cent yesterday after it said its first half profit would be well ahead of last year. Weir, a maker of pumps and valves for the mining, oil and gas and power generation industry said it anticipates full-year profit to be about £30m higher than [...]
FSA could ban trading desks for up to a year April 26, 2010 Banks could see their trading desks banned for up to a year under tough new guidelines tabled by the Financial Services Authority (FSA). Proposals announced yesterday would also allow the watchdog to suspend an individual from trading for up to two years. The changes are part of a major clampdown by the FSA on financial [...]
Begbies: UK faces £55bn black hole April 26, 2010 A RISE in interest rates in the coming year could push thousands of small businesses into bankruptcy, insolvency expert Begbies Traynor warned this morning. In its first quarter “Red Flag” update, which monitors UK companies for signs of stress, Begbies said small and medium-sized enterprises (SMEs) had £55bn of liabilities on their books. The debts [...]
Wal-Mart in case setback April 26, 2010 ASDA owner Wal-Mart suffered a blow yesterday when a US court ruled a sex-discrimination lawsuit against the retailer can proceed as a class-action case covering more than one million female employees. Wal-Mart , the world’s largest retailer, had asked the Ninth Circuit Court of Appeals in San Francisco to undo class-action certification in what could [...]
BoI will raise €3.4bn in May April 26, 2010 BANK of Ireland was tipped to emerge as a winner of the financial crisis yesterday after it announced a €3.4bn (£2.9bn) fundraising to avoid the need for more state aid. The Irish Republic’s largest lender said it would raise €1.9bn through a rights issue and €500m in a placing with institutional investors. The remaining €1bn [...]
Chloride rejects £723m bid April 26, 2010 Chloride Group yesterday rejected a new £723m cash offer from suitor Emerson Electric. It was urged by a string of major shareholders to hold out for a significantly higher bid from the US industrials group. Emerson gave the power protection firm only two days to respond to its 275p-a-share cash proposal over the weekend before [...]
Demand surges for City accountants April 26, 2010 SURGING demand for accountants has driven growth in member and student numbers for the Association of Chartered Certified Accountants (ACCA), which now has a global membership of 140,000. The 6.5 per cent annual growth in ACCA members came as student numbers increased from 366,000 to 404,000 – a rise of 10.4 per cent. ACCA chief executive [...]
Lansdowne doubles its Prudential short April 26, 2010 HEDGE fund Lansdowne Partners has doubled its short position in Prudential to 0.88 per cent or £121m, betting the insurer’s shares will fall. Analysts said there were several possible motives behind the move. Lansdowne could be counting on Prudential’s record $20bn (£13bn) rights issue going ahead successfully, in which case the share price would stabilise [...]
Losses almost wiped out at Regal April 26, 2010 Regal Petroleum, the Ukraine-focused oil and gas explorer, said yesterday it had wiped 86 per cent off its pre-tax loss after selling more gas to the domestic Ukrainian market. Regal posted a $6.83m (£4.42m) pre-tax loss for the year to December 2009, down from a $48.74m loss in 2008, on revenues 74 per cent higher [...]
