BEST OF THE BROKERS January 28, 2010 PUNCH Merrill Lynch selects Punch as one of its top pub picks for 2010. It notes that peer Enterprise, its other top pick, recently posted a much improved trading update, and expects Punch to follow suit in early March. Reiterates its “buy” rating, adding that valuations across the sector look “attractive”. HSBC UBS reiterates its [...]
Nokia beats expectations as its smartphone sends profits soaring January 28, 2010 TOP mobile phone maker Nokia’s fourth-quarter sales and profits, reported yesterday, beat expectations as it regained market share in smartphones, sending its stock price 14 per cent higher. The strong results cap an otherwise tough year for Nokia and the cellphone industry, which have been hammered as consumers cut spending in the recession. Nokia’s underlying [...]
Marston’s boosted by food sales January 28, 2010 PUB group Marston’s saw sales grow after a festive food boost – but the cold snap hit takings. Sales at managed pubs open more than a year were up 1.5 per cent in the 16 weeks to 3 January. That included a 2.9 per cent increase in the five weeks to 2 January – with [...]
Toshiba on the comeback trail January 28, 2010 JAPAN’S largest chip maker Toshiba has said it made a smaller-than-expected loss in the final three months of last year due to a recovery in its electronic components business. The company made a net loss of 10.6bn yen (£72.7m) compared with 121.1bn yen a year earlier. Toshiba’s chip business was hit last year but is [...]
Crozier named as new ITV chief January 28, 2010 ROYAL Mail boss Adam Crozier is to become ITV’s new chief executive. He will replace Michael Grade who announced last April that he wished to give up the role. Crozier is also a former boss of the Football Association. He returned the Royal Mail to profitability but the service has been hit by strike action. [...]
Ford goes into profit for first time in four years January 27, 2010 FORD has posted an annual profit for the first time in four years. The carmaker made $2.7bn (£1.7bn) in 2009 – compared with a loss of nearly $15bn in 2008. Ford said its return to profitability was in part due to cutting costs and reducing debt levels. The company’s workforce has been slashed from 89,000 [...]
HD boosts BSkyB profits January 27, 2010 BSkyB has announced it made an operating profit of £401m in the six months to December – up 3 per cent compared to 12 months earlier. The company added 172,000 new subscribers in the second quarter, growing its customer base to 9.7m – but short of its 10m target. The group posted first-half revenues of [...]
Pinsent joins JJB board as sales plunge January 27, 2010 OLYMPIC gold winning rower Matthew Pinsent has joined the board of JJB – as the troubled retailer announced a 28 per cent decline in sales. Pinsent has been appointed as a non-executive director in a bid to breathe new life into the business. Total group revenue for same store sales for the financial year plunged [...]
Apple surprises with $499 iPad January 27, 2010 APPLE last night unveiled the iPad – a gadget it said would revolutionise the way that consumers surf the internet, watch movies and TV, and read books and magazines. After months of hype, Steve Jobs, Apple chief executive, launched the tablet computer that sports a high-resolution 9.7 inch, full-colour touch screen in a conference hall [...]
Greek bonds hit by China January 27, 2010 GREEK government bonds were crushed yesterday after the finance ministry denied a report that it had hired Goldman Sachs to promote the sale of more than £20bn worth of Greek bonds to the Chinese. Traders had hoped that a major funding in China could help its budget crisis. Reports had also suggested that the government, [...]