AIG offloads pair of businesses August 12, 2009 US insurer giant AIG said yesterday that it is to sell its Hong Kong finance business to China Construction Bank Asia for $70m in cash and $557m in debt. The group is also selling its Indian IT unit to MphasiS for an undisclosed sum.
Norcros sees sales slightly down August 12, 2009 Shower and tile maker Norcros yesterday reported sales down 3.7 per cent at constant currency levels in the 18 weeks to 2 August. The company said in a trading update that its UK businesses had continued to perform well, but warned that its South African operations had been hit by falling demand.
Northgate wins placing support August 12, 2009 Northgate, the van hire company, yesterday said that 97.5 per cent of shareholders had backed its rights issue. The group wants to raise around £115m from a placing and rights issue to shelter it from the downturn, which has hit the value of its vehicles.
Mitie acquires UK Dalkia arm August 12, 2009 UK maintenance firm Mitie said it had acquired the British arm of Dalkia, the outsourcing group owned by France’s EDF and Veolia for £130m and had raised £43m through a share placing. Mitie, which cleans the Tower of London, said it had acquired Dalkia Technical Facilities Management to boost the reach and depth of its [...]
WILL FEWER PEOPLE BE TAKING A WINTER BREAK IN THE RECESSION? August 12, 2009 SAM HART CHARLES STANLEYWinter 2009/10 is expected to be the toughest period in the current downturn, as winter holidays tend to be more discretionary than summer holidays. Bookings for winter appear to have got off to a slow start, but it remains early in the booking cycle and trading has strengthened in the last four [...]
FT buys digital pension service MandateWire August 12, 2009 THE Financial Times has bought MandateWire, a London-based provider of information on European pension mandates for an undisclosed sum. The digital, subscription-based service analyses 2,000 EU pension funds and sends out details to analysts at fund management groups. An FT spokesman said the deal “further consolidates the FT’s global position with fund management groups, following [...]
Collapse in commodities ends BHP’s record run August 12, 2009 BHP Billiton, the world’s largest miner, yesterday reported a 30 per cent slide in annual profit excluding writedowns, its first fall in seven years, pummelled by a slump in metals prices and demand. It said there were emerging signs of demand improving in North America, Europe and Japan, but said it was too early to [...]
HMRC gets access to offshore funds August 12, 2009 HM REVENUE and Customs (HMRC) will be able to access the offshore accounts of UK citizens with accounts at more than 300 banks, after it secured “production orders” forcing lenders to disclose the information. HMRC continued its campaign against tax evasion with the orders, which will also see the 308 affected banks required to pass [...]
TUI warns of poor winter sun demand August 12, 2009 DEMAND for summer holidays is holding up in the recession, Thomson owner TUI Travel said yesterday, but it warned the winter season could be bleak. TUI said that a surge of late-bookings, prompted by dismal British weather, has left the group with fewer summer holidays left to sell than last year. Late summer bookings contributed [...]
US stocks buoyed by Fed’s optimism August 12, 2009 US stocks powered higher yesterday as the Federal Reserve said it saw signs of a more stable economy. Stocks had been on track to close at their highest level in 10 months, led by technology and financials, but shares lost steam in the last half hour of trading. The Federal Reserve said the economy was [...]
