Wednesday, 24th December 2008
1:02pm
END-OF-DAY REPORT: Headline shares were modestly lower at the close of this shortened session, in quiet pre-Christmas holiday trade, with BT Group and Smith & Nephew playing Scrooge for the day, the two biggest blue chip fallers.
At the close of play, the FTSE100 was down 39.39 points at 4,216.59 with the FTSE250 up 27.72 points at 6,315.82 and the FTSE Smallcaps 8.17 points better at 1,814.79.
NEW YORK
US futures pointed to slight gains, ahead of more data on the economy in a holiday-shortened week. Data out today includes durable goods, consumer spending and jobless claims.
Dow Jones Industrial Average futures rose 12 to 8,400, the S&P500; futures climbed 0.5 to 859.1, while Nasdaq 100 futures rose 1.25 to 1,185.75.
LONDON MARKETS
UK house prices will fall about...
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12:02pm
International telecommunication solutions provider Leadcom Integrated Solutions has won a two-year maintenance contract worth over $6.2m from a mobile telecom operator in Ecuador.
It will encompass the preventive maintenance, on call services and emergency call out services for all of its telecommunications site support systems, generators, and air conditioning.
This contract complements the previously awarded telecommunications network maintenance contract for the operatorâ™s radio network, making Leadcom the operator's key service support supplier.
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12:02pm
ID Data Group is selling the intellectual property, equipment and business of its Irish trading subsidiary CardBASE Technologies to Securite for euro25m.
Securite is part of the SAFRAN Group of France and the deal is expected to complete on or before 16 January 2009.
ID Data has been seeking funds from investors and, in parallel, pursuing the possible sale of its operating businesses to meet its short term working capital and debt funding requirements.
The sale of the business and assets of CardBASE will help the smart card and card solutions group to meet its financial obligations while the administrators of ID Data Limited seek to complete the sale of its business and assets.
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12:02pm
Emerging markets-focused exhibitions group ITE has bought Newex Marketing to expand in Turkey.
Newex Marketing owns 75% of the company which owns EMITT, the annual travel and tourism exhibition taking place in Istanbul, and the leading hotel guide for the Turkish market.
The operating profits of the business are around $2m per annum and it has nil gross assets at completion.
ITE said a deferred consideration would be payable in cash based upon the performance of the business over 2009 and 2010 and there are matching put and call options over the remaining 25% of the shares on agreed terms in the future.
Consideration for the deal is $5.05m in cash on completion, with further amounts due depending on performance of the acquired company in 2009 and 2010.
Commenting on the acquisition,...
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11:47am
Woolworth supplier and entertainment retailer Zavvi has today gone into administration.
Administrators Ernst & Young said in a statement they intended to trade Zavvi UK with a view to selling all or part of the business as a going concern.
All of Zavviâ™s products were supplied by Entertainment UK (EUK), a Woolworths subsidiary, so when EUK went under, Zavvi was left without a supply chain.
Zavvi was formed from a management buy out of the Virgin Megastore division of the Virgin Group last year.
Ernst & Young said Zavvi Guernsey will be liquidated, while Zavvi Ireland was not subject to any formal insolvency proceedings.
Zavvi trades from 114 stores in the UK and 11 in Ireland, employing 2,363 permanent staff and 1,052 temporary staff.
Zavvi is...
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