BEST OF THE BROKERS August 2, 2010 NESTLE UBS Investment Research has maintained its “buy” rating on Nestle following anticipation of first half sales of SwFr 55.2bn (£33.4bn) to be announced next Wednesday, including organic sales growth of 5.8 per cent. Despite its warning top-line growth will be slower in the second half, UBS believes good margins will underpin solid full-year results. [...]
Camelot woos regulator August 2, 2010 Lottery operator Camelot said yesterday it had tweaked a plan to let consumers pay bills on its lottery terminals in an effort to win over regulators. The National Lottery Commission, which last month provisionally rejected the proposal on the grounds that it might breach European Union or competition law, has responded by extending a public [...]
Metro hails retail recovery August 2, 2010 Metro, the world’s fourth largest retailer, yesterday lifted its investment budget amid growing confidence about economic recovery, as cost cutting helped it to meet quarterly earnings forecasts despite sluggish sales. The German group, which runs cash and carries, supermarkets, electrical goods and department stores, said it was increasing its capital spending budget for this year [...]
CITY SAILORS ARE BUSY BOBBING AROUND DOWN AT COWES WEEK August 2, 2010 ALL aboard, folks – Cowes Week is here again, which means days of sailing and schmoozing in the Isle of Wight for the water babies of the City. And with a few days already elapsed, I hear there’s only one subject on people’s lips: the smart array of boats in the “super zero” class and [...]
UK manufacturing growth slows August 2, 2010 GROWTH in Britain’s manufacturing sector eased slightly in July, with euro zone wobbles weighing on exports, but the figure still beat forecasts and remained indicative of buoyant growth in the sector. There was also a sharp slowing in both input and output price inflation, something that should help reassure Bank of England policymakers that inflation [...]
HSBC posts £7bn profit August 2, 2010 HSBC has reported a £7bn pre-tax profit for the first six months of the year. The figure was around double the amount for the same period last year. The bank was profitable in every region, except for North America. HSBC shareholders will receive a second dividend this year, the lender said. Margaret Leung, Vice-Chairman and [...]
Goldman Sachs stands by AIG deals August 2, 2010 GOLDMAN Sachs said that it believed its trades with the bailed out insurer AIG during the financial crisis were accurate and its collateral calls made to AIG were reflective of the conditions in a deteriorated market. In a response submitted to the Financial Crisis Inquiry Commission (FCIC) last week, Goldman said it priced the collateral [...]
Tullett Prebon sees profit fall August 2, 2010 TULLETT Prebon, the world’s second-biggest interdealer broker, has posted a fall in half-year profits as the departure of brokers to a rival and adverse currency movements hit earnings. However, Tullett – which in May announced the end of talks over a possible takeover of the group – said it expected a “good outcome” for its [...]
BNP Paribas profit up after retail banking boost August 2, 2010 FRENCH bank BNP Paribas saw its second-quarter profit rise by 31 per cent – fuelled by its retail banking division. Net profit for the three months to July hit to 2.1bn euros (£1.75bn). Demand for mortgages was especially strong, the bank said. However, the investment banking division plummeted by 30 per cent. BNP said in [...]
Metro hails retail recovery August 2, 2010 METRO, the world’s fourth biggest retailer, lifted its investment budget amid growing confidence about economic recovery, as cost cutting helped it to meet quarterly earnings forecasts despite sluggish sales. The German group, which runs cash and carries, supermarkets, electrical goods and department stores, said on Monday it was lifting its capital spending budget for this [...]