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Independent News revenue rises, advertising improves
Irish publishing group Independent News & Media has posted its first revenue growth in more than two years as recovering advertising pushed first-half sales up eight percent. Pretax profit excluding one-off items rose 39 percent. The Dublin-based group has had to sharpen its focus on titles in Ireland, as well as in South Africa, New Zealand and Australia, after selling its UK newspapers and interests in Indian media this year to help secure its future. Chief Executive Gavin O’Reilly said Ireland – which emerged from the eurozone’s longest recession in the first quarter but is still in the midst of a crippling banking crisis – no... -
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Fragile Romania goverment fights to defend IMF reforms
Painful cost cuts and tax rises have eroded support for Prime Minister Emil Boc’s centrist coalition. His opponents want tax cuts and could even topple the eight-month-old government. Whether Boc’s government survives or not, a divided parliament is likely to prevent much-needed reforms and leave Romania struggling to meet its commitments under a 20 billion euro bailout deal led by the IMF. Coming on top of opposition elsewhere in eastern Europe to IMF-mandated reforms, the situation will keep investors on edge through the coming months. “A new season of political battles starts. We will see more blood than ever,” independent politica... -
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Dubai World prized assets on sale to cut debt
Dubai World is prepared to sell prized assets including previously ringfenced ports firm DP World in a bid to raise as much as $19.4bn to repay creditors, a document obtained by reporters shows. The document, presented on July 22 to creditors at Dubai’s lavish Atlantis Hotel, also revealed that the state-owned conglomerate’s debt stood at $39.9bn, higher than the widely expected mid-$20bn range. Dubai World, battling to win creditor support for a restructuring by October 1 in order to start cleaning up its balance sheet, warned a sale of assets right now would generate a maximum of $10.4bn, according to the document, which was obtained re... -
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Ukraine wants to revise gas deal with Russia
The base price for Russian natural gas is still disadvantageous for Ukraine despite a new deal reached last April and the Kiev government will press Moscow to bring it down, Ukraine’s prime minister claims. “We have set as a goal a revision of the extremely unfavourable agreement with the Russian Federation and we will continue to try to convince our Russian partners of the need to do this,” Prime Minister Mykola Azarov told a cabinet meeting. A January 2010 agreement between Russian gas giant Gazprom and Ukraine’s gas holding Naftogaz set a base formula for the price of Russian gas which the Ukrainians say is onerous despite a subseq... -
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Aggreko ups 2010 view after orders, profits jump
Aggreko said events such as the Vancouver Winter Olympics and the soccer World Cup, for which it provided generators and chillers, brought its Local Business unit £48m ($74m) in revenues in the first half. “We believe that we will make further good progress in the second half and the outcome for the year as a whole will be slightly better than our previous expectations,” Chairman Philip Rogerson said in a statement. “What’s led us to nudge our views forward is that our local business seems to be over the worst and rates, which took a hammering last year, are coming back up”, CEO Soames told reporters. A Thomson Reuters I/B/E/S poll... -
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Antofagasta H1 EPS up 92%, cuts year output target
Chilean miner Antofagasta has posted a near doubling in first-half earnings per share on higher production and a rebound in prices, but trimmed its annual production target “Group copper production from the three operating mines is expected to be approximately 530,000 tonnes, slightly below the forecast of 543,000 tonnes announced in March, reflecting updated forecasts at Los Pelambres and El Tesoro,” a statement said. The London-listed group said earnings per share for the first six months rose 92 percent to 46 cents from 24 cents last year on a 50 percent rise in turnover to $1.76bn. Earnings were largely in line with an average forecas... -
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South Africa looks to boost investment from China
South African President Jacob Zuma has called for greater investment in his country from China, as South Africa seeks to narrow its trade deficit with Beijing and bring growth to its sluggish economy. South Africa is looking for expanded trade that will help it meet its development needs, especially by improving infrastructure and livelihoods, Zuma told a forum of business executives from China and South Africa. “China is indeed a key strategic partner for South Africa, and South Africa is open for business in a big way,” he said, on the first full day of a trip to China. For Beijing, Zuma’s visit is an opportunity to consolidate ties... -
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What could emerge from Pakistan/IMF talks?
The International Monetary Fund is to review Pakistan’s budget and macroeconomic prospects following catastrophic flooding during talks with senior Pakistani officials in Washington. The meetings are set to focus on the future of Pakistan’s $10.66bn IMF programme agreed upon in 2008, which faced hiccups over meeting the fiscal deficit target even before the floods hit. The disaster is set to compound Pakistan’s economic problems as the government is forced to deal with more than four million homeless and widespread damage to crops and infrastructure. Here are some scenarios that could emerge from the meetings:The IMF agrees to ease targ... -
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HSBC to buy up to 70 pct of S.Africa’s Nedbank
HSBC will buy up to 70 percent of South Africa’s Nedbank, in a potential $6.8bn deal that would give Europe’s largest lender a bigger presence in Africa’s top economy and a gateway to the fast-growing continent. HSBC and Anglo-South African insurer Old Mutual, which owns a controlling stake in Nedbank, said in separate statements that they were in exclusive talks about the deal. Old Mutual said HSBC could acquire up to 70 percent of South Africa’s fourth-largest bank, a deal that could be worth about 49.9 billion rand ($6.8bn), given Nedbank’s current market value. It was not immediately clear whether HSBC would get the necessary cl... -
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Jamaican bank targets market share
For a company originally founded in 1837, the National Commercial Bank Jamaica still has the nimbleness to outpace its rivals: not just Best Banking Group, Jamaica and Most Innovative Bank, Jamaica in the 2010 World Finance awards, but the current recipient from the Jamaica Employer’s Federation of the titles Employer of Choice and company with the highest employee satisfaction. The Employer of Choice survey, says Patrick Hylton, Group Managing Director at National Commercial Bank Jamaica, focuses on areas that include opportunities for training and development, communication, compensation, treatment of workers by management, health, safety...
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