Nissan driving towards victory against Toyota and Honda in race for earnings February 8, 2012 NISSAN is on track to be the most profitable of Japan’s three big carmakers this year, after record car sales last year and improved market share in every major region pushed up quarterly operating profit. Nissan kept its net profit forecast at ¥290bn (£2.37bn) for the year to end of March, ahead of Honda’s forecast [...]
Airbus to check all plane wings February 8, 2012 European air safety officials extended checks for Airbus A380 wing cracks to the entire superjumbo fleet yesterday and said the widespread defects could pose a safety risk if left unremedied. The move to inspect all 68 A380s in service came as Qantas Airways grounded one of its planes for up to a week following the [...]
Grainger still selling properties February 8, 2012 Property investor Grainger said UK house prices had proved surprisingly resilient and that it continued to sell off properties as it cuts debt and braces for what CEO Andrew Cunningham believes will be an orderly breakup of the Eurozone. The 100 year old company said in a trading statement yesterday that gross rents rose 22 [...]
CVS Caremark raises its forecasts February 8, 2012 CVS Caremark has raised its full-year profit forecast as it wins over former patrons of Walgreen who fill prescriptions with pharmacy benefits manager Express Scripts. CVS also posted a fourth-quarter profit in line with analysts’ expectations, helped by better-than-expected revenue. CVS added three cents per share to its first-quarter and full-year adjusted earnings forecasts. It [...]
CITY MOVES | WHO’S SWITCHING JOBS February 8, 2012 Hogan Lovells Hogan Lovells has appointed Nicholas Cheffings as chairman, effective from 1 May 2012 for a three-year term. Cheffings will take over from current co-chairs Claudette Christian, who will continue with her practice, and John Young, who will retire on 30 April. Cheffings joined Lovells in 1999, becoming a member of the Lovells Partnership [...]
BEST OF THE BROKERS February 8, 2012 BARCLAYS Citigroup released a note on UK banks yesterday, maintaining its overall overweight rating on the sector. The broker named Barclays its top pick in the sector, with a “buy” rating and an increase in its target price from 245p to 275p. In the same note, Citi maintained its “buy” rating on Lloyds, HSBC and [...]
Miners buoy FTSE as Greece remains on knife edge February 8, 2012 The FTSE 100 opened on the front foot this morning as investors continued to cling onto hopes that Greece could be steered away from financial meltdown. Greek party leaders were set to meet again today to hammer out a reform deal in return for the new €130bn rescue from the IMF and EU. Leaders of [...]
Reckitt Benckiser profits up as firm plots expansion February 8, 2012 British consumer goods group Reckitt Benckiser announced fourth quarter profits were up eight per cent at £546m as it launched a major push into emerging markets to offset sluggish European and North American sales. The firm – responsible for brands including Durex, Finish and Vanish – saw revenues increase to to £2.4bn for the quarter and [...]
Harry Redknapp found not guilty of tax evasion February 8, 2012 Harry Redknapp – the manager of Tottenham Hotspur football club – has been found not guilty of tax evasion in a case at Southwark Crown Court. The manager had been accused of hiding £189,000 in a Monaco bank account to avoid paying tax. He stood trial alongside Milan Mandaric, his former boss and now chairman of Sheffield [...]
UK banks to see weak loan growth – Citigroup February 8, 2012 UK banks could see weak loan growth in 2012 as households and corporates cut debt levels amid a tough economic environment and regulators press them to raise capital ratios, Citigroup said. Citigroup analyst Andrew Coombs downgraded Royal Bank of Scotland Group to “neutral” from “buy,” and cut his price target on Lloyds Banking Group on [...]