ANZboosted by slowdown in bad debts August 31, 2009 AUSTRALIAN and New Zealand Banking Group (ANZ) continued the strong form of Australian lenders yesterday, reporting a rise in profits in the 10 months to the end of the year, as it lent more and saw lower levels of bad debt than expected. The bank said in a trading update that underlying net profit came [...]
Jaguar losses put a dent in Tata results August 31, 2009 TATA Motors, India’s largest vehicle maker, yesterday posted a consolidated loss for the first quarter as dismal trading at Jaguar Landrover (JLR) weighed on the group. The company reported a 3.29bn rupees (£41.3m) consolidated loss for the first quarter period between April and June, compared with a net income of 7.2bn rupees a year ago. [...]
BEST OF THE BROKERS August 31, 2009 BRITVICUBS said that Britvic shares are still undervalued and reiterated its “buy” rating. The broker believes that, as the economy and soft drinks market recovers, Britvic can still increase sales. It increased its target price on the stock to 400p, up from 330p. UBS also noted that Britvic’s commitment to innovation is a source of [...]
Euro prices in fresh decline August 31, 2009 EUROZONE consumer prices fell in August for a third consecutive month, though the rate of deflation narrowed significantly from July and economists predicted prices would start to rise again within months. Consumer prices fell by 0.2 per cent year-on-year in August, down from the 0.7 per cent decline the Eurozone countries experienced in July. But [...]
Bitter AIG dispute set for arbitration August 31, 2009 THE acrimonious financial dispute between insurance giant AIG and its former chief executive Maurice “Hank” Greenberg looked like it might be heading for a solution yesterday as the two sides agreed to enter into private arbitration. The agreement, which is also with the group’s former financial officer, signals a reversal in the contentious relationship between [...]
Big week ahead for data on jobs and UK output August 31, 2009 IT’S a relatively big week for economic data, with the spotlight fixed firmly on the non-farm payrolls data out from the US on Friday. The forecast number from GFT is for a loss of 200,000 jobs in August, compared to July’s 247,000. The unemployment rate is expected to edge closer to 10 per cent, with [...]
CARNIVAL SPIRIT IN LONDON August 31, 2009 NOTTING HILL Carnival attracted hundreds of thousands of revellers keen to enjoy warm weather at Europe’s biggest street party. The number of arrests was down but a teenage boy was in a serious condition last night after being stabbed.
JPM Caz still dominating adviser arena August 31, 2009 JP MORGAN Cazenove comfortably retained its broking and financial advisory dominance over the third quarter of the year, according to the latest statistics from financial data group Hemscott. JP Morgan Cazenove gained eight broking clients, increasing its total tally to 236, of which 40 were FTSE 100 firms. Numis Securities and Brewin Dolphin rank second [...]
Channel Five owner posts a profit slump August 31, 2009 GERMANY’S Bertelsmann posted a 30 per cent drop in first-half operating profit due to a decline in advertising and consumer spending and said cost cuts had held off worse results. The owner of Channel Five parent company RTL Group, which reported results last week, and publisher Random House, implemented strict cost savings earlier in the [...]
Experts warn that volatile markets loom August 31, 2009 THE FTSE 100 is set to breach the 5,000 mark for the first time in ten months this week, but strategists warn that the rally could be misleading and that volatility lies ahead. The benchmark index closed one per cent up at 4,908.90 on Friday – having hit a session high earlier in the day [...]