Tenon boosted by recovery services and new tax rates January 19, 2010 BUSINESS advisory group RSM Tenon said yesterday its business had held up well over the first half of its financial year, driven in particular by its recovery services division. Tenon, which completed the acquisition of RSM Bentley Jennison just before the period end in December, said it continued to perform in line with expectation during [...]
GOOGLE SCRAPS PHONE LAUNCH IN CHINA January 19, 2010 GOOGLE yesterday postponed the China launch of its mobile phone incorporating its email and web services, as its row with the government in Beijing over Internet sponsorship and hacking of its internal network continued. The move comes just days after Google threatened to close its search engine in China.,
ANALYST VIEWS: WHAT DID YOU MAKE OF PEARSON’S EARNINGS UPGRADE? January 19, 2010 LORNA TILBIAN | NUMIS We remain firm supporters of Pearson, which has an attractive mix of businesses and offers good value at 14 times earnings supported by a near four per cent yield. However, our preference remains for quality cyclicals such as DMGT, Informa and WPP, which were hit harder in the downturn and have [...]
Flat sales dog SAB Miller as volumes wane January 19, 2010 Brewing giant SABMiller yesterday reported flat underlying beer volumes for the third quarter as subdued consumer spending continued to take the fizz out of its sales. Shares in the London-listed company ended the day more than two per cent down on the news that volumes for the three months to the end of December were [...]
Severn Trent slashes dividend January 19, 2010 WATER company Severn Trent yesterday warned it will cut its dividend by 10 per cent as a result of regulator Ofwat’s “tough” price ruling. The company, which serves more than 8m customers in the UK, has been told by the regulator to cut average household bills by four per cent in real terms by 2015. [...]
E-clear in administration as legal fight continues January 19, 2010 A HIGH Court judge yesterday granted an administration order against E-Clear, the company which dealt with the online ticket sales of collapsed travel firm Globespan. Mr Justice Vos, who made the ruling at a hearing in London, heard that E-Clear consented to the move. The action against the company was brought by business adviser PricewaterhouseCoopers [...]
Chemring upbeat as niche products deliver 66 per cent rise in 2009 profits January 19, 2010 BRITISH defence firm Chemring a manufacturer of detectors of pyrotechnic, ammunition and improvised explosive devices, yesterday announced a 66 per cent rise in pre tax profits. Reporting total pre-tax profits of £95.8m for the year, Chemring said its niche products – such as products that help fighter planes avoid missiles – would be unaffected by [...]
Japan Airlines to slash 15,700 jobs as part of its bankruptcy protection deal January 19, 2010 JAPAN Airlines Corporation filed for bankruptcy protection yesterday owing more than $25bn (£15.2 bn), and vowed to slash 15,700 jobs in an effort to survive in an industry hit by volatile fuel costs and financially-pressed flyers. JAL, Asia’s largest airline by revenues, will remain in the skies thanks to nearly £6.7bn in support from a [...]
BEST OF THE BROKERS January 19, 2010 MICHAEL PAGE Investec yesterday raised its target price for Michael Page to 410p from 360p and advised investors to hold the shares. It believes the recruiter’s recent trading update marked a turning point for the recruiter, noting gross profits were “sequentially ahead” for the fourth quarter compared to the same quarter last year. BURBERRY Evolution [...]
NEWS | IN BRIEF January 19, 2010 CBI refuses to back gender pay The CBI yesterday clarified its decision not to back the Equality and Human Rights Commission’s (EHRC) proposals regarding gender pay reporting. Katja Hall, CBI director of employment policy, said the publication of average salary figures for men and women could be “misleading”. She warned that people could think that [...]