BlackBerry claims Playbook is more powerful than iPad November 18, 2010 BLACKBERRY maker Research in Motion (RIM) yesterday fired a warning shot to Apple when it released a video claiming to show the superiority of its tablet computer. RIM is set to launch its rival to the all-conquering iPad in the second quarter next year. Named the Playbook, it will attempt to lure users with its [...]
Reed Elsevier confirms gloomy outlook as subscriptions remain weak November 18, 2010 REED Elsevier yesterday reaffirmed its outlook for a slightly lower operating profit margin this year as subscriptions to its scientific and legal publications remained weak. The Anglo-Dutch company has been slow to respond to economic recovery as corporate subscriptions come up for renewal only periodically, and are worth less as firms employ fewer staff – [...]
Crozier cool on restarting ITV dividend November 18, 2010 BROADCASTER ITV will keep considering the possibility of paying a dividend given its newly strong balance sheet, but investing in programmes is more urgent, its chief executive said yesterday. Adam Crozier, who took over in April, said ITV needed to make more of its own content and technology to profit from coming web distribution channels [...]
Private equity battle looms for Danish ISS November 18, 2010 A BLACKSTONE-led quartet and two rival teams are readying bids for ISS, the $7bn (£4.4bn) Danish cleaning giant as Europe’s biggest post-crisis buyout heats up. The owners of ISS – Goldman Sachs Capital Partners and Sweden’s EQT – are exploring an initial public offering (IPO) of the company or a sale of it. Blackstone Group, [...]
SEC probes Citi on mortgage securities deal November 18, 2010 THE US Securities and Exchange Commission (SEC) is investigating Citigroup’s role in a $1bn mortgage-backed securities deal in 2007. Citigroup “improperly pushed an independent manager to put specific assets” in a collateralised debt obligation (CDO) it created in February 2007. The deal, which was backed by other CDOs that were backed by slices of subprime [...]
BEST OF THE BROKERS November 18, 2010 MARKS & SPENCER Execution Noble has upgraded the supermarket to “buy” with an upgraded fair value price of 475p, following its research on M&S customers. The broker sees the firm’s new strategy as a real driver for sales growth, with the food business as a particularly strong opportunity. It adds that the brand could also [...]
UK government borrows record £10.3bn in October November 18, 2010 The UK government borrowed £10.3bn in October, figures from the Office for National Statistics show. It is a record for October and is up from £10.1bn in the same month last year. The figure – which was in line with analysts’ forecasts – brings the amount the government has borrowed since the start of the [...]
Glencore “mulling £10bn IPO” November 18, 2010 Commodities group Glencore is considering listing in the first half of next year with an initial public offering (IPO) that could raise around £10bn. Glencore, the world’s biggest commodity trader, has been preparing to go public after issuing a $2.2bn (£1.4bn) convertible bond last year. The group, which posted a strong jump in nine-month profit, [...]
OECD cuts UK 2011 growth outlook November 18, 2010 The OECD revised upwards its forecasts for growth in the British economy for 2010 but cut its outlook for 2011 following the announcement of deep spending cuts designed to tackle a record budget deficit. The Organisation for Economic Co-operation and Development (OECD) welcomed the coalition government’s “ambitious medium-term plan” to cut spending which it said [...]
Ireland concedes it is in line for massive bailout November 18, 2010 Ireland’s central bank chief said he expected the country to receive tens of billions of euros in loans from European partners and the IMF to help shore up its shattered banks and stabilise the economy. Central bank governor Patrick Honohan was speaking shortly before the start of talks with a joint mission of the European [...]