Google’s online ad sales lift firm to new heights October 17, 2013 GOOGLE beat expectations once again last night with net profit up 36 per cent reaching $2.97bn (£1.2bn) in the three months to 30 September, beating analysts forecasts. Consolidated revenues rose 12 per cent to $14.89bn (£9.21bn), excluding money handed over to partners. The results buoyed Google’s share price eight per cent in after hours trading [...]
Dr Martens in £300m sale talks with private equity firm Permira October 17, 2013 BRITISH fashion brand Dr Martens is in talks to sell itself to private equity firm Permira, according to sources reported by Sky News. Dr Martens is currently owned by the R Griggs Group, who are believed to be in talks to sell the company to Permira as soon as next month for almost £300m. It [...]
Estate agent finds highest rents on record as market heats again October 17, 2013 RENTS in England and Wales are back to record levels, up 2.1 per cent in the year to September, despite wages staying largely stagnant. The average cost of renting in the two countries now stands at £757 per month, according to LSL Property Services data released today, the highest the group has ever recorded. Average [...]
Subsidy fears as UK inks nuclear deal with China October 17, 2013 THE COALITION’S nuclear plans gained further momentum yesterday, after chancellor George Osborne said Chinese companies are allowed to buy a stake in British nuclear power plants. But it is thought that any deals will include indirect price subsidies that could trickle down to taxpayers over the 35-year life of the plant. Osborne made the announcement [...]
SAC Capital nears deal with US prosecutors on insider trading October 17, 2013 A DEAL between SAC Capital and US prosecutors to resolve a criminal insider trading case against the firm could come in a few days, a source familiar with the matter said yesterday. Any potential deal between Steven A Cohen’s SAC Capital and federal authorities would likely involve some admission of liability by the firm and [...]
Blackstone fees for performance drop by a tenth October 17, 2013 WALL Street investor Blackstone yesterday said performance fees across its business fell by 10 per cent versus a year ago, slowing revenue growth to just one per cent. The company, led by top buyout figure Steve Schwarzman, saw its flagship private equity business drag on overall revenues, after the division’s revenue fell by more than [...]
Vodafone tie-up pays for Verizon as it prepares to take full control October 17, 2013 VERIZON Communications yesterday posted stronger- than-expected third-quarter earnings and revenue driven by wireless growth, sending its shares upwards. While wireless customer growth was slightly below Wall Street estimates, its Verizon Wireless venture with Vodafone Group posted good profit and revenue growth as customers spent more on data services.Verizon has agreed to buy out Vodafone’s 45 [...]
Fraud squad prepares for first Libor trial October 17, 2013 FORMER UBS and Citigroup trader Tom Hayes will appear in court on Monday to answer charges related to the Libor-rigging scandal. The Serious Fraud Office has asked more than 20 other people set to be named on the indictment against Hayes to apply for injunctions to protect their anonymity if they wish. Tom Hayes is [...]
BSkyB’s shares hit 12-year high on user growth October 17, 2013 SKY’S growing broadband and TV customer numbers during the three months to 30 September helped push the pay-TV giant’s share price to a 12-year high yesterday. Sky added 800,000 new paid-for subscriptions to its services during the quarter, boosted by 111,000 new broadband subscribers, which took the company to over 5m total broadband customers. Revenues [...]
Bottom Line: Costs bite but Premier commitment pays off October 17, 2013 NO MATTER who wins, wars are always expensive. When BT kicked off its bid to take on rival BSkyB with its own dedicated sports channels earlier this year, it sparked a bidding battle for Premier League football rights that sent prices soaring. Sky acknowledged the hit in its first quarter results yesterday as programming costs rose [...]