CITY MOVES | WHO’S SWITCHING JOBS January 19, 2012 Signia Wealth Chris Godding has been appointed as co-chief investment officer and managing director, focusing on institutional and charity clients. Godding moves to Signia Wealth after nine years at Morgan Stanley private wealth management international, where he was chief investment officer and a member of the Smith Barney investment committee. Prior to this, he managed [...]
BEST OF THE BROKERS January 19, 2012 APR ENERGY Goldman Sachs initiates coverage of the temporary power group with a “buy” rating and a target price of 1,320p, implying a 24 per cent upside. Ahead of full-year results on 22 March, the broker forecasts revenue of $208m (£134m) and earnings before interest, tax, deductions and amortisation of $107m. It also says that [...]
Bank of America returns to profit January 19, 2012 Bank of America Corp reported a fourth-quarter profit, reversing a year-earlier loss, boosted by one-time items and lower expenses for bad loans. Under pressure to shore up its balance sheet, Bank of America sold assets and completed a stock swap during the quarter that boosted its capital levels. And in 2012, the bank said it [...]
Cameron caps Lloyds and RBS cash bonuses at £2,000 January 19, 2012 Bonus payments in the financial services sector have “got out of control” in recent years, Prime Minister David Cameron said, raising pressure on banks to rein in annual rewards for top executives in the coming weeks. Cameron also confirmed that the government would set out detailed proposals next week on curbing executive pay, with staff [...]
Sony Ericsson plunges into loss January 19, 2012 Sony Ericsson posted a quarterly loss that missed all forecasts after losing in the battle for smartphone sales in the key year-end period, showing the challenge for Sony as it prepares to take full control of the joint venture. The world’s ninth-biggest handset maker, which got left behind in the boom that powered smartphone growth [...]
Bank stocks up as Eurozone fears ease January 19, 2012 The FTSE 100 today opened with a strong performance in the banking sector with investor confidence being buoyed by efforts to bring the Eurozone back in line after months of damaging instability. The International Monetary Fund (IMF) is seeking to raise up to $600bn (£388.8bn) which would help ease worries about funding in the Eurozone. [...]
AB Foods sales surge fuelled by Primark January 19, 2012 Associated British Foods has reported a 12 per cent lift rise in total sales in the 16 weeks to 7 January, thanks to “exceptional” performances at its sugar division and at discount fashion chain Primark. The group said higher prices and higher production levels meant that total revenues from sugar rose 21 per cent, while [...]
Mulberry sees strong festive sales January 19, 2012 Luxury fashion company Mulberry Group expects 2012 financial year results to exceed its earlier forecast, led by strong Christmas and New Year sales, putting it firmly in the festive winners’ camp in the UK. The company, which designs, makes and sells leather goods and accessories, said retail sales for the 16 weeks to January 14 [...]
St James’s Place assets up as it defies volatile markets January 19, 2012 Wealth manager St James’s Place continued to defy pressure from global financial turmoil during 2011 with a six pe rcent rise in funds under management as new client money offset the impact of weak markets. In a trading statement, the firm said the net inflow of funds under management during 2011 was £3.3bn, bringing total [...]
Kodak files for bankruptcy January 19, 2012 Eastman Kodak Co, which invented the hand-held camera and helped bring the world the first pictures from the moon, has filed for bankruptcy protection, capping a prolonged plunge for one of America’s best-known companies. The more than 130-year-old photographic film pioneer, which had tried to restructure to become a seller of consumer products like cameras, [...]