Tata Motors Limited (ADR) (NYSE:TTM)’s long-term corporate credit rating has been raised by Standard & Poor's Ratings Services today and is given a positive outlook as the rating agency expects the company's cash flow to improve on account of strong sales at its U.K.-based unit Jaguar Land Rover Plc. The agency may also further upgrade Tata Motors' ratings if JLR's risk profile improves or if Tata is able to bring down its consolidated debt-to-operating profit ratio to 2.5.
PepsiCo, Inc. (NYSE:PEP) and Theo Muller Group ("Muller")'s U.S. joint venture, Muller Quaker Dairy, will enter the growing U.S. dairy market in mid-July with innovative premium yogurt products that have never before been available to U.S. consumers. These products will mark the first entry by either PepsiCo or Muller(TM) into U.S. dairy aisles. Together, PepsiCo and Muller will complement each other's strengths and are expected to drive growth for both companies.
Crexendo Inc (NYSEAMEX:EXE)’s Board of Directors, on July 6, 2012, declared a quarterly cash dividend of $0.02 per share on the company's common stock. The dividend is payable on July 24, 2012 to stockholders of record as of July 17, 2012.
Lloyds Banking Group PLC (ADR) (NYSE:LYG) is close to selling a portfolio of loans and shares in struggling companies that it acquired as part of its deal to rescue HBOS during the credit crisis, The Sunday Times reported yesterday. The portfolio is called "Project Lundy" and comprises of 40 assets including equity in retirement homes company McCarthy & Stone and hotel chain Menzies, along with a number of other loans. The value of the portfolio is expected to be around GBP700 million and GBP1 billion, and the bank is likely to get back roughly 70 pence for every GBP1 of exposure it has to the assets.
FTI Consulting, Inc. (NYSE:FCN) on July 6, 2012, announced that the company has taken actions to rearrange its workforce to address current business demands and global macro-economic conditions, and to reduce excess real estate capacity. These actions include the termination of approximately 115 employees, representing approximately 3% of the Company's more than 3,800 employees, and the consolidation of leased office space within six office locations. The Company estimates the impact of these actions will result in a pre-tax income charge of approximately $28.0 million in the second quarter of 2012.