Kenmare bounces back to profit August 22, 2012 Miner Kenmare Resources yesterday reported a pre-tax profit of $38.8m (£24.6m) for the first half of the year, up from a loss of $14.2m last year. Revenues for the ilmenite and zircon miner were up 95 per cent to $109m over the first six months of the year to 30 June. Over the period Kenmare [...]
Goals Soccer Centres’ takeover fails August 22, 2012 Goals Soccer Centres’ takeover by one of Canada’s biggest pension funds fell through yesterday after shareholders narrowly rejected the offer, sending the stock down as much as 24 per cent. Goals Soccer said 71.4 per cent of independent shareholders voted in favour of the £73.1m offer. The deal needed the support of three-quarters of its [...]
Fewer deals on offer for first time buyers August 22, 2012 THE MORTGAGE market has tightened up over the past six months, but remortgage lending has bounced back, according to reports. The number of high loan-to-value (LTV) mortgages has plummeted, with a collapse in 90 per cent and 95 per cent mortgages offered, MoneySupermarket said yesterday. Its data shows that 95 per cent mortgage availability has [...]
Small businesses lament lack of basic skills in young staff August 22, 2012 SMALL BUSINESSES are sceptical about how ready school leavers are for work, according to a survey released by the Federation of Small Businesses (FSB) yesterday. A full eight out of ten did not think school leavers were fit for employment, and that more must be done to get them into shape. Fifteen and 16 year [...]
Japan’s export industries hit by deep slump August 22, 2012 JAPAN slipped into a current account deficit in July, as exports dwindled and imports swelled, according to ministry of finance data released yesterday. Exports slipped 8.1 per cent over the year, to hit 5.3 trillion yen (£42.4bn), while imports climbed 2.1 per cent, reaching 5.8 trillion yen – leaving a deficit of 517bn yen. Japan’s [...]
Household incomes slip August 22, 2012 HOUSEHOLD incomes shrunk between May and June, while debt levels grew quickly, according to a report released by Aviva yesterday. Average monthly family incomes slumped seven per cent between May and August this year, from £2,150 to £2,003. The insurance company suggests this is likely to be due to the increased responsibilities acquired by parents [...]
RBS in Iran sanctions inquiry August 22, 2012 US authorities are investigating RBS and Commerzbank over possible breaches of sanctions in Iran, in a widening crackdown which has already cost Standard Chartered a hefty fine. RBS’ half-year results said the bank could face a “material impact” from the investigation.
New OTC rules may boost gilts August 22, 2012 Incoming regulations on over-the-counter (OTC) derivatives requiring greater capital will drive investment into government securities, ratings agency Moody’s said yesterday. However, ultra-low bond yields, and increased collateral requirements for transactions may drive bond funds to put more money into riskier investments, the report warned.
CLS launches latest retail bond August 22, 2012 In the latest attempt to capitalise on consumer cash, CLS holdings, the London property investment firm, launched a retail bond yesterday. Investors will be able to put anything from £2,000 in the instrument, at a rate of 5.5 per cent. CLS has a portfolio of properties in London, France, Germany and Sweden.
Central banks hurt securitisations August 22, 2012 Funding on offer from central banks has reduced the need for banks to issue securitised products, Standard and Poor’s said yesterday. Investor-placed securitisation issuance in Europe came in at €44bn (£34.8bn) in the first seven months of the year, down 10 per cent on the year.
