Sony returns to profit after cutting costs February 4, 2010 Sony’S first profit in five quarters yesterday showed a restructuring at the electronics maker is starting to pay off as it halved its annual loss forecast on a rebound in its flat-TV business and cost cuts. Third quarter to December profit was also driven by its insurance division, whose investments were buoyed by a recovery [...]
Bank of America hiring spree buoys Merrill Lynch Asia arm February 4, 2010 Bank of America (BofA) has embarked on a major hiring spree across Asia, aiming to expand in the fast growing region and revive the investment banking franchise that Merrill Lynch built before the financial crisis. The push is a surprise to rivals who thought the bank would focus more on rebuilding its US business and [...]
China lodges dispute with WTO over duties on shoes February 4, 2010 China yesterday launched a dispute at the World Trade Organisation against EU duties on shoes, but the European Union insisted its measures were in line with WTO rules and denied they were protectionist. China’s protest against anti-dumping duties extended in December was further evidence of its increasing assertiveness in the WTO. It also indicated that [...]
Hermes to allow clawback of fund fees February 4, 2010 Hermes Fund Managers will allow all its investors to claw back performance fees, the group said yesterday, in a move that could herald fundamental change in an industry battling client anger over excessive charges. The firm — owned by British Telecom’s pension fund — will roll out to its entire range the fee structure recently [...]
BEST OF THE BROKERS February 4, 2010 PARTYGAMING Barclays Capital ups PartyGaming to “overweight” citing its improved operational performance. Sets a target price of 330p, suggesting 15 per cent upside to the current share price. Says if recent speculation of a merger between PartyGaming and Bwin proves true the shares would gain 45-55 per cent from their current value. ROLLS ROYCE GROUP [...]
CITY MOVES | WHO’S SWITCHING JOBS February 4, 2010 Betfair Ian Dyson, finance director of retail giant Marks and Spencer, has taken up a new non-executive directorship at the betting firm. Dyson, who joins the Betfair board immediately, joined M&S in June 2005 as group finance director, becoming group finance and operations director in 2008. He was also formerly finance director at the Rank [...]
Bank suspends £200bn stimulus package February 4, 2010 The Bank of England has decided against further quantitative easing (QE) to stimulate growth in the UK economy and froze interest rates at 0.5 per cent. Under QE the bank has pumped £200bn of new money into the economy – by buying assets such as government bonds to boost lending by banks. The bank’s monetary [...]
Shell profits plunge by 75 per cent February 4, 2010 ROYAL Dutch Shell posted a 75 percent fall in fourth-quarter profits to $1.18bn (£72m) as falling output and depressed refining and natural gas businesses took their toll. Oil prices recovered in the quarter but gas prices were much lower than in the same period a year earlier, while refining margins collapsed to their lowest level [...]
British Gas slashes bills by 7 per cent February 4, 2010 BRITISH Gas has cut average gas bills by 7 per cent after a dip in wholesale prices. Customers will save an average £55 a year as a result of the move, according to the company. Energy companies have been under fire for not passing on wholesale reductions to customers. Managing director Phil Bentley said: “At [...]
Santander sees UK profits surge February 3, 2010 THE UK operations of Spanish banking giant Santander saw full-year profits leap 30 per cent in 2009 as the group grew its share of the mortgage market and signed up more than expected new customers to its bank accounts. Pre-tax profits hit £1.54bn for the year to 31 December with new acquisitions Bradford & Bingley [...]