Asian slump hits Premier Farnell profit June 16, 2011 ELECTRONIC components distributor Premier Farnell missed first-quarter profit forecasts yesterday due to weakness in its Asia Pacific operations, sending its shares to a nine-month low of 250.4p. Premier Farnell, whose shares had risen sharply in recent months to reach a nine-year high on the back of hopes for its exposure to global growth, said its [...]
Boeing sees $4 trillion jet sales June 16, 2011 PASSENGER jet sales will reach $4 trillion (£2.5 trillion) over the next 20 years, Boeing predicted yesterday as it hiked demand forecasts on the eve of the Paris Air Show. The US planemaker estimated a total of 33,500 jetliner sales by all manufacturers between 2011 and 2030, led by Asia, which has already toppled North [...]
UAE’s Axiom sells 35pc stake to Qatar’s Mannai June 16, 2011 AXIOM Telecom has sold a 35 per cent stake to Qatar’s Mannai Corp for an undisclosed amount after deciding against a London share listing, the Dubai-based mobile phone retailer said yesterday. The sale follows Axiom’s aborted initial public offering (IPO) last year, when it planned to list on the Nasdaq Dubai exchange by selling up [...]
Alibaba will split Taobao instead of seeking a float June 16, 2011 ALIBABA Group said yesterday it has reorganised Taobao, China’s largest e-commerce website, into three separate companies, squashing any chance of a Taobao public offering. The move to split Taobao comes as Alibaba Group founder Jack Ma grapples with its major shareholders, Yahoo and Japan’s Softbank, over ownership of Alipay, another of the group’s crown jewels. [...]
WYG plots a restructuring June 16, 2011 Engineering group WYG yesterday detailed a capital restructuring and job cuts for 50 per cent of its staff as it fights to stay solvent. The Leeds-based firm plans to drum up £30m in an equity fundraising, and will perform a debt-for-equity swap with its creditors. The firm reported a pre-tax loss of £28.6m for the [...]
Gulf Keystone on track in Iraq June 16, 2011 Aim-listed Gulf Keystone Petroleum yesterday said its wells in the Kurdistan region of Iraq were on course, and that one of its oil deposits is five to ten per cent larger than first thought. The company said it would have more information on the Shaikan-4 appraisal well after further tests. However, the firm’s shares fell [...]
Avesco narrows its losses June 16, 2011 Corporate entertainment firm Avesco narrowed its losses last year, it announced yesterday, after its revenues rose 13 per cent. The firm made a pre-tax loss of £140,000 in the three months to the end of March, compared with a £633,000 loss in the same period last year. The company said it had increased its banking [...]
St Ives improves market share June 16, 2011 British printer St Ives said yesterday sales for the last four months rose about four per cent and performance continues to improve compared to last year. The company is attempting to raise market share in book printing to offset the rise in popularity of e-books and uncertainty surrounding book chain Waterstone’s, it said in a [...]
ROLLS-ROYCE WINS £100M IN CONTRACTS June 16, 2011 ENGINE maker Rolls-Royce, led by Sir John Rose, has won more than £100m in new orders to supply ship engines for offshore oil and gas vessels. The ships are for deepwater oil and gas drilling and require engines with multiple thrusters. Rolls-Royce said the propulsion systems had “extraordinary demands placed on them.” The orders have [...]
CITY MOVES | WHO’S SWITCHING JOBS June 16, 2011 Dalton Strategic Partnership The investment manager has appointed Keith Busuttil as an analyst on the European Absolute Return equities team, based in London, where he will work on the Melchior European equity long short strategies. Busuttil joins DSP from The Blackstone Group, where he was vice president in the European Debt Restructuring team. Prior to [...]
