Nokia hits new low as Moody’s slashes rating April 16, 2012 RATING agency Moody’s dealt a fresh ratings blow to Nokia yesterday, dragging its shares to their lowest level in 15 years and reflecting the Finnish handset maker’s struggle to compete with Apple and Samsung. Moody’s cut Nokia’s long-term credit rating to Baa3, one level above speculative grade, sending the battered shares to a historic low [...]
ANALYST VIEWS WHAT DOES THE FUTURE HOLD FOR PACE? April 16, 2012 NICK JAMES NUMIS SELL. Given the significant debt for a business with low visibility and operating in a highly disruptive market environment, describing the balance sheet as “robust” feels a stretch in our view. Pace issuing such authoritative guidance for a company that has warned so frequently seems rather irrational. IAN ROBERTSON SEYMOUR PIERCE BUY. [...]
Mattel profits fall on cost of HIT acquisition April 16, 2012 MATTEL yesterday reported weaker-than-expected quarterly results as the world’s largest toymaker struggled to convince shoppers to buy Barbie dolls at higher prices and retailers cut back on inventory. Mattel shares, which have gained more than 22 per cent since the beginning of this year, fell as much as 10 per cent yesterday to $30.59, their [...]
Georgian state railway builds up steam ahead of London IPO April 16, 2012 GEORGIA yesterday announced plans to sell up to 25 per cent of shares in the state railway monopoly through a float on the London Stock Exchange (LSE) that could raise as much as $200m (£126m). Free to set its own tariffs, the railway boasts one of the largest profit margins in the global rail industry [...]
Samsung announces launch of new Galaxy smartphone model April 16, 2012 SAMSUNG Electronics said yesterday it would unveil the third generation of its flagship smartphone Galaxy S in London on 3 May, banking on a heavy marketing campaign in the lead up to this summer’s Olympics. Samsung became the world’s top smartphone maker last year on the back of strong sales of its Galaxy lineup. More [...]
COTY STILL KEEN ON THE AVON LADY April 16, 2012 BEAUTY product company Coty, whose $10bn bid for larger rival Avon Products was rejected earlier this month, yesterday reaffirmed its original cash offer of $23.25 per share for its larger rival. Coty said it remained interested in discussing its proposal with Avon, which named Johnson & Johnson senior executive Sherilyn McCoy as its new CEO [...]
LG reveals tie-up with Perform April 16, 2012 LG Electronics said yesterday it has agreed a partnership deal with sports media company Perform that will mean it can deliver live and on-demand sports content to its Smart TV users. Perform, the UK-based firm that runs livesport.tv, a network of online sports channels, said LG customers would be able to connect to the service [...]
Tube support staff vote to strike April 16, 2012 The RMT union said maintenance staff working for Tube Lines have voted four to one in favour of strike action in a dispute over pay, benefits and pensions parity with other Transport for London staff. RMT is now considering its next course of action.
Telford to beat market forecasts April 16, 2012 Telford Homes said pre-tax profit in the year to 31 March is expected to be ahead of market expectations after strong sales in the second half. The east London residential developer said it remains upbeat in its outlook with profits expected to rise significantly this year, helped by pre-sales already secured in the past 12 [...]
Poundstretcher to open in Dubai April 16, 2012 Poundstretcher is to launch its first store outside of the UK in Dubai as the value retailer embarks on an ambitious expansion strategy. The store, which will open next month is reported to be the first of a number of stores planned for the Middle East.