Oakley sees asset value rise July 21, 2009 Bermuda-based adviser Oakley Capital Investments reported a 16 per cent rise in net asset value per share for the first half of the year, and said it expected a significant number of attractive investment opportunities over the next 24 months. It added that its Oakley Capital Private unit’s largest portfolio company, Host Europe, sold one [...]
Tricorona mulls over bid for rival July 21, 2009 The bidding war for EcoSecurities Group intensified yesterday with Swedish clean energy project developer Tricorona saying that it would consider bidding for the British rival. Tricorona’s statement comes a week after EcoSecurities rejected a second bid worth 77p per share by co-founder Pedro Moura Costa’s company Guanabara Holdings.
Fuller’s sales warmed by the sun July 21, 2009 Pub company Fuller’s, Smith & Turner said that the warmer weather boosted like-for-like sales in its managed pubs and hotels by 2.9 per cent in the 16 weeks to 18 July. Sales of Fuller’s own brewed beer, which includes London Pride, were up by two per cent. However chairman Michael Turner added that its tenanted [...]
BP forecasts drop in output July 21, 2009 BP said yesterday that its North Sea output will drop around nine per cent in 2009 – but said that it remains committed to the region despite rising costs and dwindling reserves. Europe’s second-largest oil and gas company said production from its UK and Norwegian fields will be equivalent to 320,000 barrels per day, down [...]
SAFE AS HOUSES July 21, 2009 LAND Securities chief executive Francis Salway says the real estate company plans to raise £360m through a securitisation of an office let to the Home Office – the first deal of its kind since the credit crunch took hold of the market – signaling that investor appetite for commercial mortgage-backed securities (CMBS) may be returning. [...]
Vasanta secures a crucial cash injection from Endless July 21, 2009 OFFICE supply giant Vasanta has announced it has secured lifeline funding from turnaround group Endless Investments, in return for handing a 79 per cent stake to the private equity house. The group has avoided collapse through a £30m cash injection from an Endless-led syndicate. The deal will also see 29 per cent of the firm’s [...]
Lloyd’s of London review will focus on whether to launch new global markets July 21, 2009 LLOYD’S of London is considering launching a raft of new insurance markets around the world in its landmark strategic review. The move could capitalise on the near-failure of US rival AIG and boost the group’s global presence. Sean McGovern, the market’s general counsel who is heading up the review, one of the biggest in Lloyds’s [...]
Ryanair cuts back on its Stansted winter flights July 21, 2009 NO frills airline Ryanair yesterday announced a 40 per cent capacity cutback in its winter flights out of Stansted, blaming the government’s Air Passenger Duty and the airport’s passenger fees. The cut comes at a bad time for BAA, which has been forced to sell the airport along with Gatwick and one of its Scottish airports. [...]
City calls for social mobility July 21, 2009 THE CITY has called for a renewed effort to allow people from all social backgrounds to enter professional careers. City groups were alarmed by a study headed by former Labour minister Alan Milburn that said the rich found it much easier to access the top professions. They said the trend must be tackled head-on by [...]
State Street sinks to a loss on writedown July 21, 2009 US BANK State Street reported a $3.3bn (£2bn) second-quarter loss yesterday as it suffered hefty writedowns on the value of some of its investments. The loss of $7.12 per share contrasted sharply with net income of $548m, or $1.35 per share, in the same quarter in the previous year. But State Street’s reversal of fortunes [...]
