ANALYST VIEWS: HOW BAD WERE M&S’ full year RESULTS? May 19, 2009 CAROLINE GULLIVER EXECUTION“The question is whether it can reverse market share losses in womenswear and food and turn the company into a credible international retailer with good growth prospects. Success is not guaranteed and the concern is that it will to cede more share to Next etc.” NICK BUBB PALI INTERNATIONAL“A dividend cut was priced [...]
ICAP in rude health after record profit May 19, 2009 THE world’s leading inter-dealer broker ICAP enjoyed record profits in 2008, it said yesterday, netting chief executive Michael Spencer £23.5m on his holding in the company. Pre-tax profit was up two per cent on the previous year, rising from £330m to £346m excluding one-off items, on the back of soaring revenues, which were up 23 [...]
Former WH Ireland directors make decision to exit quietly May 19, 2009 FORMER WH Ireland directors Laurie Beevers and David Youngman yesterday ended their public squabble with the stockbroking firm’s board by resigning from the company. Beevers and Youngman are thought to have decided to step down quietly in order to avoid a prolonged investigation into the events leading up to merger talks between WH Ireland and [...]
City firms risk brain drain as staff feel pressure of the credit crunch May 19, 2009 A PREDICTED brain drain of talent from London’s financial services sector is in danger of becoming a reality if City firms do not help staff adapt to changes brought about by the credit crunch, new research warned yesterday. According to a study by recruitment firm Badenoch & Clark (B&C), 77 per cent of financial services [...]
Pound hits 5-month high versus dollar May 19, 2009 STERLING yesterday jumped to its highest level against the dollar so far this year, as optimism grew the UK may have seen the worst of its financial crisis. Sterling climbed as high as $1.5438 yesterday, touching its strongest level since mid-December. Traders said the dollar was suffering yesterday as US investors exited the currency to [...]
Daimler snaps up Tesla stake May 19, 2009 German carmaker Daimler is buying a 10 per cent stake in US electric car firm Tesla Motors. The group, known for its luxury Mercedes-Benz cars, currently offers environmentally-friendly Smart cars but is keen to boost its green focus. Tesla in January agreed to build lithium-ion batteries for a new generation of Daimler electric smart cars.
Thales names Vigneron as CEO May 19, 2009 Luc Vigneron took over as head of French defence electronics giant Thales yesterday. Vigneron, who for eight years has run state-owned Nexter, maker of France’s Leclerc battle tank, stepped in as chairman and chief executive following the ousting of Denis Ranque by Thales’s new main industrial shareholder, Dassault Aviation.
Japanese carmakers rebound May 19, 2009 Japanese carmakers Nissan and Honda revealed sales boosts yesterday, after the government slashed taxes on low-emission cars to boost the sector. Nissan said orders rose by 30 per cent so far in May compared to a year earlier. Honda said its orders rose by about 20 per cent to mid-May. Toyota on Monday revealed a [...]
Vodafone to accelerate cost cutting May 19, 2009 VODAFONE said yesterday that it plans to accelerate its £1bn cost cutting programme after the phone giant’s full year profits were hit by writedowns of £5.9bn. “Our £1bn cost-cutting reduction programme is ahead of plan and we continue to explore further ways to reduce costs,” said chief executive Vittoria Colao, adding that the company now [...]
Great Portland in 175m fund raising May 19, 2009 THE West-end focused property group Great Portland Estates yesterday launched a £175m rights issue in order to take advantage of depressed values in the central London property market. The rights shares, which will be underwritten by Credit Suisse and JP Morgan Cazenove, are being issued at 133p each, at a 53.4 per cent discount to Monday [...]