Groupon in IPO change August 10, 2011 DEAL website Groupon has ditched a controversial accounting method that appears to eliminate marketing and subscriber-acquisition costs ahead of its multi-billion dollar flotation. The changes more than double Groupon’s second quarter loss to $102.7m (£63m), up from the $36.8m last year. The firm filed plans to raise $750m in June in an IPO that could [...]
Micro Focus shares make big gains as its turnaround plan gathers pace August 10, 2011 SOFTWARE company Micro Focus International’s shares rocketed 13 per cent yesterday after it posted a better-than-expected update. The firm, which was the biggest riser in the FTSE indices yesterday, said its revenues were higher than previously indicated, while costs linked to its restructuring had come down from earlier estimates. Micro Focus, which supports mainframe computer [...]
Ex-News of the World journo arrested August 10, 2011 FORMER News of the World news editor Greg Miskiw was yesterday arrested by the Metropolitan police over his possible role in the News International phone hacking scandal. Miskiw, aged 61, acted as news editor of the now-shuttered tabloid while both Andy Coulson and Rebekah Brooks were editor. He was arrested on suspicion of unlawful interception [...]
CITY MINER GOES FOR GOLD WITH ROYAL GIFT August 10, 2011 DISASTER has been averted at the Palace, The Capitalist can reveal, after a well-connected miner stepped in to replenish the stocks of the Welsh gold traditionally used to make the royal wedding bands. Gold from the mines of the Dolgellau field in North Wales has been used to make the royal wedding bands since Anglo [...]
Virgin Atlantic toughs it out to deliver profit August 10, 2011 VIRGIN Atlantic bounced back into profit last year despite the disruptions caused by the unusual weather, spiraling rising fuel charges and weak consumer confidence. The airline, which is 51 per cent owned by Richard Branson’s Virgin Group and 49 per cent owned by Singapore Airlines, made a pre-tax profit of £18.5m in the year through [...]
Eon warns it could cut 11,000 jobs as nuclear plants shut August 10, 2011 EON AG, Germany’s biggest energy group, said it made a loss in the first half of the year in the wake of the government’s decision to shut down all nuclear power plants, and warned that it may cut 11,000 jobs. The energy supplier made a loss of €1.58bn (£1.39bn) in the three months to June, [...]
Interserve posts a climb in earnings and predicts growth in outsourcing August 10, 2011 SHARES in Interserve, the support services and construction group, rose 10.5 per cent yesterday after the group posted higher first-half profits, saying it was confident about its medium-term outlook as demand for outsourcing gathered pace. The company, whose clients include the BBC, the NHS and retailers including Sainsbury’s, said pre-tax profits rose 10.3 per cent [...]
SMALL DECLINE AT STAGECOACH THEATRE August 10, 2011 STAGECOACH Theatre Arts, which operates the UK’s largest network of part-time performing arts schools for children, has seen its annual network fees increase by £100,000 to £29.3m. For the year ended 31 May group revenue was £5.9m, down £300,000. Profit also fell to £650,000 from £727,000 due in part to higher new marketing investment.
GDF Suez nears $4bn deal with Chinese fund August 10, 2011 GDF Suez and China Investment Corp are in exclusive talks to seal a $4bn (£2.5bn) alliance that will help the French utility fund its expansion in booming Asia and offer Beijing access to new energy resources. The world’s biggest utility outlined the details of the partnership, its second large deal in a year after buying [...]
TUI is buoyed as UK travel remains solid August 10, 2011 TUI Travel yesterday gave a confident outlook as weaknesses in its French business were offset by resilient bookings in the UK and a strong performance in the Nordic region. TUI said that sales in its northern region – which include the UK business – were up by 57 per cent year-on-year to give an underlying [...]
