Scottish and Southern ready to up dividend September 29, 2010 SCOTTISH and Southern Energy is on track to hike its dividend by at least two per cent above inflation this year, the firm said in a trading update. The gas and electricity provider promised to raise its dividend payments above the retail price index measure of inflation, as well as maintaining dividend coverage. Scottish and [...]
FIRSTGROUP ON TRACK FOR GROWTH September 29, 2010 FIRSTGROUP said yesterday it was on track to deliver moderate earnings growth for the full-year thanks to cost cuts and improved passenger revenues. FirstGroup, which last week said chief executive Moir Lockheed (pictured) would step down later this year to be replaced by former London Underground boss Tim O’Toole, said it had been trading in [...]
Babcock says it will hit its targets despite slowdown September 29, 2010 SUPPORT services group Babcock International said yesterday it will hit targets for the first half of the year despite a slowdown in the number of contracts coming to tender in the UK. Babcock, which maintains Royal Navy submarines, said a review of defence spending should boost demand for outsourcing, driving forward momentum. It also said [...]
Government to meet suppliers to discuss cuts September 29, 2010 FRANCIS Maude, the Cabinet Office minister, will hold discussions on Friday with major defence, IT and other equipment suppliers aimed at shaving billions of pounds from its annual procurement bill. Companies such as Balfour Beatty, Carillion, Cisco Systems, Deloitte, Ernst & Young, KPMG, Slaughter & May and Tata Consultancy Services are expected to be at [...]
ANALYST VIEWS: WHAT DO BABCOCK’S FIGURES MEAN FOR INVESTORS? September 29, 2010 MIKE MURPHY | NUMIS “Babcock remains ‘confident’ of achieving the VT merger benefits which we believe help underpin short term earnings and they are positive the government’s need for more outputs at lower costs should ensure a steady, if not a rush, of new contracts in the medium term which should underpin earnings momentum.” CHRIS [...]
CITY VIEWS: DO YOU THINK DEFENCE SHOULD BE SPARED FROM PUBLIC SPENDING CUTS? September 29, 2010 LUKE PROCTOR | AON “Yes – this is essential if we are to retain our international presence and sovereignty. Defence along with healthcare and international aid are the key priorities and should definitely be relieved of further funding pressures.” EDD LANE | CREDIT SUISSE “All areas of government spending need to be examined, and defence [...]
Vedanta shares take a tumble after legal blow September 29, 2010 VEDANTA RESOURCES, the FTSE 100-listed mining group, yesterday said that its Sterlite Industries subsidiary has been ordered by the Madras High Court to close down a copper-smelting plant on environmental grounds. The announcement sent Vedanta’s lower, eventually 5.5 per cent down at £21.65. Analysts at Liberum Capital said that the suspension of the smelter might [...]
NEXT LORD MAYOR ELECTED AT THE GUILDHALL September 29, 2010 THE City of London Corporation yesterday elected Alderman Michael Bear (right) as its 683rd Lord Mayor of the City of London. He succeeds current Lord Mayor Nick Anstee (left). Bear, who works as regeneration director at property firm Hammerson, takes up his position on 12 November. “The financial crisis has raised the stakes: it is [...]
Germany and France slam hedgie rules September 29, 2010 FRENCH economy minister Christine Lagarde looks set to dash hopes of an imminent deal on EU hedge fund rules when she meets finance ministers in Brussels this week, diplomats with direct knowledge of the matter said yesterday. France’s refusal to back a “passport” scheme that would allow foreign funds to do business across all of [...]
Michelin senior bosses launch charm offensive September 29, 2010 MICHELIN senior management, including chief executive Michel Rollier, will meet investors and analysts this week to reassure them over the group’s €1.2bn (£1.03bn) rights issue. The group yesterday said it remained confident about its move despite the intensely negative reaction from the market over its deeply discounted rights issue, which saw shares plummet by more [...]