Aberdeen set to meet forecasts despite outflows September 23, 2013 ABERDEEN Asset Management said yesterday it expects profits to come in towards the top end of the range of analyst forecasts in the current year, thanks to inflows into higher-margin products. Aberdeen said clients pulled a net £1.2bn from its funds in July and August, reflecting volatile conditions especially in emerging economies where it is [...]
Buy-to-let specialist Paragon raises £273m in mortgage sale September 23, 2013 SPECIALIST lender Paragon completed a securitisation transaction yesterday, raising funds in the market to finance more lending, the group announced. Special purpose vehicle Paragon Mortgages 18 was made up of three tranches of assets, and came in at a total of £273m. The vast majority of the deal was made up of triple-A rated notes [...]
Hailo racks up three million London trips September 23, 2013 TAXI app network Hailo announced yesterday that London passengers using its service have racked up over 3m journeys around the capital. Sir Richard Branson, one of Hailo’s financial backers, praised the announcement and said: “Hailo has revitalised London’s famous taxi scene with cutting edge technology. A Londoner now gets into a Hailo taxi every seven [...]
Study – firms that compromise with activist investors do better September 23, 2013 COMPANIES that compromise with demands made by activist shareholders perform better, according to new industry research. In a study of US companies, the 29 instances where boards had reached a settlement agreement since 2010 produced an average yearly share price increase of 60 per cent, outperforming the Standard & Poor’s index by 42 per cent. [...]
Globo chief touts success of mobile work software firm September 23, 2013 GLOBO’S chief executive declared yesterday that “the BlackBerry days are gone” on the announcement that Globo’s profits were up 74 per cent at €14.4m (£12.1m), while revenues jumped 52 per cent to €32m. The company’s growth was driven by Globo’s GO!Enterprise software that gives users access to work emails and intranets. “Globo’s unique positioning in [...]
Merlin splashes out on Istanbul aquarium September 23, 2013 LEISURE giant Merlin Entertainments yesterday snapped up an aquarium in Turkey’s largest city, Istanbul, from Netherlands-based Global Aquariums BV. Merlin, which owns UK attractions such as Alton Towers, Thorpe Park, Madame Tussauds and Legoland, is also rumoured to be planning a £3.5bn London flotation.
IATA cuts profit forecasts for global airlines September 23, 2013 GLOBAL airlines cut their 2013 industry profit forecast by eight per cent to $11.7bn yesterday, citing weaker growth in parts of Asia and a worsening slowdown in freight demand. The International Air Transport Association, which represents some 200 carriers, said the $1bn downgrade from its previous forecast for the whole industry in June also reflected [...]
New FTSE100 stocks see red as first trading day incurs losses September 23, 2013 SPORTS Direct and Coca Cola Hellenic both saw losses in their first day of trading after joining the index of 100 top shares yesterday. The sports retailer began the day positively but rapidly plunged into the red, ending its debut on the FTSE100 down 1.07 per cent, a bigger drop than the overall 0.59 per [...]
Bank of America prepares for court case over home loan row September 23, 2013 BANK of America will this week face claims Countrywide, which it owns, defrauded government mortgage underwriters from 2007. It is alleged Countrywide approved deficient home loans in a process called “Hustle”, before selling those loans on to Fannie Mae and Freddie Mac. When the loans defaulted, those state-backed entities lost more than $1bn (£623m), with [...]
US Airways and American Airlines extend merger pact into 2014 September 23, 2013 US AIRWAYS Group and American Airlines said yesterday they had extended their merger agreement as they fight a US government lawsuit seeking to block the combination, which would form the world’s largest airline. The companies said they extended the date by which either airline could terminate the merger pact to either 18 January 2014, or [...]