Arsenal profits tumble yet cash remains for more star signings September 23, 2013 PREMIER League giants Arsenal saw pre-tax profits drop 81.7 per cent in the 12 months to the end of last season, yet the club remains in a strong financial position due to rising revenues and falling debt. London’s biggest football club revealed yesterday that earnings before tax were down to £6.7m in the year to [...]
SAC Capital Advisers attempts to settle US insider trading charges September 23, 2013 LAWYERS for Steven A Cohen’s embattled $14bn hedge fund, SAC Capital Advisors, have reached out to US prosecutors in Manhattan to try to settle insider trading charges, Bloomberg Businessweek reported yesterday. SAC’s overture to prosecutors is an attempt to strike a deal that would involve paying a fine of as much as $1bn, according to [...]
Eurozone firms point to growth in September September 23, 2013 PURCHASING managers in the Eurozone have signalled the strongest business environment since mid-2011, before the European Central Bank’s aborted interest rate hike. Announced yesterday by Markit, the euro area’s composite purchasing managers’ index (PMI) now stands at 52.1, with any number over 50 indicating growth. Business activity also rose in July and August, a good [...]
India’s state-owned banks have ratings cut by Fitch September 23, 2013 RATINGS agency Fitch has slashed the creditworthiness of three Indian banks, highlighting concerns about the sector’s safety as the Indian economy deteriorates. The Indian Bank is the only institution having its issuer default rating cut. Fitch is also cutting its viability rating, along with those of the Punjab National Bank and Bank of Baroda. The [...]
China factories set to avoid a hard landing September 23, 2013 CHINA’S manufacturers have suggested that their sector is now solidly back to expansion, as purchasing managers indicate the best environment for business in the past six months. HSBC’s purchasing managers’ index (PMI) for manufacturing in China reached 51.2 this month, up from 50.1 in August, with any number over 50 suggesting that the sector is [...]
Tesco enters the tablet market with £119 Hudl September 23, 2013 GROCERY giant Tesco unveiled its first foray into the consumer electronics market yesterday with the £119 Hudl tablet. Tesco said launching a tablet is an important step, “meeting the 21st century needs of customers”. The tablet’s price point missed analyst’s expectations, coming in above the £99 that was predicted last week. While the launch will [...]
Bottom Line: Watsa’s bite of rotten fruit may be too big September 23, 2013 IT SHOULD have been obvious. Six weeks ago, as Blackberry launched a strategic review, Prem Watsa stepped down from the board. The Fairfax chief executive cited conflicts of interest, but said his investment firm had no intention of selling its shares. Yesterday he made good on that promise – and then some – offering $9 [...]
Microsoft unveils revamped Surface 2 following poor sales September 23, 2013 MICROSOFT yesterday unveiled faster, more powerful versions of its Surface tablet computer in an effort to boost poor sales of its flagship hardware product and mount a stronger challenge to Apple’s iPad. In a move criticised by many analysts, the company showed off the revamped devices that come less than a year after it brought [...]
AG Barr’s sales add fizz to the drinks market September 23, 2013 SOFT drinks maker AG Barr yesterday revealed a 12.3 per cent increase in profits for the six months ending 28 July, which said it remains confident on the long term growth of its drinks. The company – whose drinks brands include Irn-Bru and Tizer – saw revenues rise to £128.7m from £121.6m in the same [...]
Analyst Views: What do you make of AG Barr’s half year financial results? September 23, 2013 WAYNE BROWN CANACCORD GENUITYA combination of returns on capital well in excess of the company cost of capital and strong growth in the invested capital base have created significant levels of shareholder value. With positive forecast momentum and the group yet to see the benefits of Milton Keynes, we increase our target price to 630p [...]