Non-execs say regulation is their biggest challenge January 13, 2011 THE greatest challenge facing non-executive directors is regulation, according to a survey of more than a hundred board members from FTSE 350 firms. When polled on the most common tests they face, the majority of non-execs cited regulatory requirements as both their biggest challenge and the one that most hinders their role, with a greater [...]
Strong order book and growing cash positions put Balfour Beatty on target January 13, 2011 CONSTRUCTION firm Balfour Beatty is on target to meet its 2010 performance targets, the company said in a trading update yesterday. Balfour said that both its cash reserves and order book were in a strong position, with average cash in the second half of 2010 up to £400m from £342m the year before. The company’s [...]
Provident Financial pre-Christmas sales help profits exceed market predictions January 13, 2011 DOORSTEP lender Provident Financial said 2010 results would be slightly ahead of market expectations after sales of loans strengthened further in the run up to Christmas despite disruption caused by heavy snow. “The group had a strong finish to 2010 and expects to report results slightly ahead of market expectations,” chief executive Peter Crook said [...]
BLOOMSBURY SALES ON TARGET FOR 2010 January 13, 2011 UK PUBLISHING house Bloomsbury has said that its 2010 trading figures are in line with expectations. Including US sales, it said year-end cash is likely to total around £34.2m. The publisher has been boosted this year by strong sales of Eat, Pray, Love by Elizabeth Gilbert, a film version of which was released in September starring [...]
Weak profits for Korea’s POSCO January 13, 2011 POSCO, the world’s number three steelmaker, posted a weaker-than-expected quarterly profit and warned it was struggling to pass on rising costs as floods in Australia disrupt raw material supplies. South Korea’s POSCO is already a laggard among Asian steelmakers in terms of price increases, share price performance and profitability, and higher costs will deal it [...]
More cost saving for Hydro January 13, 2011 Norwegian aluminium producer Norsk Hydro said yesterday it had ramped up its cost saving programme and saw increased global demand this year, while warning of technical delays at its new smelting plant in Qatar. Shares in Norsk Hydro fell 1.86 per cent as analysts expressed concern about a potential eight-week delay at the Qatalum smelter [...]
Ashmore sees assets rise as funds flow in January 13, 2011 STRONG inflows have helped emerging markets fund manager Ashmore grow its assets under management (AUM) by 12 per cent to $46.7bn (£29.4bn) in its second quarter. The surprise increase comes after investors flocked to join the fund, contributing to net inflows hitting $5.2bn, offsetting a $0.1bn drop in AUM due to adverse investment performance. Analysts [...]
Ferrovial returns to BAA talks January 13, 2011 SPAIN’S Ferrovial is in talks with investors to sell 10 per cent of UK airport operator BAA, which runs London’s Heathrow, by June, its chief executive said, in a move to halve a €24.5bn (£20.5bn) debt pile. Ferrovial will seek offers for the stake, estimated last year to be worth about €200m, in the last [...]
Worries for Indian IT on Infosys profits January 13, 2011 INFOSYS Technologies sparked concerns about the outlook for India’s showpiece outsourcing sector after it missed estimates for profit and future sales growth and warned of sluggish global economic growth. best of the brokersShares in India’s number two software exporter, which boasts fatter profit margins than its rivals, fell 4.2 per cent and were set for [...]
TNT sells mail units to PE fund January 13, 2011 Dutch post and express firm TNT has sold its Belgian mail and Italian unaddressed mail units to their management and Benelux private equity fund NPM Capital. It has not disclosed the sale price but analysts estimate proceeds would be about one times sales for the Belgian business, which excludes TNT’s Belgian parcel operations, and substantially [...]