Gray Report says Ministry of Defence procurement plans are unaffordable October 15, 2009 BRITAIN wastes up to £2.2bn a year because of over-ambitious defence projects getting out of control, a report commissioned by the government said yesterday. The report, by former Ministry of Defence adviser Bernard Gray, said average defence equipment programmes take five years longer and costs 40 per cent more than planned. “This programme is unaffordable [...]
GKN keeps profits steady but sees revenues fall October 15, 2009 GKN, the automotive and aerospace parts maker, posted a pre-tax profit of £36m in the third quarter and said considerable uncertainty remains in a number of its markets. “In Automotive, the full impact on vehicle production of the phasing out of a number of incentive schemes in Europe and North America will not become evident [...]
Ashmore lifted by debt products October 15, 2009 Emerging markets fund specialist Ashmore said yesterday its assets under management rose 25 per cent in the first quarter, boosted by net inflows to external debt products. The firm said its managed assets rising to $31.1bn (£19.1bn) in its first quarter to end-September, beating analysts’ forecasts.
SABMiller sees sales sink lower October 15, 2009 World number two brewer SABMiller saw beer sales dip slightly in the six months to September as the global slowdown hit demand, with declines in Europe offset by double-digit growth in China. The London-based maker of Miller Lite, Peroni and Grolsch said half-year underlying sales volumes fell 1 per cent, with a 12 per cent [...]
Restructurings to double in 2010 October 15, 2009 Two thirds of US and European business recovery professionals expect the number of restructurings to double next year as the downturn continues to bite, according to a new survey by Alix Partners. Sixty per cent of those polled said improved access to credit and loans would be vital to getting the European economy back on [...]
NOKIA MAKES A SHOCK WRITEDOWN October 15, 2009 HANDSET maker Nokia shocked investors yesterday by taking a major writedown at its struggling networks unit and revealing a fall in smartphone sales, sending its shares down 11 per cent. President Olli-Pekka Kallasvuo said the company booked a €908m (£835m) hit from its Nokia Siemens Networks (NSN) joint venture.
Barclays heads to Italy in its hunt for cut-price branches October 15, 2009 BARCLAYS is in talks to buy 135 Italian branches from Banca Monte dei Paschi di Siena (BMPS), as it looks to bolster its presence in Western Europe. The bank is due to meet top BMPS bosses in Siena, accompanied by advisers from Morgan Stanley, in the next few days. BMPSis being forced to offload the [...]
AB InBev sells nine breweries for $3bn October 15, 2009 BEVERAGES giant Anheuser-Busch InBev (AB InBev) sold nine Central European breweries to buyout house CVC in a deal worth as much as $3bn (£1.8bn) yesterday. The sale, under which CVC will get the rights to sell brands like Stella Artois, Becks and Hooegaarden in the region, is the third by the firm in recent months. [...]
City Moves for 16 October 2009 | Who’s switching jobs October 15, 2009 DTZThe property group has appointed Hans Vrensen as global head of research, responsible for managing the firm’s research teams in the UK, Central Europe, Middle East and Africa (CEMEA) and Asia-Pacific regions. Vrensen previously held the position of co-head of European securitisation research at Barclays Capital. He has also worked as senior credit officer at [...]
BEST OF THE BROKERS October 15, 2009 BURBERRY GROUPEvolution Securities said that Burberry’s first-half trading update beat expectations once again, supporting the broker’s view that the brand is likely to continue to outperform in the currently environment. Evo upgraded its full year earnings per share forecast by almost four per cent, and upgraded the shares to “buy”. CONNAUGHTNoble said that, behind the [...]