Indian oil firms step back from move to buy into Cairn

first_img whatsapp KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Indian oil firms step back from move to buy into Cairn Wednesday 25 August 2010 8:49 pm Share whatsapp Show Comments ▼ State-run Oil and Natural Gas Corp, GAIL India and Oil India will not make a counterbid against Vedanta Resources’ $9.6bn (£6.2bn) stake purchase in Cairn India, a senior official in India’s oil ministry said yesterday. The decision makes it likely that Cairn Energy’s planned sale of up to a 51 per cent stake in its Indian division will proceed, analysts said, and boosted the Edinburgh-based company’s shares.“There is no chance for a counterbid by Indian firms as the valuation done by Vedanta for Cairn India is already very high,” the oil ministry official said. He declined to be named as he was not authorised to speak publicly.Previously, an oil ministry source had said all options were open for Indian state-run firms on Cairn India and domestic media reported the firms had held informal talks on a joint bid.ONGC, Oil India and GAIL declined to comment yesterday.Last week, India-focused miner Vedanta said it agreed to spend up to $9.6bn to buy a majority stake in Cairn India from parent company Cairn Energy.“I think it is very likely to go through,” said Will Armstein, oil analyst at brokerage Finncap, adding that since it was a corporate transaction rather than the sale of an individual field, the government had few mechanisms available to block the deal even if it sought to.Shares in Cairn closed up 0.9 per cent at 449p yesterday. Tags: NULLlast_img read more

Strikes fail to cause chaos

first_img Share whatsapp THE 3 October tube strike failed to cause the chaos predicted by union bosses, with 93 per cent of Oyster users still taking public transport.Extra bus and river services, as well as the 40 per cent of the underground network that was maintained, allowed almost all commuters to use the network, according to new data released by Transport for London (TfL).The news comes ahead of a further wave of strikes to hit the capital tomorrow and Wednesday.More than a hundred extra buses, capacity for around 10,000 more journeys on the river, and marshalled taxi ranks have been organised. Planned roadworks are being delayed where possible, and TfL says it will be working to keep road traffic flowing around key transport hubs.City A.M. personality of the year Boris Johnson, said: “Londoners have shown that they will not be deterred from their daily business by these pointless strikes. “The action of the union leaderships may cause some inconvenience but we are determined to keep the capital moving by providing a plethora of alternatives so that people can get around.” whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com KCS-content Sunday 31 October 2010 11:41 pmcenter_img Strikes fail to cause chaos Show Comments ▼ 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULLlast_img read more

Cowell reigns but ITV lacks The X Factor

first_imgTuesday 16 November 2010 9:11 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULL Cowell reigns but ITV lacks The X Factor HIT show The X Factor helped push ITV to revenue growth of 11 per cent, driven by strong advertising sales.A 30-second slot during the final of Simon Cowell’s talent show will set advertisers back an astonishing £200,000.Overall TV advertising revenues for the third quarter rose 16 per cent year-on-year, narrowly beating the market, and fourth quarter advertising is expected to rise 10 per cent.But ITV Studios saw a drop in revenue to £205m as the firm struggles to come up with a new exportable formula to emulate the success of hits such as 2006’s Dancing on Ice. ITV admitted the dip “emphasised the need for creative renewal”.The firm also saw the number of video users on ITV.com fall six per cent to 15.6m, despite chief executive Adam Crozier saying the website was an important aspect of his plans for the broadcaster. Overall unique internet users increased 13 per cent.Crozier said: “The television advertising market has continued to recover strongly. However this does not disguise the significant challenges ITV faces. “We are forging ahead with implementing our first phase priorities; we have launched HD versions of ITV2, ITV3 and ITV4 on the Sky platform, we have agreed a new three-year deal for both The X Factor and Britain’s Got Talent and we have completed the sale of Screenvision. Share whatsappcenter_img KCS-content whatsapp Show Comments ▼ 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 WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more

Promising lift for industry helps US jobs

first_img INDUSTRIAL growth in the US still offers hope for an economic recovery, a survey released yesterday indicated.The ISM manufacturing index, which assesses the state of US industry, came in at 56.6 for November – displaying growth slightly above the rate expected by economists.There was a large dip in the rate of production growth, which fell 7.7 points to 55. Yet the positive figure, over 50, still reflects a reasonable increase in production, after October recorded a huge increase of 6.2 points on September.The pace of expansion in employment also eased slightly to 57.5 in November from 57.7 in October. The result mirrored the results of the the ADP employment survey, which reported an increase in private sector employment of 93,000 from October to November.And ADP also revised up the employment figures for October, showing an increase of 82,000. The data provide a boost for the economy, although some economists warned that increases would have to hit six figures per month in order to significantly improve America’s employment slump.On Tuesday night Fed chairman Ben Bernanke spoke of the “social and economic” consequences of unemployment, which currently stands at 9.6 per cent. Almost 40 per cent of America’s unemployed have been out of work for over six months, he said. Yet more positive employment news came yesterday from revised Department of Labor figures. The department said that the number of hours worked by employees increased by 1.4 per cent in the three months to September – up from the previous projection of 1.1 per cent.Meanwhile construction spending rose by 0.7 per cent in October, surprising economists who had expected stagnation. Show Comments ▼ KCS-content whatsapp Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoDirect HealthyKate Silverton’s PartnerDirect HealthyUndo center_img Wednesday 1 December 2010 8:22 pm Promising lift for industry helps US jobs Share whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Prooflast_img read more

ANALYST VIEWS: WHAT NOW FOR DE LA RUE?

first_img whatsapp ANALYST VIEWS: WHAT NOW FOR DE LA RUE? Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proof PAUL JONES | PANMURE GORDONWe believe this represents a fair level given our ongoing concerns regarding reputational damage. As we await further details, we switch our recommendation from ‘sell’ to ‘hold’.ADRIAN KEARSEY | EVOLUTIONThis will be the catalyst that switches investor attention away from the short term problems surrounding Paper-gate (and print volumes) towards the long term underlying value of the company.GUY HEWETT | INVESTECThe 900-1,000p range is likely to be necessary in order to get support. De La Rue has a very strong market position, in a market that has little spare capacity, to produce an obviously valuable product. Show Comments ▼ Monday 6 December 2010 8:51 pm whatsapp Tags: NULL KCS-content Sharelast_img read more

Bullish corporate results bolster FTSE

first_img Bullish corporate results bolster FTSE Show Comments ▼ whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comMark Eaton, former NBA All-Star, dead at 64nypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org whatsapp Share Tuesday 18 January 2011 4:50 pm alison.lock Tags: NULL THE FTSE rose healthily today and though it gave back some of the gains in the afternoon it closed in the black, up 1.18 per cent or 65.10 to 6,050.80.Banks boosted trading as conditions in the eurozone continued to stabilise, while Burberry was in demand after releasing excellent third-quarter results that showed revenues rose 27 per cent in the three months to December 31. A raft of positive corporate earnings and a strong session in Asia gave investors confidence and pushed the index above the 6,050 mark throughout the day. “Today’s gains are as much about investors bargain hunting stocks in the UK that had suffered three days of falls as investors becoming more optimistic about company earnings,” said Joshua Raymond, market strategist at City Index.“It’s been a good news day and investors have lapped it up by buying into risky asset classes such as mining and energy firms.”Burberry topped the blue chip leader board, up 5.29 per cent to 1,115.00p after it forecast full-year profit at the top end of market expectations.“ARM Holdings is also rising again after being upgraded to a “buy” from “neutral” by Goldman Sachs,” said Michael Hewson, market analyst at CMC Markets. Petrofac, which supplies services to oil companies, gained 4.14 per cent to 685.00p after it announced a $1.2bn (£750m) contract win in Algeria. It is to help develop gas fields for In Salah Gas, a venture made up of BP, Algeria’s state-owned Sonatrach and Norway’s Statoil.Miners remained strong, led by Kazakhmys, which was lifted 3.03 per cent to 665.00p. Rio Tinto also rose 1.49 per cent to 4,450.00p after it said it had produced record volumes of iron ore last year as Chinese demand soared, causing price hikes.Among the fallers, Essar Energy lost the most ground, down 4.39 per cent to 533.00p after issuing a $500m convertible bond, which diluted its shares.Pharmaceutical giant GlaxoSmithKline also continued to fall, losing almost two per cent to close at 1,181.50p after its announcement on Monday that a £2.2bn legal charge would wipe out its fourth-quarter profits.Among the mid-caps, housebuilder Taylor Wimpey jumped 8.39 per cent to 38.10p after a bullish trading update and admitted it has had several approaches for its North American business, which it hopes to sell soon. Property companies Barratt Developments (up 4.61 per cent to 101.00p), Persimmon (up 5.37 per cent to 459.10p) and St. Modwen Properties (up 5.03 per cent 179.70p) joined it in the top ten risers in sympathy on its positive outlook.Equipment rental group Ashtead climbed 6.97 per cent to 170.30p after it announced it had ended its bid interest in Lavendon, which rejected its 115p per share offer.And spread better IG Group slumped by 7.23 per cent to 481.00p after it revealed it had taken a £143.1m write-down from its Japanese business, which has been hit hard by regulatory changes. After a three-day holiday, US markets saw initial enthusiasm dampened by Citigroup, which reported lower-than-expected earnings despite recording a $1.3bn profit. “After the bell we have key earnings releases from technology companies Apple and IBM with Apple’s impending results being overshadowed by yesterday’s news about CEO Steve Jobs taking a leave of absence for health reasons. “Earnings are expected to come in around $5.39c a share while IBM earnings are expected to come in with estimates around $4.08c,” Hewson said.The Dow Jones industrial average closed up 50.55 points, or 0.43 per cent, at 11,837.93; the Standard & Poor’s 500 Index finished up 1.78 points, or 0.14 per cent, at 1,295.02; and the Nasdaq Composite Index closed up 10.55 points, or 0.38 per cent, at 2,765.85. last_img read more

AstraZeneca to repurchase $4bn of stock

first_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.org Share AstraZeneca to repurchase $4bn of stock KCS-content whatsapp Tags: NULL whatsappcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal 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 AthletesBetterBeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm ASTRAZENECA beat forecasts for the fourth quarter yesterday, reporting a two per cent rise in pre-tax profits for 2010, up to $10.98bn (£6.89bn) from $10.8bn in 2009.The UK’s second largest drug-maker saw earnings buoyed by strong sales in key products such as Crestor, an anti-cholesterol treatment.And the report cheered investors with a promise to double its share buyback programme to $4bn.“Despite government pricing pressures and anticipated patent expiries in the US and western Europe, our revenues remained in line with the previous year,” said chief executive David Brennan.The performance was attributed to brands and continued growth in emerging markets. Sales in emerging markets exceeded $5bn for the first time, the drug firm added.The company’s final year results set a target for core earnings per share between the range of $6.45 to $6.75.Earnings per share for the fourth quarter reached $1.39, above consensus forecasts of $1.35, as sales for the three months to December hit $8.617bn, above consensus forecasts of $8.385bn. Show Comments ▼ Thursday 27 January 2011 8:45 pmlast_img read more

The budget hotel chain boss who says that bigger is certainly better

first_imgSunday 30 January 2011 10:17 pm The budget hotel chain boss who says that bigger is certainly better whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal 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 AthletesBetterBeLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ whatsapp NO wonder Guy Parsons, Travelodge’s boss, was feeling so chipper about life when we met earlier this month. He had just announced that very same day a £300m investment to build a further 35 hotels this year, which will expand his empire to 495 hotels with 35,841 rooms by next Christmas.Also, the key part of his empire, the London hotels which he describes as “the engine” of the firm, emerged from recession in the third quarter of last year and are motoring ahead. Parsons says London accounts for “around one third of sales” and “over one third” of profits.Despite the downturn and uncertainty, the hotel boss still thinks his firm can grow to 70,000 rooms and 1,000 hotels by 2020. Last year the chain became the biggest operator in Edinburgh with 11 hotels. The business is set to add another five to its 38 hotels in London to offer the most rooms in the capital by the middle of this year.“During the recession we increased the size of our development team,” says Parsons, a youthful looking 46-year-old, who joined the firm in 2004 after stints at Accor, Cadbury Schweppes and Whitbread and stepped up to the top job last summer. He replaced Grant Hearn, who moved up to become executive chairman. “We thought this would be a time to seize opportunities,” says the new chief.A relaxed Parsons is sitting in a suit and an open-necked shirt in the firm’s second-floor London base on High Holborn.Last year the business, part of the state-owned private equity group Dubai International Capital (DIC) – it bought the firm at the height of the market in 2006 for £675m – may have opened 70 hotels. But it is true to say that the group has continued to expand throughout the recession and into the current fragile recovery.The chain, which employs 5,500, has undoubtedly been affected by the recession. In 2009, the group posted underlying profits 20 per cent down at £45.7m.When the downturn hit the hotel industry in 2009, Parson says: “Budget hotels were affected more than we thought they would be. During the last recession, in the early 2000s, we were not really affected. Also, the speed at which the whole of the hotel industry, from five star downwards, started to offer discounts took us by surprise.”The firm will release its 2010 results next month, but Parsons is encouraged.He says: “Last year was one of recovery. But we managed to outperform the rest of the hotel market in every month in 2010. London has performed strongly. In December the snow had an impact on us, in common with a lot of other businesses.”Parsons continues: “This year has started well. Though I think the second half of the year will be stronger for us.” The hotel boss says occupancy rates in his London business are already back to their 2008 peaks, with York, Edinburgh, Bath and Bristol also doing well. Other key cities, however, such as Manchester, Birmingham and Leeds are underperforming. Parsons still forecasts that by the middle of this year the overall group will be back to its 2008 peak occupancy levels.High occupancy rates of around 80 per cent are a key figure for Parsons. Once a hotel consistently hits this level it allows him to push up rates at that particular venue and to look at plans to build another in a neighbouring catchment area.The Travelodge boss adds he is under no illusions why people stay at his no frills hotels. He says: “People don’t stay with us for the experience. They use us because they want to do something else, like celebrate a family event or have a night on the town.”Parsons adds: “When the day of the Royal wedding was announced we had a massive spike in bookings. The same thing happened when Take That released their UK tour dates last October.”But he does rail at the notion that budget hotels attract a downmarket clientele. They are in actual fact the middle class on the lookout for a bargain, he says.The hotel chief adds: “Around 65 per cent of our guests are on leisure trips. Their average salary is £45,000. They are used to staying in hotels. They buy wine online, they ski, and they read what we used to call the broadsheets.”The chain operates an airline-style booking system: the further out you pay for a room, the cheaper it is. In a sale period, you can pay as little as £9, but if you turn up on the day at one of its central London hotels you would have to fork out over £100 for a clean, small functional room.To keep his moving prices competitive, his sales teams check web prices three times a day, not just against its larger budget rival Whitbread-owned Premier Inn, but against local three and four star hotels. The chain was started by the old Trusthouse Forte in 1985, as a roadside hotel beside a Little Chef on the A38, near Lichfield. But since 2004 the business has focused on more lucrative city centre sites, and now only 20 per cent of their portfolio can now be described as roadside businesses.The group was taken over by Granada and then by UK buyout firm Permira, before being bought by DIC five years ago. In the normal course of events DIC would have looked to either float or sell on the firm to another trade buyer by now.But the credit crunch has put those plans back by at least a year or two. DIC last month sealed a deal to restructure $2.5bn (£1.6bn) in debts. When does Parsons expect the business to be sold?“I genuinely don’t know,” he says. “My focus is on driving the business forward. There is no pressing need to sell the business. There will not be a firesale. DIC has put its finances in order.”However, Parsons adds that the hotel business generally runs on nine-year cycles from peak to trough. We are nearing the end of a trough, he adds, and will enter three to four years of strong growth. It would make sense to sell in that period, Parsons point out.Whitbread is often mentioned as a suitor for Travelodge since the pair held aborted £900m takeover talks in 2008.But Parsons is fairly confident the larger group will not renew its interest.He says: “Personally, I thought the last set of talks were a complete non-starter. Lawyers on both sides soon found there would be competition issues. We would be able to set prices for a large part of the industry.”He adds: “I think that deal has gone away. I talked to Alan Parker [Whitbread’s previous chief executive] when he was leaving the company and we came to agree that a deal would not be possible. I do not know what Andy Harrison [Whitbread’s current chief executive] thinks, but I have met him a few times and he has not mentioned it.”So it seems that Parsons’ strategy is to keep on expanding the chain until the good times return and DIC decides the business is ready for another change of ownership. In the meantime, expect Britain’s branded budget hotel market to become even more competitive.CV | GUY PARSONSAge: 47Work: 1990-1997: various roles, rising to director of sales, marketing and operations, Accor; 1997-2000: marketing director, Travel Inn; 2000-2003: sales and marketing director, Whitbread Hotels; 2003-2004: managing director, TGI Friday’s; 2004-onwards: various roles, rising to chief executive in 2010, Travelodge.Education: Leeds University, read historyFamily: Married with five children. Lives: Wimbledon.Hobbies: Swims three times a week, scuba dives, is learning the piano (currently at Grade Six), a cinema buff. Tags: NULL KCS-content last_img read more

BoE: Supply of money in Britain takes an upturn

first_img KCS-content BoE: Supply of money in Britain takes an upturn Tuesday 1 March 2011 8:06 pm Tags: NULL More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img THE Bank of England’s overall measure of the money supply grew by 0.8 per cent in January, it announced yesterday.Over 12 months total “M4” fell by 1.7 per cent, but some analysts point to signs of a pick up in the figures.The Bank’s preferred “core” money measure – excluding intermediary non-bank financial companies – rose 0.7 per cent in the first month of the year, and was up 4.9 per cent annualised in the three months to January.“This is above a level likely to be consistent with the two per cent inflation target over the medium term,” said Henderson economist Simon Ward.“Governor Mervyn King has repeatedly cited sluggish broad money growth as a reason for nonchalance about the current inflation overshoot,” Ward said. “But an increase in velocity has the same economic impact as monetary expansion – and velocity climbed 2.1 per cent in 2010, the largest annual rise since 1979.”The upturn in the money supply was largely driven by the government sector, analysts noted.“A breakdown reveals UK institutions to be a significant net seller of paper in January,” said David Owen, economist at Jefferies International. whatsapp Show Comments ▼ whatsapp Sharelast_img read more

FTSE bounces on commodity rebound as oil price weakens

first_img KCS-content Thursday 3 March 2011 7:09 pm FTSE bounces on commodity rebound as oil price weakens A REBOUND by commodity stocks fuelled strong gains by the UK’s top share index yesterday, as oil prices fell back on hopes for a peace deal in Libya, easing concerns over global demand.The FTSE 100 was up 90.20 points or 1.5 per cent at 6,005.09 at the close, ending above the 6,000 level for the first time since 21 February. It had fallen in eight of the previous nine trading days.“The sun has come out today in true ‘risk-on’ style, and after three days of suffering, London’s headline-index is trying to turn positive for the week,’ said Will Hedden, sales trader at IG Index.Heavyweight energy stocks and miners led the rally, two sectors that have been hit recently by fears the rising cost of oil could derail a fragile global economic recovery and dampen demand for commodities.Brent crude fell below $115 (£70.64) a barrel as the Libyan government accepted a plan for a negotiated solution to the revolt in the North African country, a spokesman for Libyan ally Venezuelan President Hugo Chavez said.Oil explorer Tullow Oil was a major gainer, up 3.9 per cent after announcing an oil discovery offshore Ghana.“While the oil price remains high, we believe the outperformance will continue (for Tullow),” said Richard Curr, head of dealing for CFD specialist Richard Curr. He said Tullow stock was a “buy”, with a target of 1,500p-plus in the coming weeks, though he recommended “a tight stop loss to take into account any oil-price-driven volatility.”Xstrata was a strong performer among the miners, up 2.6 per cent after stakeholder Glencore reported bumper profits.But gold miners African Barrick Gold and Randgold Resources missed out on the sector rally as the price of the precious metal fell, with recent safe-haven-related demand softened by the peace possibilities in Libya.Gold also fell as the dollar dropped back against the euro after European Central Bank chief Jean-Claude Trichet said the bank would exercise “strong vigilance” over inflation, raising the prospect that it might lift interest rates in Europe as soon as next month.Travel firms benefited from an easing in worries over fuel costs, with TUI Travel adding 4.6 per cent.TUI Travel was also boosted as German parent TUI’s board gave the go-ahead for a possible initial public offering of container shipping group Hapag-Lloyd, raising hopes for a mop-up bid for the British firm.International Consolidated Airlines added 3.3 per cent as the recently merged firm reported 8.2 per cent growth in group premium traffic in February.Strong corporate earnings data in the services and engineering sectors also helped market sentiment. Engineer IMI topped the risers board, gaining 6.6 per cent to 943p after hiking its 2010 dividend by 29 per cent, while oil services company AMEC closed up 5.4 per cent at 1,190p after it posted a 27 per cent rise in profits for the past year. Weir Group was also up four per cent at 1,770p.US blue chips were up 1.4 per cent by London’s close, supported by the easier crude price as well as by news US weekly jobless claims dropped to a two-and-a-half year low. The jobless claims news came one day after a similarly robust ADP report on private sector hiring.Taken together, the two could bode well for Friday’s key February payroll report. 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 PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia Show Comments ▼ Share whatsapp whatsapp Tags: NULLlast_img read more