LONDON 2012 IMAGE OF THE WEEK April 26, 2012 THE Olympic torch has won acclaim, picking up the Design of the Year award at a ceremony hosted by the Design Museum. Created by Barber Osgerby, the torch is perforated with 8,000 circular holes to reduce weight and prevent heat conduction. It was used this week in the Olympic torch relay dress rehearsal. Between now [...]
Fiat net profit beats forecast as Europe lags April 26, 2012 ITALIAN car maker Fiat, which holds a majority stake in Chrysler, said yesterday that revenue from mass market car sales in Europe fell 13.1 per cent in the first quarter, a shortfall that was more than compensated for by booming car sales in the US. Its group trading profit including Chrysler was €866m (£707m), better [...]
WHO’S SWITCHING JOBS April 26, 2012 Avoca Capital The European credit investment manager has appointed Stephen Holland as director of sales and marketing. Holland will spearhead Avoca’s growth in North America. Most recently he was business development manager for Abbey Capital, a Dublin-based hedge fund. He has also served as head of sales for Bank of Ireland Asset Management. BlackRock The [...]
BEST of the BROKERS April 26, 2012 ITV Liberum reiterates its “buy” advice on the media group, increasing its target from 135p to 140p. The brokers say ITV Family advertising could grow by six per cent for the year, outperforming the market. And a summer of sport will be beneficial to ITV – even though it will not show the Olympics. VIRGIN [...]
FTSE lifted by Shell and Barclays boost April 26, 2012 The FTSE 100 opened on the front foot today with gains fuelled by the energy sector after Shell reported encouraging fourth quarter profits. In banking Barclays announced a 22 per cent rise in first quarter earnings, which also helped to inject some momentum into the market. Investors shrugged off yesterday’s bleak news that the UK [...]
Barclays profit up as investment bank bounces back April 26, 2012 Barclays posted a 22 percent rise in first-quarter profit, ahead of market forecasts, as a strong rebound in revenue from its investment banking arm and a drop in bad debt countered increased compensation for insurance mis-selling. The bank reported an adjusted pretax profit of £2.45bn in the three months to end-March, up from 2 billion [...]
Unilever buoyed by price hikes April 26, 2012 Consumer goods giant Unilever warned of a tough economic environment and higher inputs costs as its price hikes and emerging market growth helped first-quarter sales beat forecasts with a 8.4 per cent rise. The Anglo-Dutch maker of brands like Dove and Knorr is facing slower growth in developed nations while competition from key rivals is [...]
AstraZeneca chief quits as earnings fall April 26, 2012 AstraZeneca chief executive David Brennan is to step down on 1 June in an abrupt exit that follows rising investor discontent at the company’s performance. Underlying earnings fell 19 per cent in the first quarter, underscoring the drug company’s need to find new sources of growth as key products lose patent protection. Britain’s second-biggest drugmaker [...]
Deutsche Bank misses profit forecast April 26, 2012 Deutsche Bank missed market expectations for profits in the first quarter as Germany’s biggest bank was hit by one-off charges and weak markets which hurt earnings from trading and asset management. Group pretax profit of 1.9bn euros, came in below the 3 billion euros in the year-earlier period and the 2.4bn euro forecast in a [...]
Shell earnings rise fuelled by higher oil prices April 26, 2012 Royal Dutch Shell beat forecasts with an 11 per cent rise in fourth-quarter profit, as higher oil prices outweighed the impact of lower U.S. gas prices. Europe’s largest oil company by market capitalization said its current cost of supply (CCS) net income was $7.7bn (£4.7bn). Excluding one-offs, the result was $7.27bn, compared with a forecast [...]