BEST OF THE BROKERS October 23, 2011 BG GROUP Nomura rates the integrated natural gas company as a “buy” with a target price of 1750p, ahead of third quarter results on 25 October that could bring downward market revisions on production guidance and earnings per share for 2012. The broker says it is more positive on Brazil after the appointment of Fabio [...]
ROTHSCHILD GIVES STAFF ITS TURKEY OF A BONUS October 23, 2011 EVERY little helps, as the Tesco slogan goes. So the price-conscious supermarket giant will be pleased to learn that the competitively remunerated London employees of Rothschild receive daily luncheon vouchers for the sum of £3 that can be refunded in any of its stores. But Rothschild’s solicitous attempts to ensure its workforce is well fed [...]
BILL OF THE WEEK October 23, 2011 THE TOUGH times have finally reached Mayfair. When four private investors hit Bellamys on Bruton Place, they economised by settling for only the second-most expensive vintage on the wine list that prides itself on “accessible prices” – the 1982 Château Cos d’Estournel St Estèphe at £975. Add in a £150 bottle of 2007 Clos des [...]
Murdoch faces ire of News Corp investors October 21, 2011 Rupert Murdoch is facing the wrath of News Corp shareholders today over his handling of the damaging phone-hacking scandal and his family’s control of the board. More than 200 protesters have gathered outside Fox Studios in Hollywood, a different meeting venue from previous years, while inside investors are discussing a motion that Murdoch be ousted [...]
Schlumberger profits fall but outlook rosy October 21, 2011 US oilfield services group Schlumberger has seen profits fall more than expected in the past quarter despite a surge in its revenues, but told investors it would still meet its stretching 2012 growth targets. Schlumberger’s third-quarter net profit fell 24 per cent to $1.3bn (£825m), or 96 cents a share, from $1.7bn, or $1.38 a [...]
GE profits rise but margins suffer October 21, 2011 Emerging markets have helped US industrial and finance conglomerate General Electric match forecasts for its quarterly profits, but it failed to beat expectations as its margins shrank. GE, the world’s biggest maker of jet engines and electric turbines, said operating profits rose 11 per cent to $3.4bn (£2.2bn), while operating earnings per share of $0.31 [...]
McDonald’s profits rise October 21, 2011 McDonald’s third quarter profits have risen nine per cent as cheaper ranges have helped to boost sales. The US fast food giant made a net profit of $1.5bn (£942m) in the three months to 30 September, up from $1.4bn a year earlier. Its revenues for the quarter rose 13.8 per cent to $7.2bn, while sales [...]
OFT refers audit market to Competition Commission October 21, 2011 The Office for Fair Trading has referred the audit market to the Competition Commission. The continued dominance of the so-called Big Four accountants is at the heart of probe. The watchdog estimates that in 2010 PwC, KPMG, Deloitte and Ernst & Young, earned 99 per cent of audit fees paid by FTSE 100 companies, while [...]
Thomas Cook seals new deal with banks October 21, 2011 Struggling tour operator Thomas Cook has been boosted by a new deal with its banks. The company had lost three quarters of its market value since January and had scrapped its dividend to shareholders. Short-term credit lines of £100m have been agreed to help it survive December, traditionally a poor month for the industry. It [...]
EU extends review of D. Boerse and NYSE merger October 21, 2011 European competition regulators have put back their report into the planned merger of German stock exchange Deutsche Boerse and NYSE Euronext by a week, to December 22. The delay has come after Deutsche Boerse said it needed more time to reply to the list of concerns sent to them by the European Commission. The two [...]