Devro warns on profits October 22, 2012 Sausage skin maker Devro this morning sounded a profit warning, as a result of adverse currency swings and higher costs. The British firm said that sales volumes continued to grow in Japan, Europe and the Americas, and overall market demand remained strong. It added that raw material prices had risen, and this was expected to [...]
BP and Rosneft on brink of announcing deal October 22, 2012 BP and Rosneft are on the verge of announcing a deal worth more than $25bn (£16bn), that will see the British oil major exit troubled joint venture TNK-BP and take a stake in the Russian state-controlled energy firm, it is understood. The deal has yet to be finalised, although BP this morning confirmed this morning [...]
Investors reap record payouts October 22, 2012 INVESTORS enjoyed a cash bonus in the third quarter as dividend payments from UK companies hit a record high of £23.2bn, according to research released today. Payouts to shareholders are up 10.4 per cent on the same period last year, with more than four out of every five firms increasing their dividend. But the celebrations [...]
BP set to reveal deal with Rosneft as it exits Russian venture October 22, 2012 BP hopes to unveil a multi-billion pound escape route from its troubled Russian joint venture as early as today, in the form of a long-awaited shares and cash tie-up with state-owned energy giant Rosneft. The agreement, which was last night yet to be finalised after weeks of boardroom talks, will get BP out of TNK-BP, [...]
… but profit warnings are on the up too October 22, 2012 BRITISH firms issued 68 profit warnings between July and September, the worst third quarter since the peak of the financial crisis in 2008. One of the wettest summers on record contributed to the struggles of listed companies but most of the blame lies with the “underlying weakness of the UK and global economy”, a report [...]
Cameron faces backlash over Mitchell resignation October 22, 2012 DAVID Cameron yesterday faced continued criticism over his handling of Andrew Mitchell’s resignation, as divisions within the cabinet surfaced over the fate of the former chief whip. Home secretary Theresa May repeatedly declined to comment on claims that she had led senior colleagues in calling for Mitchell to go. “I’m not going to talk about [...]
We need to do more to encourage firms to spend in the UK October 22, 2012 THIS is the week Britain will finally exit its double-dip recession – or at least, so we must all hope. Barring the most extraordinary upset in the history of British economic forecasting, figures out on Thursday will show that the economy grew at least a little during the third quarter, making up some of the [...]
Spanish voters support Rajoy in home region October 22, 2012 SPANISH Prime Minister Mariano Rajoy last night secured backing for his austerity drive in a vote in his home region of Galicia, but a clear win for nationalist parties in the Basque Country could soon prove a headache for the central government. According to exit polls, Spain’s ruling centre-right People’s Party was set to retain [...]
What the other papers say this morning October 22, 2012 FINANCIAL TIMES Lloyds eyes banker bonus shake-up Lloyds Banking Group is examining whether to ditch the concept of annual bonuses for senior staff and extend the timeframe of longer-term incentives to up to 10 years, according to people briefed on a project to overhaul remuneration. Xstrata unfairly disparaged says boss The board of Xstrata has [...]
Merkel backs Ireland on bank deal October 22, 2012 German Chancellor Angela Merkel and Irish Prime Minister Enda Kenny issued a joint statement yesterday reaffirming that Eurozone leaders would examine ways of improving Ireland’s bank rescue and recognising that it is a “special case”. The news will come as a boost for Kenny, who has come under pressure since Merkel said on Friday that [...]
