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Aryzta predicts calmer waters in the UK

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first_imgSpeciality bakery business Aryzta believes a sales decline in Ireland and the UK is stabilising.In its financial results for the first six months, ended 31 January 2011, the Swiss-based group reported that while revenue grew by 9.7% to €585.3m in its Food Europe division, with acquisition contribution of 7.3%, underlying revenue fell 0.9%. EBITA grew 8.7% to €66m. The company said: “There is evidence of market stabilisation… challenges still remain in these markets. In continental Europe, there is a return to growth, particularly in the independent segment of bakeries, boulangeries and independent restaurants.” Food North America revenues grew by 140% to €610.5m, while the Rest of World revenues grew by 591% to €87.4m. Group revenue increased by 36% to €1.89bn and group EBITA rose 52% to €173.1m. CEO Owen Killian said: “While the major feature of these results is the enormous contribution from our recently acquired businesses, we are most encouraged by the improvement in underlying revenue growth as consumers adjust to improving economic circumstances in most markets.” He added: “The speed and severity of food raw material price increases was unexpected and is again a major focus in the business.”>>Aryzta sees revenues fall in UK and Irelandlast_img read more

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Federal Regulators Finalize Bank StressTesting Rule

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first_img Share May 14, 2012 430 Views in Government, Origination, Servicing Agents & Brokers Attorneys & Title Companies Bailouts Bank Failure Basel Accords FDIC Federal Reserve Lenders & Servicers OCC Processing Service Providers 2012-05-14 Ryan Schuettecenter_img Federal Regulators Finalize Bank Stress-Testing Rule Three federal regulatory agencies finalized stress-testing guidance Monday for financial institutions with total assets worth more than $10 billion.[IMAGE]The “”Federal Reserve””:http://www.federalreserve.gov/, “”FDIC””:http://www.fdic.gov/, and “”Office of the Comptroller of the Currency””:http://www.occ.treas.gov/ (OCC) released the guidance after receiving 17 comment letters from banks, financial advisory firms, and trade groups.[COLUMN_BREAK]The agencies stressed the importance of capital and liquidity, saying that systemically important financial institutions should apply stress tests to these areas on a regular basis.The new rule calls for banks to implement four rules. These include a stress-testing framework that should “”sufficiently capture the banking organization’s exposures, activities, and risks,”” plus multiple “”conceptually sound”” stress-testing activities and approaches. A fifth principle under the rule calls for banks to “”underscore the importance of governance and controls as a key element in a banking organization’s stress testing framework.””The three noted that the guidance also does not implement stress-testing provisions under the Dodd-Frank Act or the capital plan rule.Stress tests came into fruition after the financial crisis. Regulators devised the Basel III Accords to mandate stress tests for the world’s Global Systemically Important Financial Institutions, or G-SIFIs, which include 18 U.S. bank holding companies.last_img read more

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