Speedy Hire to raise 100m in rights issue May 28, 2009 SHARES in Speedy Hire dropped yesterday after the equipment rental company said it planned a heavily discounted rights issue to reduce debt and strengthen its balance sheet. The company expects to raise £100m through the sale of 458.7m new shares at 23p each, an 87 per cent discount to the stock’s closing price on Wednesday, [...]
A bloated BBC could hamper a recovery in media May 28, 2009 THERE was a rare spot of good news for the media industry this week. Firstly, Goldman Sachs turned positive on the industry, upping its target price for Daily Mail and General Trust to 346p and for Trinity Mirror to 88p. It also added ITV to its conviction buy list, a move which Bank of America [...]
Hogg Robinson hit as firms cut travel May 28, 2009 CORPORATE travel firm Hogg Robinson said yesterday that full-year pre-tax profit had slid 39 per cent, and that it expects the current market conditions to remain challenging. “We do not expect much change to the current market conditions during 2009 and have adjusted our cost base to reflect that expectation,” said chief executive David Radcliffe. [...]
Carlyle bosses admit last year was humbling May 28, 2009 BOSSES at Carlyle, the world’s second-biggest private equity house, said 2008 was a “humbling experience” and warned operating conditions for portfolio companies will remain tough. In an annual report to investors, the group’s three managing directors William Conway, Daniel D’Aniello and David Rubenstein said their “world changed dramatically” after several “spectacular” years of runaway growth [...]
Spottiswoode replies to angry adviser May 28, 2009 CLAIRE Spottiswoode, responsible for representing the interests of with-profits policyholders at Aviva, has issued a letter in response to one published in City A.M. questioning the insurer’s treatment of its investors. The Policyholder Advocate, formerly head of Ofgas, has defended a deal she struck over the group’s reattribution of a £1.4bn inherited estate controlled by [...]
German regulator admits flaws May 28, 2009 Germany’s financial markets regulator BaFin has admitted that it did not do enough to identify the problems in banks that led to the financial crisis. BaFin president Jochen Sanio said: “We as controllers did not see how much trash had built up at banks around the globe.” But he added that BaFin had not possessed [...]
May Gurney extends contract May 28, 2009 Construction group May Gurney Integrated Services said its long-term contract for Network Rail has been extended for two years and is expected to result in about £20m to £25m of work annually. The current long-term contract, which covers the London and North East regions and expires on 31 March 2010, has been extended to 31 [...]
US data shows ease in slump May 28, 2009 New orders for long-lasting US manufactured goods saw their biggest gain in 16 months in April and fewer workers filed for new jobless benefits last week, according to official data yesterday that suggested the deep recession was abating. The Commerce Department said new orders for durable goods rose 1.9 per cent, the biggest percentage advance [...]
Brewin still upbeat after profit dive May 28, 2009 STOCKBROKER and investment manager Brewin Dolphin yesterday struck a positive chord for the sector as it declared markets were over the worst of the economic turbulence, despite posting a 38 per cent fall in interim pre-tax profits. Brewin Dolphin said pre-tax profit for the six months to the end of March fell to £13.6m after [...]
Booker raises profits while PwC decides fate of stake May 28, 2009 CASH-and-carry company Booker Group said yesterday its full-year pre-tax profits soared by 30 per cent, and that it expects to know the future of bankrupt bank Kaupthing’s stake in its business within days. The 22 per cent stake was previously held by Kaupthing Capital Partners but, following an Isle of Man court hearing on Wednesday, [...]
