WPP’s Sorrell bullish on ad market future June 24, 2010 ADVERTISING firm WPP’s full-year revenue forecast, raised in April, is likely too pessimistic, the group’s chief executive said, despite warning the UK market would be tougher due to deep government budget cuts. The world’s largest advertising company by sales was overly optimistic last year and therefore is being cautious this year with its forecast for [...]
Strikes at Eskom threaten World Cup power supply June 24, 2010 A UNION representing thousands of workers at South African utility Eskom has won the right to begin a strike, which could disrupt power supply and hurt industry and mines during the Soccer World Cup. The National Union of Mineworkers (NUM) said it had been granted a certificate of non-resolution of the wage dispute with Eskom, [...]
Australian bank investors lose US court case June 24, 2010 FOREIGN investors who bought shares of National Australia Bank on an overseas stock exchange cannot sue in a New York court over large writedowns related to the bank’s onetime US mortgage unit, the Supreme Court ruled yesterday. The justices upheld a ruling by a US appeals court that dismissed the lawsuit on the grounds that [...]
Sants warns over regulation shake-up June 24, 2010 CHOPPY markets and growing European Union powers will pose big challenges for the country’s transition to a new financial supervisory system, a top regulator said. The government announced last week it would scrap the Financial Services Authority (FSA) and fold many of its powers into a new Bank of England subsidiary by 2012. The aim [...]
BAA lowers earnings forecast by £10m June 24, 2010 AIRPORT operator BAA has lowered its 2010 earnings forecast by £10m reflecting the impact of the volcanic ash cloud, strikes by British Airways cabin crew and bad weather. BAA, which is owned by Spain’s Ferrovial, forecast that its 2010 adjusted earnings before interest, tax, depreciation and amortisation would be £946M based on its expectation of [...]
DSG to rebrand as Dixons June 24, 2010 DSG International has posted an expected 61 per cent rise in full-year profit and forecast more growth in 2010-11. The firm, which owns the Currys and PC World chains said that although the economic backdrop in Europe would remain challenging in the current year it was well placed to continue to grow profits. DSG also [...]
Resolution agrees £2.75bn deal for Axa unit June 24, 2010 AXA has agreed to sell part of its UK life-insurance unit to Resolution for £2.75bn. Resolution, run by Clive Cowdery, aims to merge the AXA divisions with Friends Provident, the life insurance business bought last year for £1.86bn. The investment vehicle said its leading shareholders had agreed to sub-underwrite 52 percent of the cash call, [...]
England’s dream lives on June 23, 2010 ENGLAND booked themselves a World Cup showdown with Germany on Sunday after clinching a nerve-jangling 1-0 victory over Slovenia in Port Elizabeth yesterday. Jermain Defoe scored the only goal of the game on 22 minutes as Fabio Capello’s Three Lions brought hope back to the nation with a much-improved display. But failure to top Group [...]
Soros: Euro in crisis June 23, 2010 BILLIONAIRE investor George Soros yesterday launched a blistering attack on German fiscal policy, warning that its unwavering pursuit of austerity savings is putting the future of the European Union and the single currency at risk. “By insisting on pro-cyclical policies, Germany is endangering the European Union. I realise that this is a grave accusation, but [...]
US base rate held at zero June 23, 2010 THE US Federal Reserve said it would hold interest rates at a record low for “an extended period” yesterday, saying it aims to aid an economic climate that has become “less supportive”. The Federal Open Market Committee voted nine to one to keep the rates at zero to 0.25 per cent after its two-day meeting, [...]