Latin America boosts profits at Telefonica May 13, 2009 TELEFONICA yesterday revealed the benefits of its a long-time investment in still-booming Latin America. The emerging region helped drive forecast-beating first quarter profit at Europe’s largest telecoms company, offsetting weakness in its home market of Spain. Telefonica beat market expectations with a 9.8 per cent rise in net profit, as growth in Latin America– and [...]
FirstGroup hit by rail slump May 13, 2009 Transport giant FirstGroup said yesterday annual profits at its rail division fell 21 per cent due to the impact of the recession on its London franchises The group said the UK’s economic woes meant rail revenues growth slowed to 9.5 per cent in the year. Across the whole group, which has bus operations in the [...]
LCH.Clearnet seeks deal May 13, 2009 The management of clearing house LCH.Clearnet wants to combine its own restructuring plan with a €813m takeover offer from a consortium of 11 banks and interdealer broker ICAP. LCH.Clearnet management has proposed buying out the firm’s 123 shareholders who would then be invited to reinvest on an equal basis. The firm’s management hopes offering board [...]
Playtech posts dip in revenue May 13, 2009 Shares in Aim-listed gambling software developer Playtech dipped sharply yesterday after a first quarter trading update revealed the firm’s underlying growth fell by one per cent on a like for like basis compared to the fourth quarter of 2008. Broker Evolution Securities reiterated its “sell” rating, saying it was “something of a surprise” that underlying [...]
How comics can teach you to be a better communicator May 13, 2009 WHAT’S the difference between a pizza and a banker? Now, you might say that now is not the time for joking in the City, and indeed some might argue that the Square Mile already has more than its fair share of comedians. But I say that there are not enough. One of the keys for [...]
VT is building a great warchest so get ready for a spending spree May 13, 2009 For a man with cash burning a hole in his back pocket, VT Group’s chief executive Paul Lester looks surprisingly unruffled. He sits in the airy second floor boardroom of the defence and support services firm’s London offices in the Blue Fin Building and is happy to tell City A.M. what he plans to do [...]
VT is building a great warchest so get ready for a spending spree May 13, 2009 “Government can’t afford its current spending rate. But tough cuts will be made after the next election.” “There are lots of distressed firms out there that are running out of cash. There is nothing we want so far.”
VT is building a great warchest so get ready for a spending spree May 13, 2009 Age: 59 Work: 1968 – joins Dowty Fuel Systems as a student apprentice. 1980 – group general manager for energy services group Schlumberger. 1987 – managing director, Dowty Aerospace & Defence. 1990 – chief executive of instruments specialist Graseby. 1997 – group managing director, Balfour Beatty. 2002 – CEO at VT Group Education: Studied mechanical [...]
MoD offloads Qinetiq September 10, 2008 QinetiQ shares took a nosedive yesterday after the Ministry of Defence announced it would sell the 18.9 per cent stake it retained after the defence technology company was floated two years ago. The government said that its 124.9m shares would be sold via an “accelerated bookbuild offering to be launched immediately”. However, it will retain [...]
Tullow finds crude again September 10, 2008 Tullow Oil, the Africa-focused explorer, said yesterday it had made another crude discovery at its Kigogole-1 well in the Butiaba region of Uganda. Tullow, which holds more exploration licences than any other British firm in Africa, said that the well was drilled to a total depth of 616 metres and found two oil zones. The [...]