BlackBerry bosses jam in effort to win love from app developers September 27, 2012 RESEARCH in Motion (RIM) is in something of a funk, with its share price more than halving this year and customers switching over to the iPhone, a trend not helped by the delay of the next generation of BlackBerry phones until next year. However, the company’s slide does not appear to have dampened spirits. RIM’s [...]
Compass to cut back in Europe to stem losses September 27, 2012 COMPASS, the catering and services giant, yesterday announced aggressive measures to shrink operations in Southern Europe by a quarter in the face of worsening economic conditions in the crisis-hit region. The group, which is providing catering at this weekend’s Ryder Cup golf competition in Chicago, reported a positive fourth quarter overall, led by strong growth [...]
TUI Travel posts strong summer and winter holiday bookings September 27, 2012 `TUI TRAVEL said yesterday it was on track to meet full year expectations after almost selling out its summer holiday programme and recording encouraging early winter holiday sales. The travel giant behind Thomson and First Choice said year-on-year summer holiday sales were up six per cent in Northern Europe, five per cent higher in central [...]
H&M delays launch of US online shop September 27, 2012 HENNES & Mauritz yesterday posted third quarter profits of 4.9bn Swedish krona (£460m), missing expectations, as grim economic conditions, bad weather and costly currency transactions hit margins. The retailer has also postponed the launch of its US online shop until next summer.
UK’s insurance claims costing £200m per day September 27, 2012 BRITISH insurers paid out almost £200m a day in claims during 2011, according to industry figures released yesterday. The Association of British Insurers (ABI), whose members represent 90 per cent of the UK industry, revealed the sum in its annual review of the sector. The motor insurance industry made an underwriting loss for the seventeenth [...]
Aviva sells Sri Lankan unit as disposal strategy accelerates September 27, 2012 BRITISH insurer Aviva yesterday agreed to sell its stake in a Sri Lankan joint venture for £31m, the latest step in a bold plan to streamline the firm. Hong Kong’s AIA Group, formerly part of American insurance giant AIG, paid cash for the 58 per cent stake in the business, which was run in co-operation [...]
Jefferies advises First Quantum on its $350m high-yield issue September 27, 2012 FIRST Quantum, the London and Canada-listed copper and nickel miner, yesterday said it was raising $350m through the issue of interest-bearing notes. The coupon will be determined through a bookbuilding process led by Jefferies, the bank which now owns the UK corporate broker Hoare Govett. First Quantum was one of the long-standing clients of Jefferies’ [...]
Icap Shipping buys Indian firm to expand its Asian presence September 27, 2012 THE SHIPPING division of broking giant Icap yesterday consolidated its position in the giant Indian market by acquiring the shipbroker CTI. Icap paid $2.5m (£1.5m) to take full control of the firm, which has offices in New Delhi and Mumbai and employs 28 people. Its core business is in dry, tanker and sale and purchase [...]
3i European assets strong September 27, 2012 INVESTMENT firm 3i said yesterday that its European assets were delivering solid returns despite the difficult macroeconomic climate. The firm’s European portfolio brought in £30.8m for the six months to September, a decrease of £6m on last year, mainly due to a lower divided from Anglian Water Group. “European assets continue to perform well, while [...]
Rotork adds Citi as adviser September 27, 2012 Citigroup has added a new FTSE 250 mandate to its broking business, after joining UBS as financial adviser and corporate broker to manufacturing group Rotork. Citi has picked up clients including GlaxoSmithKline and G4S in the last year, and is one of an army of banks working on the Glencore-Xstrata merger, which is set to [...]
