Yacht services up at YCO Deuxmil June 22, 2009 Super yacht services company YCO Deuxmil said yesterday its profits had leapt 249 per cent over the year to December, despite wealthy individuals cutting back on spending on luxuries in the downturn. The firm said gross profit rose to £5.27m, from £1.51m in 2007.
Brit launches bid for Chaucer June 22, 2009 LLOYD’S of London insurer Brit Insurance made a £226m all-share offer for smaller rival Chaucer yesterday, forcing private equity group Pamplona to reveal it has built a 7.34 per cent stake in the company. Brit is offering the Chaucer board 0.23 new Brit shares for every Chaucer share. This is a nil-premium offer, meaning it [...]
World Bank dashes hopes of a recovery June 22, 2009 HOPES of a global recovery were dealt a blow yesterday after the World Bank slashed its 2009 growth forecasts and said the burden of bank restructuring will hinder recovery in developed nations. The Bank said the US economy will shrink by three per cent this year and the eurozone by 4.5 per cent, compared to [...]
YELL WARNS ON DEBT June 22, 2009 SHARES in Yell Group, which recently appointed ex-Merrill Lynch man Bob Wigley as chairman, slumped nearly 14 per cent to 25.5p yesterday after the directories publisher warned that a nine per cent dip in earnings would force it to renegotiate its debt covenants for a second time.
CITY VIEWS: DO YOU AGREE THAT WE’RE NOT OUT OF THE WOODS YET ? June 22, 2009 ANDY HEARN BANNERMAN RENDELL“I don’t think we are over the worst of it yet. There is still not a lot of public confidence. Unemployment continues to weigh on peoples’ minds and while there are still job cuts I don’t think we can begin to say we’re near a recovery.” CHARLES RAWLINS ACE INSURANCE“I think this [...]
IRC to launch 2.1m cash call June 22, 2009 Piccolino owner, the Individual Restaurant Company (IRC), is to raise £2.1m through a share offering to pay down debt. The restaurant and bar grill chain will give investors the opportunity to subscribe for 4.1 shares for every 10 existing ones. The AIM-listed chain said the fundraising would help reduce its borrowings and may enable it [...]
MPs to quiz Turner on bank break-ups June 22, 2009 FINANCIAL Services Authority chairman Lord Adair Turner will be grilled by MPs today on whether banks should be broken up to ensure they are less systemically risky. Turner will give evidence to the Treasury committee on his vision of the future of regulation, with the size of UK banks likely to feature highly. A committee [...]
US to start trade war with China June 22, 2009 US Trade Representative Ron Kirk is expected to launch a WTO case against China today when he holds what his office called a major news conference regarding US-China trade. Kirk’s office have given no details. But industry sources said they expected the United States and the European Union would both announce a World Trade Organisation [...]
The Economist helped by cuts June 22, 2009 The Economist Group said yesterday that a cost-cutting programme had helped it realise full year pre-tax profit growth of 19 per cent to £56m, but forecast a challenging year ahead as lower advertising and sponsorship revenues continue to decline. The publisher of The Economist said in its annual report that it reduced its headcount by [...]
Boston Globe close to a deal June 22, 2009 The Boston Globe was last night close to agreement from its unions on a proposal that would cut over $10m (£6.1m) from staff packages to help save the troubled US newspaper.
