Nostalgia boosts HobbyCraft sales November 25, 2009 HobbyCraft, the leading out-of-town art and craft retailer, has reported a 67 per cent increase in profit before tax for the year to 22 February 2009. In the 35 weeks since the year end, the group said it has delivered like-for-like sales up nine per cent and total sales up 22 per cent.
Sportingbet profit doubles November 25, 2009 Sportingbet, the operator of the Paradise Poker Internet gambling site, said first-quarter profit rose 56 per cent, helped by during-games sport betting. Pre-tax profits rose to £6.1m in the quarter ended Oct 31, from £3.9m, or 0.7p per share, in the year-earlier period. Sportingbet is attracting more sports gambling by encouraging customers to bet during [...]
Hansteen in KEIF stake talks November 25, 2009 Hansteen Holdings is in preliminary talks to take over the Kenmore European Industrial Fund (KEIF) for £56.8m as it looks to ramp up its exposure to continental European real estate. Hansteen logged its interest in buying the fund after acquiring an initial 12 per cent stake from Knowe Properties for £3.36m in cash and around [...]
Liontrust sees 92 per cent profit plunge November 25, 2009 FUND manager Liontrust Asset Management reported a 92 per cent slump in pre-tax profits in the first half as it continued to restructure following the loss of key fund managers. The slide to just £0.5m in the six months to September 30 compared with more than £6m in profits during the same period last year. [...]
THETINMAN November 25, 2009 Russian oligarch Oleg Deripaska will lose majority control of aluminium producer Rusal following a planned flotation of the company, said Russian finance minister Alexei Kudrin yesterday. “After VEB (the Russian state-owned bank) buys a stake, the government and Deripaska will control the company,” he said. Picture: reuters
Anglo Irish boss says he will hive off the firm’s troubled loans November 25, 2009 NATIONALISED Anglo Irish Bank is planning to split itself in two, hiving off its viable assets and eventually winding down its troubled loans, its chief executive said yesterday. Anglo Irish Bank is expected to transfer €28bn (£25bn) of loans to Ireland’s National Asset Management Agency (NAMA), a national “bad bank” which is being launched this [...]
Commerzbank mulls capital hike to repay state bailout November 25, 2009 GERMANY’S second biggest lender Commerzbank said it is considering a capital increase and divestments among options for repaying €16.4bn (£14.8bn) in government bailout money. In January, Germany took a 25 per cent stake in Commerzbank as part of an €18.2 rescue package to stabilise the lender, which was rocked by the financial crisis and its [...]
No more Bank of Ireland aid November 25, 2009 BANK of Ireland does not foresee the need for further state bailouts according to the restructuring plan submitted to the European Union, though it said the state would remain a substantial owner. The bank, which received €3.5bn (£3.17bn) in state capital in return for an indirect 25 per cent stake, is also expected to transfer [...]
CHRISTMAS AT TIFFANY’S November 25, 2009 LOWER costs and strong overseas sales helped upmarket jeweller Tiffany’s report earnings that fell just one per cent to $43.3m (£25.9m) in the third quarter. The company boosted its full-year profit outlook with the approach of the key Christmas season.
General Motors axes 9,000 jobs after stalled Opel sell-off plans November 25, 2009 US CAR giant General Motors (GM) said yesterday it will be cutting 9,000 jobs around Europe – slightly fewer than the estimated figure of 10,000 – as it restructures its European arm, Opel. GM added it would keep its four German plants open, almost a month after it called off plans to sell Opel, along [...]
