Top two Eurozone economies hit by price deflation in 2013 February 21, 2013 CONSUMER prices fell into decline in Germany and France in January, according to figures released yesterday. Both countries were hit with a 0.5 per cent fall in their consumer price indices (CPI) last month, as the Eurozone crisis continues, although over the year the two Eurozone giants still saw prices rise. Annual inflation was 1.7 [...]
Credit Agricole in the red again with record loss February 21, 2013 FRENCH bank Credit Agricole reported record losses yesterday after a hefty tax bill on the disposal of its Greek arm sent costs soaring. The bank lost €3.98bn (£3.47bn) in the fourth quarter of 2012 and €6.47bn in the year as a whole, its worst performance since going public 11 years ago. But shares rose as [...]
Heron Tower seeks refinancing February 21, 2013 THE consortium responsible for the Heron Tower on Bishopsgate is understood to be renegotiating a £370m loan used to construct the building. Gerald Ronson’s Heron International built the 230m tall structure, which opened in 2011, in conjunction with Middle Eastern investors but both parties are now in discussions with German banks who provided funding towards [...]
Boss of Capital Spreads quits February 21, 2013 THE CHIEF executive and co-founder of spread betting firm Capital Spreads stepped down yesterday, as parent firm London Capital Group swung to a £200,000 annual loss. Simon Denham, who leaves after a decade at the helm, will be replaced by Mark Slade. Revenues at LCG fell by 27 per cent to £28.6m, which the Aim-listed [...]
Garmin profit drives off a cliff as motorists ditch satnav tools February 21, 2013 GARMIN yesterday forecast full-year results below analysts’ estimates, suggesting a market share gain from smaller rivals could no longer offset a lack of demand for its GPS-enabled handheld navigation devices. Net profit fell to $129.3m (£84.5m) in the fourth quarter, from $165.6m a year earlier. Shares of Garmin, whose quarterly profit also fell short of market [...]
Rexam expects sales growth in North America February 21, 2013 DRINKS-can maker Rexam yesterday reported full-year underlying profit above estimates and said it expects sales to grow in its largest market North America, sending its shares up by over five per cent. Rexam said it has a 20 per cent market share in North America, the world’s largest beverage can market with 100bn cans used [...]
Fizz goes out of Sodastream February 21, 2013 SHARES in Sodastream fell as much as seven per cent yesterday in spite of the firm reporting a better-than-expected 42 per cent rise in net income to $7.5m (£4.9m), as investors took fright at forecasts of slowing growth. The Nasdaq-listed company said revenues rose 55 per cent to $132.9m in the final three months of [...]
Office Depot buys its rival February 21, 2013 OFFICE Depot will acquire smaller rival OfficeMax in a $1.2bn (£788m) all-stock deal, the companies said yesterday, confirming an agreement inadvertently announced earlier in the day, before it was completed. The combined entity’s name, headquarters location and chief executive are all still undetermined, suggesting the companies were in a rush to get the deal confirmed [...]
AngloGold sees profits plunge as strikes weigh February 21, 2013 SOUTH African miner AngloGold Ashanti yesterday reported a plunge in fourth quarter earnings, hit by wildcat strikes at its operations last year. Industrial action plagued the world’s third-largest bullion producer from the end of September until November, essentially halting production for several weeks. Fourth quarter headline earnings in 2012 were $7m (£4.6m) – down from [...]
Iconix buys Denim Brand Lee Cooper for £47m February 21, 2013 ICONIX Brand Group said yesterday it has snapped up the British denim label Lee Cooper for £47m as it continues its buying spree to expand its international business. The group, which licenses shoe and clothing brands to retailers, also reported a fall in fourth quarter profit to $26.1m (£17m) from $27.2m last year with sales [...]
