Sports Direct axes dividend as profits fall July 16, 2009 SPORTS direct, the retail chain controlled by Mike Ashley, yesterday said it was scrapping its final dividend to slash debt after its profits collapsed. The sportswear retailer reported a 91 per cent nose-dive in pre-tax profits to £10.7m from £118.9m the year before. It was forced to write off £53.1m of shares held in rival [...]
BEST OF THE BROKERS July 16, 2009 CAPITA GROUPDeutsche Bank upped its target price for Capita Group from 635p to 678p, but retained a “hold” rating, saying the stock deserves a premium but there may be better times to buy. The broker said the outsourcing group is well placed to grow and will remain a premium stock in its sector. It also [...]
CITY MOVES WHO’S SWITCHING JOBS July 16, 2009 Dairy CrestDiary Crest announced that Anthony Fry (pictured), who was appointed to the board in July 2007, took on the role of deputy chairman yesterday. He will take over from Simon Oliver as chairman on 1 January 2010 when Simon will retire from the Board. Simon will take on the position of honourary group president. [...]
Demand for flatscreen TVs pushes LG to profit July 16, 2009 SOUTH Korea’s LG Display returned to profit after two quarters of losses, spurred by robust demand for flat-screen TVs that is expected to power the industry through most of the year. The LCD sector, one of the few bright spots in the weak global technology sector, is benefiting from the popularity of liquid crystal display [...]
Sales slump at Spectris July 16, 2009 Precision instrument and controls company Spectris said sales took a further hit in the first half on weak car and mining sector demand, hurting its shares and prompting analysts to cut 2009 forecasts again. The British company, whose products have helped reduce fuel costs at power stations and cut the noise made by Japan’s Bullet [...]
Finsbury suitor walks away July 16, 2009 Finsbury Food Group, the bread and cakemaker, has confirmed that talks over a possible offer for the company have been called off. On 1 June, Finsbury announced that discussions were underway but then warned that the approach was only “exploratory in nature” and expressed “considerable doubt” that an offer would materialise.
Sterlite to raise almost 1bn July 16, 2009 Indian metals producer Sterlite said yesterday it is raising about $1.5bn (£916m) in an issue of American Depository Shares (ADS), with parent Vedanta to buy $500m of the issue. The proceeds would be used to develop its power generation business in India, capital expenditure and for planned acquisitions, it said in a statement. The deal [...]
Petrofac wins Abu Dhabi deal July 16, 2009 Petrofac, the British oil and gas services firm, has sealed a $2.1bn (£1.3bn) deal to construct the fourth natural gas to liquids train at the Abu Dhabi-based Ruwais complex. It is the first project that Petrofac Emirates – a joint venture between Petrofac and Abu Dhabi’s Mubadala Petroleum Services – has been awarded and work [...]
MARTHA LANE FOX REVEALS SHE COULD HAVE BEEN A PRISON GUARD July 15, 2009 GORDON Brown’s new digital inclusion tsar Martha Lane Fox has had a stellar career to date, but it’s reassuring to learn that she could happily turn her hand to something else should she tire of running Lucky Voice and charitable foundation Antigone. Because Lane Fox has revealed that, in another life, she would have been… [...]
Goldman Sachs and Intel trigger bumper day on FTSE July 15, 2009 STRONG corporate earnings numbers and improving economic data from the US lifted the blue chip share index by 2.6 per cent to its highest close in four weeks yesterday. Led by energy firms and banks, the FTSE 100 index ended up 108.78 points at 4,346.46, its third day of gains. The UK benchmark is up [...]
