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.
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