Balfour Beatty wins light deal August 3, 2011 BALFOUR Beatty has won a £230m contract to install and maintain Northamptonshire’s street lights, the firm announced yesterday. The infrastructure group said it has a 25-year mandate to design, build and repair around 46,000 street lights, and will run the public-private partnership alongside a similar contract in Cambridgeshire. Balfour said it will invest £6.5m in [...]
Shell admits its Nigeria liability August 3, 2011 OIL giant Shell has admitted liability for two spills in Nigeria, leaving it in the firing line for up to an estimated £250m in compensation payments. The Bodo community in the Niger Delta, which sued the firm in the English courts earlier in the year, said it would now seek payments for environmental damage done [...]
Carnival splashes out on ships August 3, 2011 The world’s largest cruise ship company, Carnival Corporation, has ordered three new ships for two of its European brands. Carnival Corporation agreed to pay nearly £485m for one 132,500-ton vessel for its Costa Cruises brand and two 125,000-ton ships that total £792m for its AIDA Cruises brand based in Germany. The ships will be the [...]
Cobham cost cuts aid bottom line August 3, 2011 Aerospace electronics group Cobham has posted slightly higher adjusted earnings in the first half as cost cuts helped compensate for tough conditions in the US defence and security market, which it said would persist. Cobham reported a three per cent rise in underlying pre-tax profit of £149m on seven per cent lower revenue of £892m.
Allianz moves into US property August 3, 2011 European insurance giant Allianz has penned $300m deal to invest in the US real estate market, it announced yesterday. The firm has created a joint venture with property specialist Archstone and the Canada Pension Plan Investment Board and will put in $108m initially. The venture will invest in properties in Boston and Washington DC already [...]
L&S takes on Tesco warehouse August 3, 2011 London & Stamford Property has snapped up a warehouse belonging to Tesco for £22.9m in the latest in a string of acquisitions, the firm announced yesterday. The company said the deal reflected a yield of 7.5 per cent, and that the distribution centre in Harlow will be rented out to Tesco for the remaining 12.5 [...]
Nuclear plant shuts on Japan fear August 3, 2011 Britain’s MOX nuclear fuel plant at Sellafield will be closed due to loss of business from Japan following the Fukushima nuclear crisis, the UK Nuclear Decommissioning Authority (NDA) said yesterday. The closure affects 600 jobs, though the NDA said there was scope for moving workers to other Sellafield operations. The NDA said heightened commercial risks [...]
Rightmove defies gloom in real estate August 3, 2011 RIGHTMOVE, the property website, saw its half year pre-tax profits jump by 17 per cent as estate agencies spent more on advertising to attract customers in a challenging housing market. The company’s pre-tax profit rose to £28.7m in the year to June, compared with £24.5m in the previous year. Revenue was up 20 per cent [...]
Taylor Wimpey profits from slow but steady progress August 3, 2011 HOUSE builder Taylor Wimpey said first half profits rose 32 per cent as it benefited from a stable housing market and cutting down its costs following the economic crisis. Britain’s second largest builder by market value said pre-tax profit in the year to June was £28.9m against a loss of £2.3m in the same period [...]
Capital & Counties asset value boosted by Covent Garden site August 3, 2011 CAPITAL & Counties, the London focused property developer, posted a four per cent rise in the value of its assets, boosted by an increase in value of its Covent Garden estate. Net asset value per share rose four per cent to 154p, while pre-tax profit was up 28 per cent at £70.2m from £54.8m a [...]
