Finance News – Page 246
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NewsMcCarthy & Stone to strike debt-for-equity deal
Retirement housebuilder forced into move after banks reject £900m debt restructuring plan
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NewsAtkins cuts 5% of global workforce
International engineering consultant cites 'challenging' market conditions as 1,000 redundancies planned
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NewsCrest Nicholson strikes rescue deal with lenders
Refinancing deal sees banks take a 90% stake in the housebuilder
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NewsBachy Soletanche acquires Simplex Foundations
Leading geotechnical specialist Bachy buys piling contractor Simplex
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NewsFinance problems hit major Saudi schemes
Government building projects held up as banks delay loans and increase interest rates
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NewsHammerson announces £584m rights issue
Retail-led developer reveals loss of £1.6bn in 2008 and postpones construction on all major schemes
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NewsConstruction liquidations rise 57% in past year
Government statistics reveal spike in level of liquidations in construction sector
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NewsDemolition firm heads into the red despite soaring turnover
John F Hunt reports £381,000 loss but confident of weathering recession as income rises 62%
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NewsCostain ditches Middle East expansion plans
Costain has ripped up plans to expand in the Middle East as a result of the recession
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T Clarke ups profit forecast
Engineering and contracting group revises forecasts upward after review of contracts
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NewsConstruction industry suffers worst January in 10 years
The latest monthly construction data from the Chartered Institute of Purchasing and Supply shows the first decline in January for 10 years
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NewsInterest rates cut to 1%
Bank of England slashes base rate to lowest ever level, but economists warn further measures are necessary
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NewsBellway reports 50% slump in profit margin and forward orders
Housebuilder's six-month update warns of further writedown and reveals 1,000 homes are sitting unsold
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NewsAtkins loses finance director to chemicals giant
Robert MacLeod leaves after five years to join FTSE 100 firm Johnson Matthey
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NewsEight building firms going bust every day
Latest figures show 40% rise in construction insolvencies during 2008
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NewsCommercial property values plunge 26% in a year
IPD figures show 2008 registered the biggest ever recorded fall in values of UK commercial property
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Government plans credit insurance rescue scheme
New scheme will underwrite up to half of potential claims for medium-risk firms with reduced cover
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NewsMitie on course to hit earnings targets
Trading update reveals specialist outsourcing firm is holding up well against the economic downturn
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Galliford Try and Croudace circle Oakdene’s carcass
Private equity and investment funds are also linked to sale of collapsed housebuilders’ sites
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NewsContractors abandon quest for profit as margins fall to 2.5%
Increasing numbers of firms are bidding for work on a zero-profit basis as contractors resort to cut-throat tactics to win work