Delta expects profitable third quarter September 6, 2012 Delta Air Lines said yesterday it expects a “solidly profitable” third quarter even as rising fuel prices pressure margins. The US carrier said it expects an operating margin of nine per cent to 11 per cent for the third period, about one point lower than an earlier expectation, because of higher fuel costs, it told [...]
BA eyes Asian carriers as it ditches Qantas September 6, 2012 BRITISH Airways has ditched its long-running partnership with carrier Qantas to stop it from affecting International Airline Group’s (IAG) balance sheet, it is understood. A source familiar with the situation suggested that Qantas’ recent financial struggles were the reason for IAG’s wholly-owned subsidiary British Airways to leave the 17-year partnership. The joint business between British [...]
Surfwear firm Billabong riding high after rival takeover bid September 6, 2012 AUSTRALIAN surfwear company Billabong International yesterday received a takeover approach by a second suitor, identified as Bain Capital by sources familiar with the matter. The new bid is valued around A$694m (£448m) and matches an existing bid from private equity suitor TPG Capital. Billabong said a new party offered “around A$1.45” a share and has [...]
UK rail franchise Southern hits Go-Ahead’s full-year profits September 6, 2012 UK TRANSPORT group Go-Ahead yesterday posted a drop in full-year profit, as its rail businesses felt the heat. Full-year profit for the year to 30 June came in at £94.2m, down from £97.6m the year previously, despite a rise in revenue to £2.4bn, an increase of 5.5 per cent from last year. Over the year, [...]
Auditors welcome plans to cut red tape for small businesses September 6, 2012 A GOVERNMENT plan to slash red tape for small businesses was welcomed by auditors when it was announced yesterday by the Department for Business, Innovation and Skills (BIS). Over 100,000 businesses could be released from the requirement to undergo a statutory audit, potentially saving small firms millions of pounds. The rules will make firms eligible [...]
Russia’s Rosneft halts TNK-BP talks over deal to buy a stake September 6, 2012 RUSSIA’S Rosneft has taken time out in talks to buy a stake in TNK-BP to avoid falling foul of a shareholder’s agreement between its current owners, Rosneft chief executive Igor Sechin said yesterday. BP said in June it would start the process of selling its 50 per cent stake in TNK-BP, which it formed nearly [...]
American International Group sells stake in former Asian unit September 6, 2012 AMERICAN International Group yesterday launched a widely expected sale of a stake in its former Asian unit AIA, providing the insurer with funding to help repurchase up to $5bn (£3.14bn) of its stock from the US government. While the US Treasury has not yet announced another share sale, its latest lock-up expired early this month, [...]
Lamprell joins joint venture September 6, 2012 Specialist engineering company Lamprell yesterday announced it had formed a joint venture with Saudi Arabian companies Shoaibi Group, and Al Yusr Townsend and Bottum, to be known as Lamprell Arabia. The joint venture, based in the oil-rich province of Al Khobar, will fabricate and repair onshore oil rigs in the Middle Eastern country.
Leni finds oil at Gaudron project September 6, 2012 Leni Gas & Oil, currently going through a lawsuit with Mediterranean Oil & Gas, is in the process of acquiring the Goudron oil field in Trinidad. It announced yesterday that an independent assessment of the project had thrown up a proven 7.2m barrels of oil in reserve, with the possibility that more oil could be [...]
Bernanke not richest on board September 6, 2012 Federal Reserve chairman Ben Bernanke may be wealthy according to the standards of most Americans, but the assets he held last year were valued well below those of some of his colleagues on the US central bank’s board. Bernanke’s assets were listed as being worth between $1.07m ( £672,000) and $2.28m, unchanged from the year [...]
