News

Your daily news update straight from the City PM newsroom in London

Aquarius Platinum falls on bond issue

November 24, 2009

AQUARIUS Platinum, the fourth largest producer of the metal, launched a $250m (£150m) convertible bond issue yesterday. The Bermuda-based company said the unsubordinated, unsecured convertible bonds are due in 2015. The proceeds will be used to redeem 650m-rand (£52.5m) of convertible bonds and build a chromite recovery plant at its Everest mine, in South Africa. [...]
HomeServe adds more customers

November 24, 2009

HOMESERVE yesterday posted a higher first-half profit from core operations, aided by growth in customer and policy numbers, and said it would not be affected by the recent floods in north west England. HomeServe, which provides cover for a range of emergencies such as broken boilers and overflowing washing machines, also said it was confident [...]
JAL shares drop to a record low

November 24, 2009

Shares of Japan Airlines slid to a record low yesterday on growing investor worries that Asia’s largest airline by revenue could face bankruptcy as it struggles to agree pension cuts. The slide was also fuelled by news that trading house Mitsui sold all of its 11.7m JAL shares, raising speculation other shareholders would follow suit. [...]
Camelot sales on the up in slump

November 24, 2009

Camelot, the group which runs the National Lottery, said yesterday its six-month Lottery ticket sales grew to £2.6bn, an increase of £68.9m, or 2.7 per cent, on the same period last year. During the half-year, Camelot said it increased sales of both draw-based and non draw-based games, across all channels, including retail, interactive and subscriptions. [...]
15m placing as Topps Tiles profits crack

November 24, 2009

TILE and wood flooring retailer Topps Tiles yesterday reported a sharp 45 per cent dive in full-year profits and said it is set to raise £15.4m from a share placing to bolster its balance sheet against a possible double-dip recession. The company, which trades from 321 stores, reported that its annual pre-tax profit to 26 [...]
Bookie William Hill covers its losses by poaching finance director from Bovis

November 24, 2009

Bookmaker William Hill stunned the City yesterday by announcing it is parting company with its finance director Simon Lane and poaching property firm Bovis Homes’ FD Neil Cooper for the job. William Hill said that Lane is stepping down after deciding he wants to “seek a fresh challenge” following the group’s successful £350m discounted rights [...]
AT THE BORDERS EDGE

November 24, 2009

BORDERS fuelled closure fears yesterday by halting orders on its website while the retailer is “in discussion with potential buyers”. The firm said existing orders will be delayed, but fulfilled. Some analysts believe Borders may not survive until Christmas, and unless a buyer is found is expected to go into administration.
De La Rue sees profits drop

November 24, 2009

BRITISH printer De La Rue yesterday reported a six per cent fall in pre-tax profits after it was hit by a hike in interest charges. The bank note printer and cash handling machine specialist reported a $44.2m profit (£26.5m) in the six months to 26 September. As well as higher interest charges, the cost of reorganising its [...]
Kraft asks its bankers for exclusivity

November 24, 2009

KRAFT has sealed “exclusivity” deals from the banks it is using to finance its £10.3bn ($17bn) bid for Cadbury – leaving other contenders with fewer lenders to bankroll their proposals. The US food giant has tied banks including Citigroup and Deutsche Bank into agreements where they cannot operate for its rivals. Family-owned Ferrero of Italy and US [...]
EuropeanCommission to drop its Qualcomm case

November 24, 2009

THEEuropean Commission closed antitrust proceedings against Qualcomm yesterday, after big technology companies dropped their four-year old complaints against the US mobile chip supplier. The Commission’s decision came as Ericsson, the world’s biggest mobile network equipment maker, and Texas Instruments, Qualcomm’s biggest wireless chip rival, both announced that they were withdrawing their complaints. The case, which [...]