Banks to sue Dubai Group September 12, 2012 RBS, Commerzbank and Standard Bank yesterday launched legal proceedings against a Dubai investment firm after failing to reach an agreement over loan repayments. The banks said they were left with no alternative after talks with Dubai Group – an investment unit of Dubai Holding owned by Dubai’s ruler Sheikh Mohammed bin Rashid al-Maktoum – collapsed. [...]
Kingfisher slips as wet weather affects footfall September 12, 2012 DIY group Kingfisher yesterday reported a plunge in pre-tax profits for the six months to 28 July, hurt by the “uniquely awful” weather in the UK over the summer. Profit at Kingfisher, which owns Screwfix and B&Q, plummeted 15.5 per cent to £371m, down from £439m over the same period last year as seasonal product [...]
Were Kingfisher’s results what you expected? September 12, 2012 FREDDIE GEORGE | SEYMOUR PIERCE Despite downgrades in recent weeks, the interim results to the end of July are disappointing and at the bottom end of market expectations. Some of the problems are one-off, but one worries that some are also structural. We are downgrading our recommendation from ‘hold’ to ‘sell’. RICHARD HUNTER | HARGREAVES [...]
Diamond firm lands Kenmare director Lowrie September 12, 2012 PETRA Diamonds, the world’s sixth-largest diamond producer, has appointed Tony Lowrie as senior independent non-executive director with immediate effect. Lowrie, currently a non-executive director of FTSE 250-listed Kenmare Resources and the Edinburgh Dragon Fund, has spent 35 years in the equities business. He is a former managing director of ABN Amro Bank, and a former [...]
Barratt will pay dividend in 2013 as profit surges September 12, 2012 HOUSEBUILDER Barratt Developments yesterday posted a strong bounce in profits, up 159 per cent over the year to 30 June. Pre-tax profit increased to £110.7m, up from £42.7m over the same period in 2011. Investment in higher margin land and an increase in housing volumes flattered the numbers, as Barratt completed 12,637 properties over the [...]
Laura Ashley plots expansion in China as online sales surge 21pc September 12, 2012 LAURA Ashley yesterday posted a 13.7 per cent increase in pre-tax profit, bucking the negative trend on the UK high street, as it eyes up expansion in China. UK like-for-like sales growth in the company’s 211 stores was 3.9 per cent over the half year to 28 July, while total retail sales were up 6.1 [...]
AstraZeneca raises $2bn in first dollar bond sale for five years September 12, 2012 DRUG giant AstraZeneca yesterday said it had tapped the bond markets for $2bn (£1.3bn), with $1bn of this borrowed for seven years with an interest rate of 1.95 per cent – in its first dollar-denominated sale for five years. The company also placed a further $1bn for 30 years on an interest rate of four [...]
Advisers Rob Ritchie September 12, 2012 GOLDMAN SACHS FOR its $2bn bond issue, AstraZeneca appointed four leading Wall Street firms to underwrite the deal and help bring the bonds to the market: Goldman Sachs, Morgan Stanley, HSBC Securities and JP Morgan Securities. Leading for Goldman Sachs on the offering was its head of European debt capital markets Rob Ritchie. Ritchie has [...]
BT adds rugby to its TV offering September 12, 2012 BT has secured a £152m deal for the rights to show Premiership rugby union matches on its TV service, in the latest aggressive move from the company after its shock grab of Premier League football rights. The four-year contract, which allows BT to show 69 live games a year from the start of the 2013-14 [...]
Bwin in gaming push as reveals Nordeus tie-up to develop app September 12, 2012 BWIN.PARTY Digital Entertainment, the world’s largest online gaming group, has paired with the Serbian start-up behind popular Facebook game Top Eleven as the drive to make cash from social gaming gathers pace. Fast-growing social games are free-to-use web-based games played against other users, often tied to established platforms such as social media site Facebook. Top [...]
