Koch brothers move into electronics with $7.2bn Molex deal September 9, 2013 PRIVATELY owned Koch Industries said yesterday it will buy Molex, a maker of electronic connectors for companies including Apple, for about $7.2bn to give the billionaire Koch brothers a way to diversify from their traditional holdings in energy, chemicals and paper. Koch Industries, which owns brands such as Brawny paper towels, Dixie Cups and Lycra, [...]
Primark growth boosts AB Food full-year profits September 9, 2013 ASSOCIATED British Foods (ABF) said yesterday it expects to post forecast- beating profits for the second half of the year as sales at the discount clothing chain Primark continue to surge. Full-year sales at Primark, which accounts for about a third of the group’s profit, are expected to be 22 per cent ahead of last [...]
Analyst Views: How has AB Foods’ update impacted your outlook for the year? September 9, 2013 MARTIN DEBOO | INVESTEC“This year is set to beat expectations on a strong finish from Primark…But in the other major profit centre of sugars the outlook in 2014 and beyond is downbeat, with EU sugar prices falling fast and further pricing pressures elsewhere …We expect to be upgrading our 2013 numbers a tad but downgrading [...]
Bumi shares slump after miner warns of separation plan delay September 9, 2013 TROUBLED miner Bumi’s share price dropped almost three per cent yesterday, after it announced that there is now “less certainty around the timing and status” of its separation from the Bakrie Group. A circular regarding the proposed deal was scheduled to be sent round to shareholders in September but yesterday the FSTE 250 firm said [...]
Strong US jobs data hints at Fed tapering decision this month September 9, 2013 THE LABOUR market is improving steadily, a top Fed official said yesterday, sustaining expectations the central bank will announce plans to slow down its money printing operations this month. The Fed is buying $85bn (£54.1bn) of market securities each month to stimulate the economy, and has previously said it will slow the pace as the [...]
Retail parks lose more tenants September 9, 2013 One in seven shops continued to lie empty in the first half of the year, with retail parks suffering the worst decline, according to data out today by the Local Data Company. The report showed that while vacancy rates in the top 650 town centres were stable at 14 per cent, retail parks saw vacancy [...]
JP Morgan strengthens board September 9, 2013 US investment bank JP Morgan took on two more directors and gave more power to its independent board members, it announced yesterday. Some investors have criticised for the setup by which Jamie Dimon is both chief executive and chairman, and the new arrangement means he will be scrutinised more. The institution’s new directors are risk expert Linda [...]
Fairfax looks for Blackberry sale September 9, 2013 Blackberry’s biggest shareholder Fairfax has approached several Canadian investment funds about a deal to take the smartphone maker private, Reuters sources said last night. The early-stage talks with the 10 per cent shareholder come after the firm said it is considering all options for its future. The group was once dominant in business mobiles but [...]
Deloitte hit by record fine for MG Rover work September 9, 2013 DELOITTE has been fined a record-breaking £14m and slapped with its first ever severe reprimand from the accountancy watchdog for failing to manage conflicts of interest when advising MG Rover and its owners. An independent tribunal for the Financial Reporting Council agreed with 13 allegations of misconduct in Deloitte’s role in the run-up to the [...]
Surveyors see house prices up again in August September 9, 2013 MORE chartered surveyors are reporting a rise in house prices than at any point for nearly seven years, a widely-regarded survey reveals this morning, as the market heats up. According to August’s survey by the Royal Institution of Chartered Surveyors (RICS), a net balance of 40 per cent of respondents are seeing house prices rise [...]
