| Tembec reports financial results for its fourth quarter and year ended September 29, 2007
Consolidated sales for the fourth quarter ended September 29, 2007 were $675 million, down from $781 million in the comparable period last year. The Company generated net earnings of $22 million or $0.25 per share compared to a net loss of $52 million or $0.62 per share in the corresponding quarter ended September 30, 2006, and a net loss of $164 million or $1.91 per share in the previous quarter. Earnings before unusual items, interest, income taxes, depreciation, amortization and other non-operating expenses (EBITDA) was $23 million, as compared to EBITDA of $26 million a year ago and up from EBITDA of $4 million in the prior quarter. .
Al Ver to Retire From Ford Motor Company
DEARBORN, Mich., Nov. 20 /PRNewswire-FirstCall/ -- Al Ver, Ford Motor Company (Nachrichten/Aktienkurs) vice president and CEO and COO, Automotive Components Holdings (ACH), has elected to retire at the end of the year, after a 35-year career with the Ford Motor Company. Ver joined Ford in 1972 as a manufacturing process engineer at the Mt. Clemens (Mich.) Paint Plant. He has held a number of engineering and manufacturing positions within Ford and its component operations during his career. Prior to his current assignment, Ver served as vice president for Ford's Advanced Manufacturing Engineering organization. As the head of ACH, he reported to Mark Fields, executive vice president and president, The Americas. "Al has consistently contributed to Ford's engineering and manufacturing organizations throughout his career and most recently has done an outstanding job in leading ACH through its transition," said Fields.
(AFX UK Focus) 2007-11-20 15:36 GMT: London shares higher midafternoon; New York rallies amid FOMC rate cut talk
LONDON (Thomson Financial) - Leading shares were higher in midafternoon trade, just below the day's peak after a volatile morning session lifted by a strong early rally on Wall Street amid vague rumours that minutes from the last FOMC meeting, due later today, could hint at further US rate cuts. At 3.15 pm, the FTSE 100 index was 57.4 points firmer at 6,178.20, just below a midafternoon high of 6,191.0 having recovered from a drop to a session low of 6,078.7. The broader FTSE indices were mixed, however, with the FTSE Small Cap and techMARK 100 indices remaining weak. Volume was solid, with 1.901 bln shares changing hands in 623,671 deals. On Wall Street, in early deals, the DJIA jumped 94.90 points higher to 13,053.30, while the S&P 500 index added 13.30 points to 1,446.55, and the Nasdaq composite index was up 29.98 points at 2,623.36.
Fitch Upgrades Certain R.H. Donnelley/Dex Media Entity Securities; Affirms IDRs at 'B+'
Fitch Ratings has affirmed the 'B+' Issuer Default Ratings (IDRs) on R.H. Donnelley Corp (Nachrichten) (NYSE:RHD), R.H. Donnelley, Inc. (RHDI), Dex Media, Inc. (DXI), Dex Media East (DXE) and Dex Media West (DXW). Fitch has also taken the following rating actions: R.H. Donnelley Corp. (RHD Holding Company) --IDR affirmed at 'B+'; --Senior unsecured upgraded to 'B/RR5' from 'B-/RR6'. R.H. Donnelley Inc. (Operating Company; subsidiary of RHD) --IDR affirmed at 'B+'; --Bank facility affirmed at 'BB+/RR1'; --Senior unsecured upgraded to 'BB+/RR1' from 'B+/RR4'; Dex Media, Inc. (Dex Holding Company; subsidiary of RHD) --IDR affirmed at 'B+'; --Senior unsecured upgraded to 'B/RR5' from 'CCC+/RR6'.
Head of Hand Block tenders resignation
KANSAS CITY, Mo. – H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement. H&R Block shares slipped 10 cents to $18.97 in morning trading. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. H&R Block has been restructuring in an effort to survive the collapse of the mortgage markets caused by rising interest rates and falling home prices.
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