International Personal Finance profit soars October 19, 2010 Emerging markets lender International Personal Finance posted a 36 per cent rise in third-quarter adjusted pre-tax profit, helped by a strong recovery in Hungary. The company, which lends small cash sums to consumers in central Europe and Mexico, also expects to be in a good position to deliver further improvement in 2011 on stronger growth [...]
Bellway sales hit by government cuts October 19, 2010 Housebuilder Bellway reported full year results in line with expectations with uncertainty around the government’s spending review hitting sales. “Sales in the early part of what is traditionally an active autumn selling period have picked up, albeit only slightly, following the usual summer lull,” chairman Howard Dawe said. “It seems that potential homebuyers are awaiting [...]
Xstrata says financial position “strong” October 19, 2010 Miner Xstrata posted mixed third quarter production data and said financial performance was strong as metals prices remained healthy. “Xstrata’s operating and financial performance continues to be strong and the company’s financial position remains robust,” a statement said. The Anglo-Swiss group also released the first resource estimate for the West Wall copper project, a 50:50 [...]
World Bank attacks US currency policy October 19, 2010 Surging capital inflows threaten Asia’s economic stability, the World Bank has warned, a day after US treasury secretary Timothy Geithner sought to draw the venom from a global row over currencies by vowing not to devalue the dollar. The World Bank buttressed the argument made by China and others that US policies are sending a [...]
Whitbread profit up 43 per cent October 19, 2010 Whitbread profit jumped by 28 per cent to £151m in the six months to September. The company said an expansion at its Premier Inns and Costa Coffee businesses fuelled the figures. Revenue rose 14.5 per cent to £805m. Whitbread raised its interim dividend by 17 per cent to 11.25p. Costa has just over 1,100 in [...]
Sports Direct fraud probe dropped October 19, 2010 Sports Direct International has been told that no charges will be brought against it by the Serious Fraud Office. The SFO had launched an investigation into Sports Direct International and JJB Sports over alleged anti-competitive practices. Office of Fair Trading and the SFO officials visited Sports Direct’s head office in September 2009 as part of [...]
IBM hit as new service contracts dry up October 19, 2010 BM won fewer technology services deals than expected in the third quarter, sending its shares 3.7 per cent lower, although it announced stronger profits and raised its full-year outlook A decline in services and outsourcing contracts signed in the quarter, a key indicator of future revenue growth, prompted some investors to take profits after the [...]
Apple rides high but iPad falters October 18, 2010 Apple last night smashed expectations to post record fourth quarter profits and revenues, boosted by blockbuster sales of its new iPhone 4. However, its landmark iPad tablet device lagged behind analyst forecasts as supply issues continued to dog the world’s biggest technology firm. Apple shifted 4.2m iPads in the quarter, falling well short of analyst [...]
Critics slam Labour bank levy plans October 18, 2010 ALAN Johnson’s plan to raise at least £3.5bn by clobbering the banks with another levy was roundly dismissed yesterday, with critics claiming it was unworkable and could encourage firms to quit the UK. In his first major speech as shadow chancellor, Johnson welcomed the coalition’s plan for a £2.5bn levy on banks, but said they [...]
Citi and Hands arrive in court October 18, 2010 A NEW York jury was yesterday asked to decide who is lying in a dispute between Guy Hands and Citigroup over Hands’s £4bn buyout of embattled record label EMI in 2007. Hands and his onetime Citigroup banker David Wormsley sat feet away from each other as the trial, which is expected to last three weeks, [...]