Geely warns of tough outlook August 25, 2010 CHINA’S Geely, whose parent bought Ford’s Volvo unit this month, warned of tougher competition and slower sales after its record first-half earnings beat forecasts yesterday. China overtook the United States last year to become the world’s biggest car market, as Beijing rolled out incentives to boost spending during the global downturn. But that growth is [...]
Fortis successor Ageas reports strong earnings August 25, 2010 BELGIAN insurer Ageas reported a surge of cash coming into its business in the first half, particularly in Asia, and strong earnings from its life insurance business. The company, formerly known as Fortis, said yesterday that inflows grew by 22 per cent during the first six months of 2010 and by 59 per cent in [...]
City Moves | who’s switching jobs August 25, 2010 Borro Paul Gratton, formerly chief executive of Egg, has been elected to the board of the online pawnbroker. Gratton, who founded the surveyor Shepherd Direct, was part of the founding team at First Direct. His experience in the mortgage broking market is intended to assist Borro’s new venture, which will launch at some point during [...]
BEST OF THE BROKERS August 25, 2010 AMLIN The insurer’s underlying performance remained solid despite results at the bottom end of consensus estimates, according to Jefferies. The broker added that Amlin should see the benefits of pruning its portfolio in 2011. Jeffries kept its EPS forecasts for 2011 unchanged at 6.3 times after high acquisition costs, but kept its “buy” rating. PERSIMMON [...]
Crucial time wasted after rig explosion August 25, 2010 DEEPWATER Horizon-owner Transocean changed a locking mechanism on the blow out preventer, resulting in a severe delay in responding after the Gulf Oil rig exploded, according to a BP vice president. Harry Thierens, executive vice president for drilling and completions at the oil major, told a panel of federal investigators that crucial hours after the [...]
Derwent posts higher profit on bargain hunters August 25, 2010 OFFICE landlord Derwent London reported sustained growth in the value of its portfolio to £2.2bn yesterday, easing fears of a new real estate slump as Britain’s economic prospects wilt. Chief executive John Burns said Derwent’s signature strategy of providing affordable offices in the capital’s nascent business hubs would hold up as firms budgeted for slower [...]
HEDGE FUND MAN GOES LONG ON BANGERS August 25, 2010 CELEBRITY endorsement works, at least if the celebrity involved is a glamorous sportsman like Usain Bolt, who yesterday announced the biggest deal ever, to help Puma flog its pumps and T-shirts. But can you really imagine Crispin Odey, the permanently pin-striped hedge fund guru, as a brand ambassador? Well, he is. The new branch of [...]
IFS: BUDGET TO HIT POOREST HARDEST August 24, 2010 GEORGE Osborne’s era of austerity will hit the poorest the hardest, the Institute of Fiscal Studies (IFS) has claimed, casting doubt on the coalition’s “progressive” credentials. When he unveiled his emergency Budget in June, the chancellor insisted those with the “broadest shoulders” would carry the burden of tax hikes and welfare cuts, but new IFS [...]
BHP bid to hit investor vote hurdle August 24, 2010 BHP BILLITON will be forced to put its hostile bid for PotashCorp to a shareholder vote if it increases its original $40bn (£25.5bn) offer in order to win over the Canadian company’s investors. According to Financial Services Authority rules, BHP will have to put its proposed takeover of PotashCorp in the hands of its own [...]
Pay at Brevan Howard soars August 24, 2010 PARTNERS at Brevan Howard Asset Management, the largest hedge fund in Europe, shared a bumper payout of £86.1m at the height of the financial crisis, accounts revealed yesterday. Around 45 members of the trading firm – including founders Alan Howard and James Vernon, and corporate investors such as Swiss Re – shared the bonus pot [...]