Former broker admits he lied August 6, 2009 A FORMER Credit Suisse broker testified yesterday that he and his former business partner lied to corporate clients and sent them incorrect information in emails to cover up investments in risky debt. In one of the first criminal prosecutions stemming from the credit crunch to go to trial, former broker Julian Tzolov told a jury [...]
Cobham names new boss as first-half profit soars August 6, 2009 DEFENCE group Cobham posted a jump in its first-half profit yesterday, and said it would continue its acquisition strategy, while promoting chief operating officer Andy Stevens as its new chief executive. Underlying pre-tax profit in the first half of the year rose 32 per cent to £141m, in line with market expectations, on sales up [...]
BEST OF THE BROKERS August 6, 2009 PREMIER FOODSWarren Ackerman has upgraded its estimates in Premier Foods to “buy”. The broker sees positive returns on investments from its Hovis brand due to its 2008 re-launch. It says the company’s balance sheet is no longer a cause of major concern, with attractive earnings estimates and a subsequent target price increase. SWISS RECollins Stewart [...]
Bellway provides renewed optimism as it launches placing to buy new sites August 6, 2009 HOUSEBUILDER Bellway yesterday supported growing confidence in the housing sector by posting a positive trading update and announced a share placing that aims to raise over £40m to buy new land. The group yesterday said it placed 5.7m new shares, equivalent to around five per cent of its current issued capital, at 779p, a small [...]
Not the best guardian for the Observer August 6, 2009 EVEN without a downturn in the economy, the short-term future for paid-for newspapers was always going to be tricky. Newspapers face a myriad of threats, ranging from growing competition from online news and social sites to the rivalry from free printed titles. Circulations of the paid for titles have been gradually declining for years and [...]
Strikes hit the City hard August 6, 2009 THOUSANDS of commuters on the National Express East Anglia line were hit by the second in a series of 48-hour strikes yesterday, and are set for further chaos today as workers continue to walk out over pay. The industrial action, which started at midnight on Wednesday night, has hit the City hard, as the affected [...]
CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 6, 2009 FINANCIAL TIMES RISING RISK PROVISIONS HIT COMMERZBANKCommerzbank yesterday raised its risk provisions as Germany’s second largest bank was hit in the second quarter by problems in property markets and the economic crisis in central and eastern Europe. However, it reduced operating losses , and suggested overall risk provisions this year would be in line with [...]
Blackstone’s losses widen August 6, 2009 US-BASED private equity giant Blackstone yesterday posted a wider second quarter loss than in the same period last year but still managed to top Wall Street’s expectations. Blackstone’s loss widened to $164.3m (£98m) from $156.5m, but it added that it was sitting on its biggest cash pile ever. The credit crunch and lack of financing [...]
Quick sale hopes dashed by GM August 6, 2009 General Motors (GM) yesterday dashed the hopes of members of the German government that a deal to sell its European operations to Canadian group Magna could be reached by the end of this week. GM group vice president and chief negotiator John Smith said the US carmaker still had considerable problems with Magna’s offer.