AA and Saga owner racks up £500m loss

first_img whatsapp AA and Saga owner racks up £500m loss Show Comments ▼ KCS-content whatsapp Share Sunday 15 August 2010 10:15 pm THE OWNER of the AA and Saga has revealed huge annual losses thanks to the cost of servicing its massive private equity debts.Accounts filed at Companies House show Acromas posted a pre-tax loss of £529m for the year to 31 January, with operating profits of £183.5m dwarfed by interest payments of £705m.The company’s net debt stood at £6.4bn, an increase of 3.5 per cent on the previous year. A consortium of private equity groups, including Charterhouse, Permira and CVC, acquired the group in June 2007, funded by £4.8bn of bank borrowings and £1.5bn of shareholder loans. Despite Acromas’s losses, chief executive Andrew Goodsell said the company performed strongly in its second full year of trading since the merger of AA and Saga into one organisation.Turnover rose 2.3 per cent to £1.65bn after a solid performance from Saga, the specialist insurance and travel group that serves the over-50s. Growth in financial services helped Saga deliver sales of £793m, up nearly six per cent. Sales at AA, however, were down slightly at £855.1m. Gross profits excluding one-off items were flat at £882m.The company described the performance as “robust” in difficult conditions. The AA’s roadside patrols had to deal with the worst winter weather in 30 years and Saga’s motor insurance arm also suffered from a dramatic rise in personal injury claims. The company is in the process of moving into the care sector, but its plans suffered a setback last week when its £102m bid for Nestor Healthcare was rebuffed. More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comNative 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 Tags: NULLlast_img read more

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Coronavirus shut-down hits Macau gambling market in February

first_img The temporary suspension of casino operations in the Chinese autonomous region of Macau in an attempt to halt the spread of novel coronavirus has led to gross gaming revenue plummeting in February. Email Address 2nd March 2020 | By contenteditor The temporary suspension of casino operations in the Chinese autonomous region of Macau in an attempt to halt the spread of novel coronavirus has led to gross gaming revenue plummeting in February.Total GGR for the month dropped 87.8% year-on-year to MOP3.10bn (£303.4m/€349.6m/$387.4m), after Executive Order 39/2020 ordered all venues to cease operations on 5 February.This 15-day suspension also saw facilities such as cinemas, theatres, nightclubs, discos, fitness centres, steam baths and beauty salons, among other venues, shut down.Activity resumed on 20 February following extensive evaluations of the risk to casino patrons and employees.The government of Macau discussed a range of preventative measures with the city’s six gaming concessionaires and sub-concessionaires before the resumption of gambling operations, including mandatory body temperature checks at casino entrances. Other measures discussed were having all employees and patrons wear face masks, and greater distance between gaming tables.Macau also saw visitor numbers decline sharply as a result of flights and ferries to mainland China, and other countries cancelled as a result of the virus. A number of regional airlines, as well as international carriers such as Vietnam Airlines, Philippines Airlines and South Korea’s Jeju Air all cancelled flights to and from the island.This has contributed to gaming revenue falling sharply for the year to date. February’s 87.8% decline in revenue came after a 11.3% decline in January, to MOP22.13bn, with revenue for the year to date down 49.9% at MOP50.31bn.This came after Macau’s gambling market struggled in 2019, with total revenue for the year down 3.4% to MOP292.46bn. A survey commissioned by the Social Welfare Bureau revealed that 40.9% of people in the Chinese administrative region gambled in 2019, down from 51.5% in 2016 and the lowest rate ever recorded in such a study. Topics: Casino & games Finance Subscribe to the iGaming newslettercenter_img Regions: China Macau Casino & games Coronavirus shut-down hits Macau gambling market in February AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

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FBN Holdings Plc (FBNH.ng) HY2020 Presentation

first_imgFBN Holdings Plc (FBNH.ng) listed on the Nigerian Stock Exchange under the Financial sector has released it’s 2020 presentation results for the half year.For more information about FBN Holdings Plc (FBNH.ng) reports, abridged reports, interim earnings results and earnings presentations, visit the FBN Holdings Plc (FBNH.ng) company page on AfricanFinancials.Document: FBN Holdings Plc (FBNH.ng)  2020 presentation results for the half year.Company ProfileFBN Holdings Plc is a leading financial services institution in Nigeria offering banking products and services for the commercial, corporate, investment and merchant banking sectors. The company also offers insurance products for individual and corporate clients and other financial services for merchant banking, asset management, investment and general trading, private equity, financial intermediation services, trusteeship, portfolio management and discount house services for individual and corporate clients. The Insurance division underwrites life and general insurance products and offers insurance brokerage services. FBN Holdings Limited was founded in 1894 and today operates in 874 business locations in 12 countries. Its company head office is in Lagos, Nigeria. FBN Holdings Plc was founded in 1894 and is based in Lagos, Nigeria. FBN Holdings Plc is listed on the Nigerian Stock Exchanglast_img read more

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What’s happening to the Biogen share price?

first_img Zaven Boyrazian does not own shares in Biogen. The Motley Fool UK has recommended Biogen. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors. Our 6 ‘Best Buys Now’ Shares Renowned stock-picker Mark Rogers and his analyst team at The Motley Fool UK have named 6 shares that they believe UK investors should consider buying NOW.So if you’re looking for more stock ideas to try and best position your portfolio today, then it might be a good day for you. Because we’re offering a full 33% off your first year of membership to our flagship share-tipping service, backed by our ‘no quibbles’ 30-day subscription fee refund guarantee. Enter Your Email Address The surging Biogen share priceEarlier this month, the FDA approved Biogen’s new Alzheimer’s drug called Aducanumab. This is actually the first medicine that targets the neurodegenerative disease to receive approval in nearly 20 years.5G is here – and shares of this ‘sleeping giant’ could be a great way for you to potentially profit!According to one leading industry firm, the 5G boom could create a global industry worth US$12.3 TRILLION out of thin air…And if you click here we’ll show you something that could be key to unlocking 5G’s full potential…There are already several products on the market that help reduce the symptoms of the disease. However, trial data from Aducanumab showed that it successfully breaks down clumps of amyloid plaques in the brain. These are what scientists believe cause the illness. In other words, it appears to be able to substantially slow down the progress of the disease — the first drug ever to do so.Given that an estimated 5.5 million people in the US suffer from Alzheimer’s, this represents an enormous potential market for Biogen with little competition to fend off. The treatment is expected to cost $56,000 per year. So it opens up a possible $300bn annual opportunity for the firm in the US alone. Therefore, I’m not surprised to see the Biogen share price rise by double-digits on the news.Taking a closer look at the fine printAs promising as this progress is, there remains a long road ahead for this business. It is worth being aware that the FDA approval was provided as part of the accelerated pathway. This pathway is reserved for rare cases where there are very few alternative treatments available. It enables companies like Biogen to get their unique treatments on the market faster while trials are still ongoing.Moving forward, Biogen will need to begin new monitored confirmatory trials to conclusively determine whether Aducanumab works as well as believed. While the company can market and sell the drug in the meantime, this trial process will be long and expensive. What’s more, should it fail to achieve the desired results, Aducanumab may promptly have its approval status revoked.The Biogen share price has been significantly elevated due to investor expectations of income from this new treatment. Therefore, should any signs of trouble start to emerge, I think it’s likely to mean a significant level of volatility in the stock.Time to buy?Several city analysts have labelled this latest achievement by Biogen as “game-changing”. And I’d have to agree. There remains a long road ahead to receiving full approval. But the company seems to have all the resources it needs to see the next set of trials to the end. And so, while the risks are high, I would consider adding Biogen to my portfolio even after the recent jump in its share price. But its not the only growth stock I’ve got my eye on. Did you know: Following the approval of its latest drug, the share price of Biogen (NASDAQ:BIIB) has exploded this month. Seeing the stock of a biotech company surge after receiving the green light from regulators is quite common. But in the case of Biogen, the US pharmaceutical group has achieved a milestone that many of its peers have failed, despite investing billions of dollars. Let’s take a closer look at what just happened and whether this is a business that belongs in my portfolio. I would like to receive emails from you about product information and offers from The Fool and its business partners. Each of these emails will provide a link to unsubscribe from future emails. More information about how The Fool collects, stores, and handles personal data is available in its Privacy Statement. I’m sure you’ll agree that’s quite the statement from Motley Fool Co-Founder Tom Gardner.But since our US analyst team first recommended shares in this unique tech stock back in 2016, the value has soared.What’s more, we firmly believe there’s still plenty of upside in its future. In fact, even throughout the current coronavirus crisis, its performance has been beating Wall St expectations.And right now, we’re giving you a chance to discover exactly what has got our analysts all fired up about this niche industry phenomenon, in our FREE special report, A Top US Share From The Motley Fool.center_img What’s happening to the Biogen share price? See all posts by Zaven Boyrazian Image source: Getty Images Click here to claim your copy now — and we’ll tell you the name of this Top US Share… free of charge! “This Stock Could Be Like Buying Amazon in 1997” Simply click below to discover how you can take advantage of this. Zaven Boyrazian | Monday, 14th June, 2021 | More on: BIIB last_img read more

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Deutsche Bank and mm02 win CCI awards

first_imgCommunications company mm02 won the CCI Online Reporting Award for promoting its community investment activities on the Web and clearly presenting information on the aims and objectives of its CCI policy. As previously reported on UK Fundraising, Whitbread’s Count Me In Calendar won the Innovation – CCI with a Difference Award. Tagged with: Awards Deutsche Bank and mm02 win CCI awards Howard Lake | 11 October 2004 | News Deutsche Bank has scooped the first Outstanding Corporate Community Investment (CCI) Programme Award, winning £25,000 to boost their grantmaking programme.Awarded by Charities Aid Foundation (CAF), the award is one of three categories in the first Corporates & Communities Awards, which are designed to recognise and reward companies for their outstanding contributions in Corporate Community Investment. Othercategories include CCI Online Reporting and Innovation – CCI with a Difference.Deutsche Bank’s award recognised its wide-ranging charitable and community activities which have achieved over 55% staff involvement. Advertisementcenter_img  22 total views,  1 views today AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to LinkedInLinkedInShare to EmailEmailShare to WhatsAppWhatsAppShare to MessengerMessengerShare to MoreAddThis About Howard Lake Howard Lake is a digital fundraising entrepreneur. Publisher of UK Fundraising, the world’s first web resource for professional fundraisers, since 1994. Trainer and consultant in digital fundraising. Founder of Fundraising Camp and co-founder of GoodJobs.org.uk. Researching massive growth in giving.last_img read more

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Episode 207 – Miami Heating Up

first_imgFacebook Facebook printJack and Noah dive into two games apiece for each of the final four playoff series, with Games 1 and 2 for the Western Conference Semifinals and Games 3 and 4 for the East. We then look over Week 1 of college football and the final NFL preseason news. Check us out @BlanketCovPod on Twitter and @blanketcoveragepodcast on Instagram for extended coverage! Previous articleWhat we’re reading: Wildfires continue to burn, Trump bans racial sensitivity trainingNext articleTCU creates new office to handle Title IX complaints, modifies reporting process Jack Wallace RELATED ARTICLESMORE FROM AUTHOR 2021 NFL Mock Draft (Part 1) Special 2021 NFL Mock Draft (Part 1) Special Twitter Linkedin Jack Wallacehttps://www.tcu360.com/author/jack-wallace/ ReddIt Jack Wallacehttps://www.tcu360.com/author/jack-wallace/ TAGSBasketballblanket coveragebubblecfbfootballjack wallacenbanoah parkerplayoffspodcast Jack Wallacehttps://www.tcu360.com/author/jack-wallace/ ReddIt 2020/21 NFL Exit Interviews – NFC West 2020/21 NFL Exit Interviews – NFC East TCU News Now 4/28/2021 Twitter Linkedin Jack Wallacehttps://www.tcu360.com/author/jack-wallace/ Jack is a junior journalism major and studio art minor from Atlanta, Georgia. He enjoys everything sports and co-runs the Blanket Coverage podcast as well as photographs for TCU360. + posts Jack Wallace Fort Worth’s first community fridge program helps serve vulnerable neighborhoods 2020/21 NFL Exit Interviews – NFC Westlast_img read more

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Fed: Mortgage Lending Standards Hold Steady Despite Weakening Demand

first_img Banks Demand Federal Reserve Mortgage Credit Standards Senior Loan Officer Opinion Survey 2014-11-05 Tory Barringer  Print This Post Tory Barringer began his journalism career in early 2011, working as a writer for the University of Texas at Arlington’s student newspaper before joining the DS News team in 2012. In addition to contributing to DSNews.com, he is also the online editor for DS News’ sister publication, MReport, which focuses on mortgage banking news. Fed: Mortgage Lending Standards Hold Steady Despite Weakening Demand The Best Markets For Residential Property Investors 2 days ago Servicers Navigate the Post-Pandemic World 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Share Save Previous: Private Sector Employment Expands by 230,000 Jobs in October Next: Alabama Senator Expected to Take Over As Chair of Senate Banking Committee in Featured, Government, News About Author: Tory Barringer Tagged with: Banks Demand Federal Reserve Mortgage Credit Standards Senior Loan Officer Opinion Survey Related Articles Demand Propels Home Prices Upward 2 days agocenter_img Servicers Navigate the Post-Pandemic World 2 days ago Mortgage credit standards remained largely unchanged over the past three months as demand weakened overall, according to a report from the Federal Reserve.The Fed’s Senior Loan Officer Opinion Survey, which covers a three-month period ending in October, shows credit standards on prime mortgages remained basically steady at 83 percent of reporting banks over the last few months. Of the nearly 14 percent that reported easing their lending criteria somewhat, the vast majority were large banks with assets of $20 billion or more, with only one smaller institution dialing down its standards.Only about 3 percent of banks indicated tighter criteria compared to the last survey, all of which were classified as smaller companies.The numbers were largely the same for subprime and jumbo/non-traditional mortgages. Of the handful of banks that currently originate subprime loans, two-thirds said they kept credit standards unchanged, while the remainder were split between somewhat tighter and somewhat weaker criteria.The survey’s results reinforce a frequently cited challenge in the current mortgage market, which analysts say caters mostly to borrowers with near-pristine credit and excludes those with fair or even good profiles.On net, demand for all mortgage types weakened, though changes were mixed in each category. For prime loans, 19.4 percent reported moderately stronger demand, while 20.8 percent saw demand weaken moderately. Notably, the majority of banks experiencing increased demand for mortgages were smaller institutions, leaving larger banks fighting over a smaller share of business.The remaining 59.7 percent of surveyed banks reported no significant change in demand.For subprime mortgages, 83.3 percent of banks said they saw no change in demand, while one reported a slight weakening. Likewise, more than a quarter of banks said demand for non-traditional mortgages weakened, with only about 6 percent saying demand was moderately stronger. Is Rise in Forbearance Volume Cause for Concern? 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Sign up for DS News Daily Demand Propels Home Prices Upward 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago November 5, 2014 851 Views Home / Featured / Fed: Mortgage Lending Standards Hold Steady Despite Weakening Demand The Best Markets For Residential Property Investors 2 days ago The Week Ahead: Nearing the Forbearance Exit 2 days ago Subscribelast_img read more

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Hurricane Dorian takes aim at Florida, may make landfall as Category 4

first_imgABC News(NEW YORK) — Hurricane Dorian is strengthening and taking aim at Florida, where residents and tourists are bracing for a possible Category 4 landfall on Monday morning.Dorian is forecast to make landfall somewhere between Melbourne and West Palm Beach, but everyone on the east coast of Florida is urged to be prepared for life-threatening storm surge, devastating hurricane-force winds and over 1 foot of rain.Dorian, now churning in the Atlantic, could become a Category 2 storm by Thursday evening or early Friday, and then a Category 3 on Friday afternoon or Friday night.Dorian is expected to be a Category 4 hurricane with 130 mph winds on Monday morning.If Dorian makes landfall on Florida’s east coast with winds of 125 mph, it would be the strongest hurricane to hit the east coast of Florida since Hurricane Andrew in 1992.Due to the storm’s “uncertain projected path,” Florida Gov. Ron DeSantis declared a state of emergency for the state’s 67 counties.“All residents, especially those along the east coast, need to be prepared for possible impacts,” DeSantis said in a statement on Thursday. “As it increases strength, this storm has the potential to severely damage homes, businesses and buildings, which is why all Floridians should remain vigilant. Do not wait until it is too late to make a plan.”In Jacksonville, where water is already flying off the shelves, Mayor Lenny Curry said evacuations may be ordered, depending on which direction the storm moves.The threat goes beyond Florida. Dorian may bring dangerous storm surge to coastal Georgia as well as rain and wind to inland Georgia and South Carolina, Georgia Gov. Brian Kemp said Thursday.Dorian first tore through the Caribbean on Wednesday, blasting St. Thomas with powerful winds and more than 6 inches of rain.President Donald Trump approved an emergency declaration for the U.S. Virgin Islands.Dorian missed Puerto Rico for the most part, where many residents are still reeling from the devastation of 2017’s Hurricane Maria. The highest rainfall total on the island this week was 1 to 2 inches.“Thank God we were not affected,” Puerto Rico Gov. Wanda Vazquez said Wednesday night. “All the determinations made in the last days were a real life exercise.”Copyright © 2019, ABC Radio. All rights reserved.last_img read more

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Qatar Petroleum signs farm-in deals for three blocks in Campeche basin

first_imgAccording to Qatar Petroleum, the water depths of the Mexican exploration blocks in the Campeche basin range from approximately 10m to 1,100m Qatar Petroleum signs farm-in deals with Total for three exploration blocks offshore Mexico. (Credit: Kristina Kasputienė from Pixabay) Qatar Petroleum has signed three farm-in agreements with Total to acquire nearly 30% of the participating interest of the French oil and gas major in exploration blocks 15, 33, and 34 in the Campeche basin in Mexican waters.The three offshore exploration blocks are situated within 30-90 kilometers of the giant Cantarell and KMZ oil fields. Put together, the blocks are spread over an area of about 2,300km2.The water depths of the Mexican exploration blocks in the Campeche basin range from approximately 10m to 1,100m.Qatar Petroleum CEO and Qatar Minister of State for Energy Affairs Saad Sherida Al-Kaabi said: “We are pleased to sign these agreements, which further expand Qatar Petroleum’s footprint in Mexico, and demonstrate our commitment to achieving our international growth strategy, with Latin America as a core area in our international portfolio.“We look forward to collaborating further with Total, our other partners in these blocks, and the government of Mexico. I would like to take this opportunity to thank the Mexican authorities and our partners for their continued support.”According to the Qatari national oil company, all the three farm-in agreements pertaining to the Campeche basin blocks are subject to receipt of customary regulatory and other approvals from the existing partners of Total and the Mexican government.Presence of Qatar Petroleum in Mexican watersIn late 2018, Qatar Petroleum signed a deal with Eni to acquire a stake of 35% from the Italian oil and gas company in three offshore oil fields in the Area 1 project in Mexico. The deal gave the company access to the Amoca, Mizton, and Tecoalli offshore oil fields that make up the Area 1 project contained in the shallow waters of the Campeche Bay.Prior to the deal related to the Area 1 project, the Qatari energy company won exploration rights in five offshore Mexican blocks in the Perdido and Campeche basins as part of consortiums featuring Shell and Eni, respectively.last_img read more

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Frank Zappa’s Hollywood Hills Estate Has Been Sold Off For Over $5 Million

first_imgAfter being listed by the Zappa Family Trust earlier this summer, the late Frank Zappa‘s Laurel Canyon home has sold for $5.25 million. The beautiful compound, contained on a relatively small half-acre of land in the Hollywood Hills, was purchased by Zappa in the late 60’s for just $74,000 and came under the ownership of his family after his death in 1993. The faux-Tudor house (built in the late 1930’s) boasts six bedrooms and seven bathrooms in 6,759 square-feet of multi-level living space, and features a variety of quirky embellishments,like the dragon mural in the formal dining room, porthole windows and doors salvaged from vintage submarines. It also features various architecturally unusual reading nooks and creative work spaces. In addition to the main house, the land also includes two architecturally adventurous detached guest houses and an additional attached guest apartment. Other features of note include a double-height art gallery with parquet flooring, Zappa’s sprawling recording studio, and “The Vault,” a storage chamber beneath the house where Zappa kept his private archives under lock and key during his lifetime. The terraced, tree-shaded grounds include a hodgepodge of decks and patios, a greenhouse, swimming pool, roof top tennis court, and lush gardens with mosaic accents. The sale of the house is another step in the ever-contentious disputes between the surviving Zappas regarding control over and rights to the Zappa Family Trust. You can see a gallery of photos of the house here.last_img read more

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