S Korean banks downgraded May 20, 2009 RATINGS agency Moody’s yesterday downgraded four of South Korea’s major banks in a move that signals worsening economic strife for the country. Moody’s pointed to rising bad loans and weak capital positions as the reason for the change. It said the banks had “numerous and severe strains on their operating performances compared to other Asian [...]
Panmure still mulling offers May 20, 2009 BROKER Panmure Gordon has again adjourned a meeting originally called to canvass shareholder approval for a stakebuilding proposal from private equity firm BlueGem, as it continues to mull over two rival offers. BlueGem had originally planned to buy a 40 per cent stake in the firm for 24p a share, until hedge fund SPQR Capital [...]
De La Rue profits up on surge in demand May 20, 2009 DE LA RUE, the world’s largest non-government printer of banknotes, yesterday reported higher full year profit and reiterated its confidence on its prospects for 2009-10, when it expects the euro and dollar to remain strong. De La Rue, which produces over 150 national currencies, posted pre-tax profit of £105m, up 19 per cent, on revenue [...]
BoE ready to pump more money into economy if needed May 20, 2009 FRESH money will be pumped into the economy if the outlook deterioriates further, the minutes from the Bank of England’s May policy meeting indicated yesterday. At the meeting, all nine members of the Monetary Policy Committee (MPC) voted in favour of extending the central bank’s quantitative easing programme by £50bn, taking the total to £125bn. [...]
Baby boom for Mothercare as its ELC purchase pays off May 20, 2009 MOTHERCARE said yesterday its profits for the year to the end of March had rocketed almost 10-fold, following the acquisition of children’s retailer Early Learning Centre (ELC). But the company warned the weakness in sterling could cause problems later in the year. Pre-tax profits for 2008-2009 at Mothercare were £42.2m, a huge increase on last year’s [...]
Britvic profits fizz in spite of Ireland gloom May 20, 2009 SHARES in Tango-to-Robinsons beverage maker Britvic soared yesterday to their highest point in almost a year, after the firm posted a 16.3 per cent hike in half-year profits and said the UK soft drinks market had turned a corner. The group’s pre-tax profit before exceptionals rose to £20m for the six months to 12 April, [...]
Shaftesbury raises 149.1m May 20, 2009 PROPERTY firm Shaftesbury has launched a 2-for-3 rights issue to raise £149.1m to spruce up London’s fashionable Soho district. The real estate investment trust, which owns large swathes of the capital’s Chinatown and Covent Garden theatre district, plans to sell about 90.3m shares at 175p each, a discount of 53.1 per cent to the closing [...]
Japan’s GDP shrinks a record four per cent in first quarter as exports plunge May 20, 2009 JAPAN’S economy shrank a record four per cent in the first quarter as domestic demand and investment buckled, threatening to crush an anticipated export-led rebound in the second half. Any recovery depends on whether Japanese exporters, who have begun replenishing depleted inventory, see demand picking up in Western markets, and whether Tokyo’s $160bn (£102bn) stimulus [...]
Russian banks may need 10bn as bad loans mount up, says central banker May 20, 2009 RUSSIAN banks could need a minimum of £10bn in extra capital this year to offset the damage done by rocketing levels of bad loans, one of the country’s top central bankers said yesterday. Alexei Simanovsky, who heads the Russian central bank’s supervision department, said stress testing had shown that non-performing loans would force banks to [...]
Factory orders weaker than expected in May May 20, 2009 BRITISH manufacturing orders fell slightly more than expected in May but firms were more upbeat about the future than at any time since last September, a survey showed yesterday. The Confederation of British Industry’s (CBI) monthly Industrial Trends survey showed the factory orders balance ticked up to -56 this month from -57 in April. Analysts [...]
