BP sues Renova in latest spat with AAR partners August 9, 2011 OIL giant BP has launched a case with the Stockholm court of arbitration against one of the shareholders in its Anglo-Russian TNK-BP joint venture, echoing the two sides’ tussle over Rosneft earlier in the year. BP filed a claim last week against Renova, part of the Alfa-Access-Renova (AAR) consortium that controls half of TNK-BP, for [...]
HSBC kicks off talks over sale of US cards business August 9, 2011 HSBC yesterday said it was in talks to sell its US credit card and retail services business, to a buyer believed to be Capital One. HSBC had flagged the sale of the business since May, when chief executive Stuart Gulliver announced a $3.5bn (£2.1bn) global cost cutting programme. Sources close to Capital One said the [...]
IHG beats its forecasts as revenues rise August 9, 2011 INTERCONTINENTAL Hotels Group yesterday gave an upbeat half-yearly update as online booking and the return of the business traveller helped improve earnings. The world’s biggest hotelier beat half-year earnings forecasts with a 23 per cent rise in profit. The group, which owns the Holiday Inn, Crowne Plaza and InterContinental brands, also saw stronger bookings and [...]
Greggs sales growth slows August 9, 2011 BAKERY chain Greggs has seen sales growth slow after a “challenging” first half, it said yesterday. The baker, known for its sausage rolls and steak bakes, recorded sales growth of just 0.4 per cent in the 26 weeks to 2 July, down from 0.8 per cent in the first 18 weeks of the year. But [...]
Young’s stops brewing beer August 9, 2011 YOUNG & Co is to quit brewing beer after 180 years. It said yesterday it would sell it 40 per cent stake in the Wells & Young’s Brewing Company to Charles Wells. The deal is worth £15m, to be paid in two instalments in February 2013 and February 2014. Young’s said it would now concentrate [...]
DAWSON HIT BY CASHMERE COSTS August 9, 2011 DAWSON International yesterday warned that rising raw material prices are reducing its margins – particularly in its US knitwear businesses. Dawson’s results for the 15 months to 2 April showed sales of £1.6m compared with £2.6m in the same period last year and an operating loss of £1.7m compared with £1.5m.
Murdoch to face second grilling August 9, 2011 RUPERT Murdoch will be forced to face more questions over the phone hacking scandal tonight, this time from analysts and journalists on the firm’s full year results conference call. The tycoon faces a grilling on the ongoing controversy, with US analysts keen to pin the company down on the amount News Corp is setting aside for [...]
WHAT WILL ANALYSTS BE ASKING MURDOCH? August 9, 2011 CLAIRE ENDERS | ENDERS ANALYSIS The big question is going to be what provision News Corp is making for phone hacking legal costs. Corporate governance will also be on the agenda. THOMAS EAGAN | COLLINS STEWART We need to hear more about [chief operating officer] Chase Carey. Could they break up the chairman and chief [...]
FSA sets out rules on bank living wills August 9, 2011 DETAILED plans on how banks should wind themselves up or change shape to stay afloat in a crisis were set out by the City regulator yesterday. The Financial Services Authority is making all UK banks draw up two “living wills” by the end of 2012 to cope with future shocks, though it expects the biggest [...]
DTZ shares nose-dive as two top executives quit August 9, 2011 SHARES in property consultancy DTZ tanked 4.4 per cent despite the broader market bounce yesterday, after its chief executive and finance director abruptly left the firm and there was a frustrating lack of progress in its takeover talks with “a number of “ suitors. Paul Idzik, who has served as chief executive since 2008, and [...]
