Lombard to exit France Telecom February 1, 2010 France Telecom chief executive Didier Lombard will step aside after a string of suicides at its native operation hurt staff morale. Lombard will hand over to Stéphane Richard, his deputy, on 1 March. Richard is expected to steer the firm away from bolt-on acquisitions and instead focus on improving core activities. The France Telecom brand [...]
Blank makes comeback as UKTI adviser February 1, 2010 FORMER Lloyds Group chairman Sir Victor Blank has been brought in to advise the government on attracting overseas investment to the UK. Sir Victor, who resigned from the Lloyds board last year in the wake of its ill-fated takeover of HBOS, has taken a seat on a panel set up by Prime Minister Gordon Brown [...]
Obama warns on surging US deficit amid spending on jobs February 1, 2010 US PRESIDENT Barack Obama yesterday pledged to halve a record 2010 budget deficit by the end of his first term in office, but made tackling double-digit unemployment his immediate priority with a spending plan that risked public ire and a rough battle in Congress. Criticised by Republicans for raising taxes on wealthy Americans, Obama is [...]
South Korean pension fund to up its Gatwick stake to 12 per cent February 1, 2010 SOUTH Korea’s National Pension Service (NPS) plans to increase its stake in Gatwick airport to 12 per cent. The fund, which at $240bn (£150bn) is the fifth-largest pension vehicle in the world, wants to up its exposure to Britain ahead of the London Olympics in 2012. Gatwick is seen as a growth asset which stands [...]
BNP Paribas offloads Artemis February 1, 2010 Asset management boutique Artemis has been sold to 17 of its fund managers and US-based Affiliated Management Group for an undisclosed sum by owner BNP Paribas. The deal puts an end to nearly two years’ uncertainty after the firm was first put on the market by Fortis, the European bank that owned a majority stake, [...]
ExxonMobil beats profit expectations February 1, 2010 ExxonMobil yesterday reported a fourth-quarter profit that topped Wall Street expectations as natural gas projects boosted results at the largest US oil company’s exploration arm. Still, Exxon’s net income fell 23 per cent as weak demand for fuel in the global economic slowdown caused a loss in its refining business. Oil and gas production increased [...]
Ryanair ups annual profit forecast February 1, 2010 BUDGET airline Ryanair increased its profit forecast for the year after posting a smaller than expected third-quarter loss yesterday. Europe’s biggest low-cost airline said a drop in fuel prices had helped to improve the company’s figures. Ryanair’s loss of €10.9m (£9.5m) in the three months to the end of December compared with a €118.8m net [...]
Takeover talk pumps life into water company share prices February 1, 2010 INVESTOR interest in water companies was in full flow yesterday after it emerged that utility group Northumbrian Water could become the target of a £1.7bn takeover bid. Shares in Northumbrian and rivals United Utilities, Severn Trent and Pennon rose on speculation that Canadian pension fund Ontario Teachers Pension Plan, which owns about 27 per cent [...]
IS RYANAIR ON THE UP AND UP AFTER SLUMP ? February 1, 2010 JOSHUA RAYMOND | CITY INDEX The fact that they have increased their profit forecast at a time when many are remaining cautious for the year has pleased investors. The loss came in narrower than expected also and has boosted investor confidence in a sector that has had a fairly horrible time. GERT ZONNEVELD | PANMURE [...]
Gazprom third quarter profits up on joint ventures and currencies February 1, 2010 Russian state-run energy company Gazprom posted a forecast-beating 33 per cent rise in third-quarter net profit, thanks to successful investments in jointly controlled entities and a foreign exchange gain. Gazprom’s shares closed up 1.8 per cent at 189.85 roubles (£3.93) on Moscow’s MICEX, bucking a downward trend on the broader market, where the oil and [...]