BEST OF THE BROKERS March 18, 2010 AUTONOMY Credit Suisse reiterates Autonomy’s “outperform” rating after raising its target price from £20 to £22. Credit Suisse has raised its 2010 revenue and earnings per share estimates as its analysis of underlying original equipment manufacturing vendors indicates an acceleration in license growth in the next 12 months. BMW Standard & Poors (S&P) reiterates its [...]
Breakfast helps fuel Greggs’ expansion March 18, 2010 BRITISH bakery chain Greggs has beat forecasts to post £48.8m in 2009 pre-tax profits. The company’s profits were up eight per cent on the £45.2m it made in 2008 and despite the downturn, total sales increased 4.8 per cent to £658m, with like-for-like sales up 0.8 per cent. The chain, known for its iced buns [...]
JP Morgan loses court case March 18, 2010 JPMORGAN has lost a court dispute over fees relating to a client’s A$1.3bn (£787m) Australian takeover defence in an unusual case that sheds light on the often opaque world of investment banking fees. An Australian court dismissed the US bank’s claim for A$50.8m in fees from Consolidated Minerals which was taken over by Ukrainian billionaire [...]
FedEx ups 2010 forecasts as Asia boosts exports March 18, 2010 PACKAGE delivery giant FedEx raised its outlook and posted sharply higher profit yesterday, but its shares fell as its domestic volume numbers disappointed investors’ hopes for a US economic recovery. Profit for its fiscal third quarter ended 28 February was $239m, or 76 cents per share, up from $97m, or 31 cents per share, a [...]
Kauto can beat Denman and Star for a third time March 18, 2010 THE talking is nearly over. At around 3.30pm this afternoon, we will know who will have won the 2010 totesport Gold Cup. Will Kauto Star, probably the best chaser since Arkle, land his third Gold Cup or will Denman pick himself up from the canvas and reclaim the crown he won in 2008? I know [...]
IN-RUNNING TRADING HINTS March 18, 2010 Betdaq are only charging 2% commission on all winning bets placed in-running during all UK and Irish races, so make sure you log on and trade your positions this afternoon on the final day of the Cheltenham Festival. The Gold Cup looks to be an intriguing in-running contest and all eyes will be on Denman [...]
LAWYERS MAKE A KILLING IN COURT SPAT March 18, 2010 YESTERDAY saw sighs of contentment all round at inter-dealer broker Tullett Prebon, as judge Justice Jack ruled in its favour after almost a year of wrangling with rival BGC about a staff poaching operation. Though of course, after seven months of advisory work and a trial lasting the best part of four months, it’s the [...]
CITY EYE March 18, 2010 FANCY headgear was out in force yesterday on the third day of this year’s Cheltenham Festival, Ladies’ Day. The splashes of colour over the racecourse grounds marked a change from the usual dress code at Cheltenham, which is characterised for the rest of the week by traditional tweeds and more casual clothing.
Prudential chief shuns Société Générale role March 18, 2010 PRUDENTIAL chief executive Tidjane Thiam has said he won’t join the board of French bank Société Générale. The U-turn came after some investors questioned his plans to take the job as the Prudential is in the middle of a massive takeover deal for the Asian arm of US insurer American international Group for $35.5bn. Société [...]
Nissan to build electric fleet in UK March 18, 2010 NISSAN will begin building the Leaf electric compact car at its Sunderland plant from early 2013, securing hundreds of jobs. The site will start with annual production capacity 50,000 of the zero-emission vehicles. The investment is backed by a £20.7m government grant and up to £220m from the European Investment Bank. Nissan’s move is part [...]