General Electric expects profit March 16, 2010 General Electric expects its profit and dividend to rise in 2011, the largest US conglomerate’s chief financial officer said. The world’s largest maker of jet engines and electricity-producing turbines expects its results to improve after the first quarter of 2010, chief finance officer Keith Sherin told an investor conference yesterday. GE shares rose almost five [...]
No International Power payout March 16, 2010 British utility International Power, which ended talks about a tie-up with French peer GDF Suez SA in January, has quashed market speculation it would make a special payout to make it a less attractive takeover target. There is “no plan for a special dividend”, said chief executive Philip Cox.
Oil demand picking up March 16, 2010 Oil demand is picking up and that could mean OPEC does not need to take any further action on supply this year, the group’s biggest producer Saudi Arabia said as ministers prepared to rubber stamp existing outpaced targets. “We have been sailing very well and we will continue to sail very well,” Saudi Arabian Oil [...]
Hiscox hit by a £100m loss in Chile chaos March 16, 2010 INSURER Hiscox has estimated it will record a net loss of £100m as a result of last month’s Chilean earthquake and Xynthia wind storm. The Bermuda based company said the losses fell within its budget and that it had sufficient reinsurance cover should other similar disasters occur. Chief executive Bronek Masojada said the company felt [...]
Big EU insurers can pass critical stress testing March 16, 2010 Europe’s insurers are able to withstand even a major financial crisis, an EU watchdog said yesterday, boosting industry hopes for less onerous regulation. EU insurance watchdog CEIOPS unveiled the long-awaited results of its stress tests of how insurers would weather another financial market storm like that which followed the collapse of Lehman Brothers in 2008, [...]
Close profits rocket 50pc March 16, 2010 British merchant bank Close Brothers saw first-half profits rocket 50 per cent, smashing analyst expectations. However, it sounded a note of caution saying the buoyant conditions had sagged recently. Chief executive Preben Prebensen said uncertainty surrounding the upcoming election has spooked markets and hit its profits. Its operating profit before tax reached £62.3m for the [...]
Winterflood is the star of the show as trend for equities ups trading volumes March 16, 2010 Winterflood was the star performer for Close Brothers this year. The bank’s securities division, of which Winterflood is an integral part, out-performed the market, boosting the bottom line for the merchant bank. Winterflood received a welcome boost from better-than-expected demand for mid and small-cap shares. It saw a 48 per cent increase in adjusted operating [...]
UniCredit committee gives its backing to reshuffle plans March 16, 2010 UniCredit’s strategic committee approved a controversial reorganisation at the Italian bank yesterday but a final board vote was delayed as key shareholders resisted in a power struggle with the lender’s boss. With shareholder foundations who control around 12 per cent of the lender opposing the plan, chief executive Alessandro Profumo is understood to have told [...]
Portsmouth could end its administration hell soon March 16, 2010 PREMIER League club Portsmouth could come out of administration in six to eight weeks, administrator Andrew Andronikou said yesterday after a High Court winding up order was suspended. The troubled club was back in the High Court to address revenues and customs concerns about the process in which it entered administration last month – a [...]
Virgin mulls free football March 16, 2010 VIRGIN Media is considering plans to give away Premier League matches for free as part of a package including its broadband, TV subscription and telephone services. It joins BT Vision, which is also considering offering top flight matches as part of its existing “bundle” deal, according to industry sources. If the firms go ahead it [...]