Middle East, China boost PwC revenue

first_img Tags: NULL KCS-content Middle East, China boost PwC revenue ACCOUNTANCY giant PwC has seen revenues inch up 1.5 per cent in the past year, as booming demand from the emerging markets offset a slowdown in corporate activity and margin pressure from an aggressively competitive pricing environment.PwC will announce this morning that gross revenues hit $26.6bn (£16.8bn) across its global business in the year to June, a slight increase on last year at constant exchange rates.Senior partner Ian Powell said conditions had been pretty tough in the group’s more developed markets, but added that PwC capitalised over the year on its programme of investing in its emerging markets businesses.The Australasia and Pacific arm grew revenues by almost 10 per cent over the year to $1.29bn, while Southern and Central America grew 11.3 per cent to $780m and the Middle East and Africa region by nearly 17 per cent to $820m.Powell said PwC expects China to contribute as much as the UK to its revenue pool within the next five years, while the Middle East practice is set to double in size in just two years.Across the globe, PwC’s assurance services division, which accounts for roughly half of all its revenues, saw turnover fall 1.3 per cent over the year due to the competitive pricing environment, as the world’s biggest auditors scramble to land large contracts from firms ever more conscious of their costs in the post-recession era.“The pricing of audits has become ferociously competitive on a global basis,” Powell said. “Pricing pressure makes a material impact on a firm of our size, and it means we need to invest more and more in other areas such as consulting and advisory.”The consulting and advisory arm of the business grew by 9.4 per cent over the year to contribute $6.2bn to PwC’s balance sheet. However, this was offset by PwC’s third principle revenue stream, tax services, which saw revenues fall 2.9 per cent to $7.1bn over the year due to the slowdown in corporate dealmaking activity and restructurings.“The general mood across the world is that the transaction climate is improving, but we are still cautious as it is relatively fragile,” said Powell. Show Comments ▼ Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todaycenter_img Sunday 3 October 2010 11:13 pm whatsapp More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com whatsapplast_img read more

Insurers face new wave of regulation

first_img whatsapp Show Comments ▼ Share KCS-content Sunday 17 October 2010 11:19 pm whatsappcenter_img THE business agenda has been dominated by the latest developments in the regulation of banks. From Basel III to new European banking regulations on capital, much has been said on how much capital banks should hold.Much less focus has been on Solvency II, the European Directive which will dramatically change the way insurers are regulated, due to be implemented at the end of 2012. This is, of course, to be expected. Attention will always focus on where the greatest problems occur. However, there is much to be learned in both the principles and development of Solvency II for all regulators and politicians.Indeed the crisis has reinforced the key messages of Solvency II – that by itself capital cannot protect against all risks and all negative outcomes. At the heart of Solvency II is the message that if you understand and manage your risks you can run your business effectively and receive the benefits of a lower capital requirement. This will ultimately benefit consumers.However, there is a very real risk that the ripple from the banking crisis is still creating difficult waves across the whole financial services sector. I see two major risks. First, that insurers will be over-regulated, either because regulators will insist on gold-plating requirements, or because of inappropriate read-across from the banks. The second, connected risk, is that consumers will simply lose faith in the products we provide. This is not because they believe insurers will fail, but because we are forced by Solvency II to change the products we provide to such a degree that they no longer meet the needs customers at a price they can afford. The ABI is working with the Treasury and European partners to push back hard on this. We cannot let the fallout from banking regulatory failures drive insurance regulation.There is still much to play for. Recognition of the benefits of holding assets over the long term (the liquidity premium), how Solvency II recognises subsidiaries of European insurers based abroad and how groups are treated are some of the main areas of focus. There is time to solve these and I remain optimistic we will – with the support and cooperation of the Commission, governments and European insurance regulators.As an industry we have been working on Solvency II since 2000. It is already rightly recognised as potentially a leading global standard for prudential regulation. It is far in advance of the Basel II requirements and already includes many of the tools needed to address the risks identified following the financial crisis. It is attracting attention from around the world, as other countries realise the advantages it will give to European insurers. The danger is that insurance regulators read across from what is happening in the banking world and try to squeeze in banking rules for insurers. Solvency II was designed to go beyond this. Despite the crisis, we must keep on that road for the benefit of insurers and consumers alike. Maggie Craig is acting director general, Association of British Insurers. Insurers face new wave of regulation Tags: NULLlast_img read more

ICBC looks to strengthen balance sheet through £4bn discounted rights issue

first_img Show Comments ▼ whatsapp Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTruthfinderEnter Any Name, Wait 105 Seconds, See Instant ResultsTruthfinderUndoAdventure CrunchCheck Out These Strange Looking MotorhomesAdventure CrunchUndoUnleashed FinanceExperts Made Dark Discovery In Herod’s Ancient FortressUnleashed FinanceUndoMovie JewelInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeMovie JewelUndoQuizscapeThe Irish Can’t Handle This Slang QuizQuizscapeUndoWorldLifeStyleMom Sells Baby’s Crib, But Buyer Returns And Tells Her To Look In The TrunkWorldLifeStyleUndoPets FanaticOur Jaws Dropped At Aircrew’s Shocking Find On Deserted IslandPets FanaticUndomoneycougar.comDiana’s Butler Reveals Why Harry Really Married Meghanmoneycougar.comUndoHappiness TimesRevealed: How Jada Really Coped With Jaden’s Life-Changing RequestHappiness TimesUndo whatsapp More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKansas coach fired for using N-word toward Black playerthegrio.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comColin Kaepernick to publish book on abolishing the policethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Thursday 11 November 2010 7:48 pmcenter_img Tags: NULL KCS-content INDUSTRIAL and Commercial Bank of China (ICBC) yesterday revealed plans to raise 45bn yuan (£4.2bn) through a rights issue this month to replenish capital.ICBC, which first unveiled the plan in July, is the last among China’s Big Four state banks to raise funds to strengthen balance sheets weakened by last year’s lending binge aimed at aiding China’s economic recovery.China Construction Bank Ltd (CCB) and Bank of China, the country’s second- and fourth-largest lenders, have detailed plans to raise a combined $18.2bn (£11.3bn) through rights issues this month, while Agricultural Bank of China, the third largest lender, raised $22.1bn in a record initial public offering in July.ICBC said it would sell 0.45 shares for every 10 existing shares, at steep discounts to its market prices.The Beijing-based lender, which will start taking subscriptions from investors on 16 November, priced the issue at 2.99 yuan per share in Shanghai, 37 per cent lower than its last closing price of 4.74 yuan.Its Hong Kong shares will be sold at HK$3.49 (28p) each, at a 47 per cent discount to its market price of HK$6.63.ICBC’s state parent, Central Huijin, a unit of China’s sovereign wealth fund, has said it will fully participate in the rights issue. Bank of China said yesterday its $9bn rights issue was 99.57 per cent subscribed. ICBC looks to strengthen balance sheet through £4bn discounted rights issue last_img read more

EU ministers to thrash out bailout plans

first_imgThursday 9 December 2010 8:37 pm Share whatsapp Tags: NULL KCS-content EU leaders will hold a crunch meeting next week to discuss a coordinated plan to tackle the Eurozone debt crisis.Despite signs that volatility in European bond markets is abating, European commissioner for monetary affairs, Olli Rehn, said it was time for Europe to show proper coordination, and throw its weight firmly behind its shared currency.He said: “We have to take well-coordinated action to safeguard stability in the euro area. We will not stop until we have accomplished our mission.”Eurozone finance ministers took no extra action to tackle the crisis this week, saying a €750bn (£628bn) fund was sufficient to deal with Ireland’s bailout and any potential problems spreading to Portugal or Spain.However, EU finance officials have repeatedly warned there is no room for complacency, pointing to a period when markets calmed down over the summer and the subsequent turmoil. The summit, to be held on 16 and 17 December, is supposed to agree on the shape of a permanent mechanism for handling a future crisis.But the discussion will also focus on how to handle the immediate situation. There is growing divergence between Germany and other member states on what measures to take, including over whether euro area bonds make sense, and whether the European Central Bank might buy more distressed debt.France added its voice to Germany’s staunch opposition to the idea of euro bonds yesterday, saying it saw little need for such an instrument, which would effectively mean all 16 Eurozone member states sharing debt issuance and credit risk.Instead, what analysts say could emerge at the summit is a commitment to enlarge, or at least consider enlarging, the €750bn European financial stability facility. center_img More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSidney Crosby, Alex Ovechkin are graying and frayingnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald whatsapp EU ministers to thrash out bailout plans Show Comments ▼last_img read more

Twitter looks for office space in central London

first_imgSunday 12 December 2010 10:13 pm SOCIAL networking firm Twitter has sent a team to London to look at offices near the “silicon roundabout” on Old Street, it emerged yesterday.Executives from the California-based company have also scoped out office space in the West End as part of Twitter’s plan to open a hub in Europe. Twitter has been searching for a European headquarters for several months, and hopes to open the new hub next year. The firm has expanded its advertising efforts in recent months as the number of users on the site continues to mushroom.East London will receive £400m in government funding to help create a technology hub in the run-up to the Olympics, Prime Minister David Cameron announced last month.Twitter did not respond to requests for comment yesterday. The firm has previously confirmed its plan to get “a small number of people on the ground in Europe in 2011”. KCS-content whatsapp More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com whatsappcenter_img Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Show Comments ▼ Twitter looks for office space in central London Tags: NULLlast_img read more

Stainless-steel firms’ shares sink

first_img Tags: NULL whatsapp Share Tuesday 14 December 2010 8:45 pm KCS-content Show Comments ▼ Stainless-steel firms’ shares sink Shares in Finnish stainless-steel maker Outokumpu declined 5.9 per cent to €13.04 (£11) yesterday after it forecast that fourth-quarter operating profit will be “clearly negative” rather than close to breaking even. The forecast had the knock on effect of reducing shares in ThyssenKrupp, Germany’s largest steelmaker. More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapplast_img read more

What the other papers say this morning

first_img Share whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org whatsapp FINANCIAL TIMESGE EXPECTS DOUBLE-DIGIT GROWTH IN CHINAGeneral Electric expects “solid double-digit” sales growth in China this year and “for a long period of time”, although revenues there have fallen short of expectations, chief executive Jeff Immelt has said. Mr Immelt said he was “quite happy” with the progress of GE’s business in China. BRIGHT FOOD WALKS AWAY FROM GNC TALKSChina’s Bright Food has walked away from talks to buy GNC, a US retailer of nutritional products, according to people familiar with the matter, underlining the difficulties of sealing deals with emerging market buyers.The news on Bright Food comes shortly after the Chinese dairy group ended discussions with the private equity owners of UK-based United Biscuits.VERIZON CHALLENGES BROADBAND RULESVerizon, the US telecommunications group, mounted a legal challenge against the Obama administration’s new regulations on broadband, saying it was “deeply concerned” that the Federal Communications Commission was asserting too much control of the internet. HU DEFENDS BEIJING’S CURRENCY POLICYHu Jintao, China’s president, defended Beijing’s currency policy , telling a business audience in Washington that the Chinese economy had helped create 14m jobs around the world through its growing imports. Speaking on Thursday after US congressional leaders pressed complaints about the Chinese currency being undervalued, Mr Hu also said that the export of “quality and inexpensive” products had saved US consumers $600bn, although he did not specify over what time period.THE TIMESBANKS TOLD TO PUBLISH DONATIONS TO ENCOURAGE HIGH-FLYERS TO GIVE GENEROUSLYBanks would have to publish the amount their staff contribute to charity under controversial plans to boost philanthropy, The Times has learnt. Ministers want to produce a league table of banks so that the public can see how little many financial institutions give to voluntary organisations and “embarrass” them into donating larger amounts. ‘BESPOKE’ SAVILE ROW TAILOR FALLS INTO ADMINISTRATIONThe company that once sparked a row over whether it could call its suits “bespoke” has gone into administration after its owner was declared bankrupt. Sartoriani, which has an office on Savile Row as well as in New York and Los Angeles, has collapsed leaving customers out of pocket.The Daily TelegraphROSNEFT COULD RAISE 5PC BP STAKEKremlin-backed oil company Rosneft has admitted it could raise its 5pc stake in Britain’s BP if the new relationship between the parties is successful. BP and Rosneft are finalising a deal that will see them swap £5bn in shares and pledge to explore the Arctic together for difficult oil.SOCGEN CRAFTS STRATEGY FOR CHINA HARD-LANDINGSociété Générale fears China has lost control over its red-hot economy and risks lurching from boom to bust over the next year, with major ramifications for the rest of the world. The French bank has told clients to hedge against the danger of a blow-off spike in Chinese growth over coming months that will push commodity prices much higher, followed by a sudden reversal as China slams on the brakes.THE WALL STREET JOURNALT-MOBILE USA WEIGHS SALE OF SOME ASSETST-Mobile USA is considering selling its nonstrategic assets, particularly some of its cellular towers, to raise cash for further investments, according to Rene Obermann, chief executive of parent company Deutsche Telekom AG. Mr. Obermann said the company isn’t in a rush to pursue a deal, and that it would consider a sale only if needed to make a large investment.AMD POSTS FLAT SALES, MUM ON CEO SEARCH Advanced Micro Devices Inc. Thursday declined to provide an update on its search for a new chief executive as it reported flat revenue for the fourth quarter. Thomas Seifert, AMD’s interim chief executive, said the CEO search is a priority but it doesn’t plan to communicate further about the recruitment process. Tags: NULLcenter_img KCS-content Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com What the other papers say this morning Thursday 20 January 2011 9:04 pmlast_img read more

Air France-KLM warns on profit

first_img whatsapp Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comPuffer fish snaps a selfie with lucky divernypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com whatsapp Air France-KLM warned it would miss its full-year target for operating profit after snow, strikes and security problems conspired to put pressure on its finances. Europe’s largest airline by revenues said yesterday it would make less than the previously targeted operating profit of €300m (£256m) in the year to the end of March, but would remain in the black. The setback, announced with a third-quarter operating profit of €81m, reflects a cocktail of air traffic control strikes, bad weather on both sides of the Atlantic and security problems in key destinations in Africa. Unit revenues have also been damaged by overcapacity as other airlines rush to add seats as markets recover, it said. Air France-KLM warns on profit Show Comments ▼ Wednesday 9 February 2011 8:18 pm KCS-content Share last_img read more

New Look value halved after failure to float

first_imgMonday 14 February 2011 10:05 am Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap Share whatsapp Fashion chain New Look’s value has cut by almost half by its private-equity backers after it failed to float with a £1.7bn price a year ago.The company has been hit by the ongoing tough consumer climate since it shelved its plans to floatLast month it said it had been badly hit by the freezing weather before Christmas and had been forced into major discounting in its January sales.Its same-store sales in the 15 weeks up to 8 January plunged 9.1 per cent.UK private-equity firms Permira and Apax backed New Look founder Tom Singh when he took the chain private at a cost of £699m in 2004.Permira confirmed it had written down the valuation of New Look but declined to say by how much or to what value. However, SVG Capital, the listed fund which invests directly in Permira funds, today said it had cut the value of its small holding in New Look from £25.7m to £13.5m, a reduction of 47 per cent.SVG said: “New Look suffered from the worsening retail environment towards the end of 2010 and the adverse weather conditions during the Christmas period. A decline in like-for-like sales, a higher promotional mix and stock clearances have driven a decline in the company’s earnings.”Permira and SVG also said the private-equity firms have taken a considerable amount of cash out of New Look since it was acquired seven years ago.Permira and Apax each hold 27.7 per cent stakes while Singh has 22.5 per cent. John Dunne center_img Show Comments ▼ Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo whatsapp Tags: NULL New Look value halved after failure to float last_img read more

Chariot to raise £90m to fund Namibia exploration

first_img Tags: NULL Show Comments ▼ KCS-content whatsapp Chariot to raise £90m to fund Namibia exploration whatsapp Monday 7 March 2011 8:34 pm Share CHARIOT Oil & Gas said yesterday it expects to raise about £90m through a discounted share placing to help fund its exploration programme as it plans to drill its first well in offshore Namibia in late 2011. The Africa-focused oil and gas exploration company said yesterday it has placed about 36m shares at 25p each, an 18 per cent discount to the stock’s Friday close. “The funds will enable Chariot to participate in a minimum of two wells and conduct a further 5,000 square kilometres 3D seismic programme across areas of specific interest in the central blocks,” the company said in a statement. In July of last year, Chariot had said it expected to start production in 2013-14 after drilling its first well in offshore Namibia in 2011. Chariot Oil shares, which have risen 32 per cent since a resources update in January, lost 11.6 per cent to close at 270.5p yesterday. Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap last_img read more