Ministry of Defence pays Boeing £1bn for Chinooks August 22, 2011 BOEING has agreed to build 14 new Chinook helicopters for the UK Ministry of Defence, under a contract worth £1bn. The American aerospace firm will also provide the RAF with support services for the fleet for the first five years of the deal. Construction work on the aircrafts will take place in Philadelphia. The purchase [...]
Crisis fails to dampen deal prices August 22, 2011 PENSION transfer prices have held up despite the market volatility linked to the sovereign debt crisis, experts said yesterday. America’s credit rating downgrade and the Eurozone sovereign debt crisis have had little impact on corporate bond yields, which drive the price costs of pension insurance buyouts and buy-ins – known as bulk annuities. Pensions consultant [...]
Essar shares hit by fears over red tape August 22, 2011 INDIA-FOCUSED refiner and power generator Essar Energy said three projects would be delayed as it continues to battle hold-ups from regulators, hurting its shares. The company said yesterday there would be “minor delays” to three power projects and that it is still awaiting forest clearance from the Indian government for its three coal blocks which [...]
Petrofac beats forecasts thanks to its contract with Malaysian state oil firm August 22, 2011 OIL services firm Petrofac posted a forecast-beating first-half profit, boosted by its business in Malaysia, and said it was confident demand from national oil firms would continue to fuel future growth. Petrofac, which designs and builds oil and gas infrastructure and also invests alongside oil firms in oil fields, yesterday posted net profit of $246.3m [...]
Balfour Beatty snaps up firm of office fitters in deal worth £8m August 22, 2011 INFRASTRUCTURE giant Balfour Beatty has snapped up a firm of office fitters for £8m, it said yesterday. Office Projects Group, which has worked on Balfour projects in the past, specialises in fitting out British offices. It recently completed a £4.3m fit-out at the offices of Ignis Asset Management at 150 Cheapside. Other blue-chip clients include [...]
SuperGroup sharpens up supply chain August 22, 2011 SUPERGROUP yesterday outlined plans to tackle future supply chain problems after the retailer was caught with a summer stock shortage that triggered a fall in its share price. The company, whose brands include Superdry, gave a hit list of possible hurdles to its growth in its annual report. The document also highlighted the firm’s expansion [...]
Electrolux buys Chilean rival August 22, 2011 WORLD number two home appliances maker Electrolux, looking to further boost its presence in emerging countries and offset weakness in mature markets, has agreed to buy market-leading Chilean appliance company CTI. Sweden’s Electrolux has been battered by fears of a return to recession in North America and worries about the impact of the debt crisis [...]
GlaxoSmithKline invests in British biotech startup August 22, 2011 PHARMACEUTICAL giant GlaxoSmithKline has bought a minority stake in UK biotech firm Autifony Therapeutics, through its subsidiary Glaxo Group. Glaxo said this morning it would put £1.25m into Autifony – which develops treatments for tinnitus sufferers – in return for a 25.4 per cent stake in the company. Glaxo Group has raised a total of [...]
HR Owen sees profit drive forward as London showroom sells more Ferraris August 22, 2011 LUXURY car dealer HR Owen doubled its profits in the first half of 2011 but has cut its dividend by 75 per cent. The company said it had grown new car sales and improved used car margins but was going to cut its dividend to help fund its new growth strategy. Profit before tax leapt [...]
Sportingbet given green light for Centrebet deal August 22, 2011 SPORTINGBET, the UK gaming group that has been earmarked as a potential target for Ladbrokes, has been given the all clear to buy Australian listed bookmaker Centrebet. The Federal Court of Australia’s should close by the end of this month. It will then operate as a wholly-owned subsidiary of Sbet Australia Pty. Centrebet shares are [...]
