Lenders hit by loan maturity September 19, 2012 MILLIONS of interest-only mortgage holders are set to be clobbered as their loans expire over the next eight years, property data firm Xit2 revealed today. Some 1.3m interest-only mortgages will expire by 2020, the data shows, and for over 1m of these – together worth about £116bn – there is no final payment plan, Xit2 [...]
PZ Cussons blames downturn for tough trading conditions September 19, 2012 PZ CUSSONS, the maker of Imperial Leather soap and Original Source showergel, yesterday blamed the global downturn for the “challenging” trading conditions it is experiencing in most markets. It said this, combined with high food and fuel prices, was pressuring consumers’ disposable income. Despite this, the firm said its performance over the past three months [...]
Revenues from oil and gas unit help lift Smiths September 19, 2012 ENGINEERING and technology conglomerate Smiths Group yesterday posted a seven per cent increase in revenue for the year ended 31 July, boosted by sales to oil and gas companies. Revenue for the FTSE 100 company, which has five main divisions – John Crane, Smiths Medical, Smiths Detection, Smiths Interconnect and Flex-Tek – came in at [...]
What did you make of Smiths Group’s results? September 19, 2012 HELAL MIAH | THE SHARE CENTRE The company has a solid free cash flow enabling acquisitions, research and development investment. But, the uncertain global environment and squeeze on government spending, particularly in the US and the Eurozone, is likely to offset these gains. JONATHAN JACKSON | KILLIK & CO The main drivers of the outperformance [...]
Trader media replaces chief executive September 19, 2012 TRADER Media Group has appointed Zillah Byng-Maddick as its interim chief, following the unexpected departure of John King. King has led the Auto Trader owner for five years, but left the firm yesterday. Byng-Maddick has been with the group for three years, prior to which she was finance chief at the Fitness First gym chain, [...]
Heineken’s bid for APB moves one step closer September 19, 2012 HEINEKEN’S drawn-out acquisition of the maker of Tiger Beer cleared a major hurdle towards completion yesterday, as the Dutch beer firm announced a truce with its major rival for the deal. ThaiBev said it would vote in favour of Heineken’s purchase of the 40 per cent of Asia Pacific Breweries (APB) owned by drinks firm [...]
News Corp shareholders fight to have case against Murdoch heard September 19, 2012 RUPERT Murdoch faced the prospect of his own shareholders suing him yesterday after disgruntled investors made their case for holding Murdoch and his son James responsible for the cost to News Corp of the phone hacking scandal. A group of shareholders are seeking to have their case against Rupert and James heard in the US [...]
Publishers and Apple end EU ebook dispute September 19, 2012 APPLE and four major publishers have reached an agreement with the European Commission (EC) that will allow retailers such as Amazon to sell ebooks at a discount. The EC said yesterday that the Californian firm, along with four out of the world’s five biggest publishers – Hachette, Macmillan, HarperCollins and Simon & Schuster – had [...]
German court dismisses two VW law suits against Porsche September 19, 2012 A GERMAN regional court has stopped two investor lawsuits against Porsche, sending a discouraging signal to claimants still seeking just over €4bn (£3.2bn) in damages. Presiding judge Stefan Puhle at the court in Braunschweig read out the decision yesterday without giving reasons. Some German and US investors say that throughout 2008 Porsche camouflaged its plans [...]
Micro Focus investors urged to remove executive chair September 19, 2012 SHAREHOLDER group Pirc has advised investors to oppose the re-election of Micro Focus executive chairman Kevin Loosemore at next Wednesday’s annual meeting, claiming his pay package is excessive. Pirc said yesterday that Loosemore’s combined role meant there was “no de-facto division of responsibilities” at Micro Focus, with him taking “both the role of the chairman [...]
