WINDS OF CHANGE August 4, 2009 WIND turbine maker Vestas yesterday won a re-possession order to remove workers staging a sit-in at the company’s British turbine blades factory on the Isle of Wight. Eleven workers have occupied the building for two weeks in protest at the proposed closure of the plant, with the possible loss of 625 jobs. The Danish company [...]
UniCredit stalls on state aid as profits improve August 4, 2009 ITALIAN bank UniCredit said it would decide in September whether to go ahead with Italian state aid after reporting better-than-expected second-quarter net income on improved trading profit. Chief executive Alessandro Profumo said the bank was in talks with Italy over hybrid bonds to bolster its capital ratios and assure lending to smaller companies. UniCredit has [...]
CITY VIEWS: IS GOLD A GOOD INVESTMENT NOW THAT EQUITIES ARE ON THE UP? August 4, 2009 ALEX ODWELL BADENOCH & CLARK“No, I don’t think it’s a great investment at the moment because I think there are better things to put money into now that the markets are stabilising, such as gas and utilities.” AISHA VERMA CASCAED“Gold is always a good investment and that won’t change. I personally think it is always [...]
Profits soar at Tullett Prebon August 4, 2009 INTERDEALER broker Tullett Prebon surprised the City yesterday as it revealed soaring interim profits that were comfortably ahead of market expectations, boosted by the continuing volatility in the market. Tullett said first half pre-tax profits were 23 per cent ahead of the same period last year at £91.7m, while revenue grew 11 per cent to [...]
Pub food and Pedigree pints boost Marston’s August 4, 2009 BREWER and pubs chain Marston’s yesterday said that it was confident of meeting expectations for the year after a surge in food sales boosted trading. The group, which operates more than 1,700 pubs across England and Wales, reported a 2.3 per cent like-for -like sales growth in the six weeks to 1 August. The upturn [...]
L&G earnings down 92pc as bonds tumble August 4, 2009 INSURANCE giant Legal & General (L&G) saw its shares plummet yesterday after it reported a 92 per cent slump in statutory profits, thanks to a one-off hit on the corporate bond portion of its investment portfolio. Shares of the firm fell by eight per cent after it issued the half-year results, before rallying slightly to [...]
WHERE DO YOU STAND AFTER L&G’S HALF-YEAR RESULTS? August 4, 2009 BARRIE CORNES PANMURE GORDON“The dividend cut was anticipated. Key takeaways for us are capital strength, increased new business margins and bond default provisioning, good cash flow and Legal & General Investment Management remains core to the business. We maintain our “buy” stance.” TONY SILVERMAN S&P EQUITY RESEARCH“L&G will trade at a discount until reporting uncertainty [...]
Munich Re results beat forecasts August 4, 2009 REINSURANCE giant Munich Re has reported a 14 per cent rise in second-quarter net profits, up to €691m (£588m) from €608m in the same period last year. The world’s biggest reinsurer beat forecasts on the back of solid growth in premiums, strong investment returns and a one-off gain from the sale of a stake in [...]
Moneysupermarket founder in 17m windfall despite 90 per cent profit dive August 4, 2009 MONEYSUPERMARKET.COM yesterday shocked the market when it announced a “special dividend”, despite a profit drop of nearly 90 per cent, landing its former chief executive a cool £16.8m. The price comparison website reported a first-half pre-tax profit of £1.9m, down from £14.4m in the same period last year, but moved to soften the blow by [...]
Polar Capital calls bottom as assets start increasing August 4, 2009 HEDGE fund Polar Capital yesterday went out on a limb, calling a bottom for the industry as it posted a rise in assets under management. “It is encouraging to note that the anticipated drying up of redemption requests has materialised,” the firm said in a statement. “There are now some positive signs that the industry [...]