ICBC to tap market for $6.6bn July 7, 2010 ICBC, the world’s most valuable lender, aims to tap investors for up to $6.6bn, sources said, a day after Agricultural Bank of China priced the world’s largest IPO. AgBank, the last of China’s big banking institutions to go public, is exercising an option to expand the Shanghai portion of its IPO by 15 percent, the [...]
KLM traffic up, down at Aer Lingus July 7, 2010 AIR FRANCE KLM saw a steady rise in June passenger numbers, surpassing Irish rival Aer Lingus which reported a fall in traffic during the same period. Last month Air France KLM flew 6.5m passengers, representing a 4.7 per cent rise in traffic figures. The airline said the rise reflected an increase in demand for air [...]
Clinton Cards issues profit warning after a poor performance in Ireland July 7, 2010 SHARES in the UK’s largest greeting card company Clinton Cards dropped more than seven per cent yesterday on news the retailer had issued a profit warning for the current financial year. The company, which has 860 outlets, said that since its last statement in May sales had dipped and it had faced a “disproportionately poor [...]
GM sells steering unit to China as it focuses on cars July 7, 2010 GENERAL Motors (GM) said yesterday it has agreed to sell its Nexteer Automotive unit to a group backed by the Beijing government to focus on its core car-making business. GM said it reached a definite agreement to sell the maker of steering systems to Pacific Century Motors, a joint venture between Chinese auto parts supplier [...]
Photo-Me swings into the black after FSA fine and hefty losses July 7, 2010 aPHOTO booth firm Photo-Me International has swung into profit, despite previous losses and a £500,000 Financial Services Authority (FSA) fine. In the year to 30 April the group saw pre-tax profits of £9.3m, compared to £5.1m in losses the previous year. Photo-Me declared itself in a much stronger position, helped by the disposal of Imaging [...]
Carillion confident despite challenges July 7, 2010 BUILDING and support services group Carillion said it expected an increase in earnings in 2010 due to a strong order book and more government outsourcing, despite challenging market conditions. Carillion, which generates much of its revenue from government work and public private partnership (PPP) projects, said investments in PPP continued to generate “substantial value” and [...]
Lookers eyes record results boosted by spare parts division July 7, 2010 CAR dealership Lookers is on course for record half-year results with the recent recession boosting demand for new and used cars, the firm said yesterday. The Manchester-based company said all its business divisions were currently performing ahead of plan, during the first half of the year despite disruption from January’s snow. Lookers, which has 5,500 [...]
Chinese growth helps PSA Peugeot Citroen lift first half sales by 16.9pc July 7, 2010 FRENCH carmaker PSA Peugeot Citroen posted a 16.9 per cent rise in first-half sales yesterday, helped by new models such as the DS3, C3 Picasso and RCZ coupe and strong growth in China. Leaving aside sales of completely knocked-down (CKD) kits – shipped for assembly in other markets – sales rose 16.8 per cent to [...]
BEST OF THE BROKERS July 7, 2010 BMW Barclays Capital reiterates a “strong buy” for BMW, based on its new forecasts. BarCap said that it believes that the luxury market provides a safehaven in the volatile European auto sector, due to its net exports, strong emerging market sales and lack of exposure to scrappage schemes. PERSIMMON JP Morgan Cazenove said that Persimmon [...]
Total buys Canada’s UTS Energy July 7, 2010 Total agreed yesterday to buy UTS Energy for C$1.5bn (£900m) in cash, more than doubling an offer the small Canadian company spurned 18 months ago, as the French major looks to boost its holdings in the Alberta oil sands. In a bid backed by UTS’s board, Total is offering C$3.08 a share for the company [...]
