S&N’s strong profits beat expectations February 11, 2010 Smith & Nephew (S&N), the hips-and-knees maker, posted higher profits in the final quarter of last year after the replacement joints market stabilised. The market suffered during the recession, but started to recover in the second half. Traditional hip and knee ranges, like its Legion knee, did well, particularly in the US, while products designed [...]
Buffett closes in on $27bn railroad deal February 11, 2010 Burlington Northern Santa Fe Corp shareholders approved the second largest US railroad company’s takeover by Berkshire Hathaway yesterday, clearing the way for the acquisition by billionaire investor Warren Buffett to be completed today. Berkshire is buying the 77.4 per cent of Burlington Northern that it did not already own. The cash-and-stock transaction was valued at [...]
Government bonus tax fails to stop investment bank payouts February 11, 2010 BANKING bonuses have soared over this financial year, demonstrating a stark failure by chancellor Alistair Darling to rein in hefty City payouts through the new Bank Payroll Tax. Of those bankers and finance workers who have already had 2009 bonuses confirmed, 57 per cent said their payouts had increased, according to a survey by eFinancialCareers.com. [...]
Resolution says deals to come before 2012 February 11, 2010 INSURANCE bid vehicle Resolution insisted its acquisition plans were on track yesterday despite a 16 per cent slide in its share price since the start of the year. Chief executive John Tiner said the team was “very confident indeed” it would make two more significant deals by 2012 after its £1.8bn takeover of life company [...]
Funds of funds enjoy inflows as IFAs lean back and relax February 11, 2010 FUNDS of funds saw record inflows last year as financial advisers increasingly threw in the towel and decided to outsource portfolio management decisions to third parties. Around £3.9bn in net retail money went into funds of funds during 2009, according to statistics from the Investment Management Association, with £1bn entering in the fourth quarter alone. [...]
Catlin is gloomy on outlook in spite of trouncing forecasts February 11, 2010 Lloyd’s of London insurer Catlin yesterday posted a better-than-expected 2009 pre-tax profit on healthy investment returns and a benign hurricane season, and was upbeat despite a challenging outlook. The Bermuda-based property and casualty insurer said its international focus will help offset the effects of weaker rates in 2010, while underwriting contributions are forecast to grow [...]
US jobless figures improve February 11, 2010 The number of US workers filing new claims for unemployment benefits fell more than expected last week. The Labour Department reported initial applications for state unemployment benefits dropped by 43,000 to a seasonally adjusted 440,000 last week. The White House has predicted more than one million jobs will be created this year.
EDF sees positive profits February 11, 2010 Electricite de France yesterday said 2009 profit grew 23 per cent, more than expected thanks in part to the acquisition of British Energy, and predicted more growth this year as it puts its nuclear portfolio back into shape. Europe’s largest utility expects a recovery to set in this year following a tough 2009 at its [...]
Infineon triumphs over activists February 11, 2010 Activist shareholders of Infineon Technologies yesterday failed at the semiconductor maker’s annual general meeting as Willi Berchtold was rejected as a member of the supervisory board and opponent Klaus Wucherer was elected instead. Wucherer, who was recommended by the board to become Infineon’s new chairman, received 72.5 per cent of the votes. Wucherer, member of [...]
Thomas Cook boosted by Redknapp ads February 11, 2010 THE £5m advertising campaign featuring Jamie and Lousie Redknapp has helped fuel a 15 per cent jump in UK bookings in the past four weeks at Thomas Cook. The company said it is considering extending the campaign – which features the celebrity couple on holiday at exotic locations. Chairman Manny Fontenla-Novoa said: “The campaign is [...]