International Power leading the way for defensive stocks August 11, 2009 THE LARGE cap index shed 1.1 per cent yesterday, knocked by weakness in heavyweight banks, miners, and oils, but defensive stocks were back in favour once again. The FTSE 100 was 50.86 points lower at 4,671.34 by the close of the session, weakening for a second day after hitting a 10-month closing high of 4,731.56 [...]
Huge 300bn hole in FTSE 100 pensions July 16, 2009 THE total pension deficit at FTSE 100 companies has more than doubled since January, rising to a staggering £300bn, Deloitte said yesterday. Fallout from the global financial crisis has decimated the value of pension funds’ investments, the accountancy giant said, adding that the shortfall could take 50 years to clear if firms continue to contribute [...]
Philip Scott to leave Aviva as chief exec seeks fresh talent June 18, 2009 PHILIP Scott is leaving his role as chief financial officer and executive director of blue-chip insurer Aviva, as the group looks for a fresh approach to its ongoing restructuring. Scott is stepping down at the end of the year, after 36 years at the firm, as chief executive Andrew Moss continues the group’s overhaul following [...]
Wolseley boss to step down June 30, 2009 BRITISH building supplies company Wolseley said yesterday that chief executive Chip Hornsby would step down with immediate effect, lifting its shares. The plumbers and builders merchant said Ian Meakins would succeed Hornsby on 13 July. Meakins has held positions as chief executive of Travelex Holdings and Alliance Unichem until its merger with Boots. “The management [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
Diageo bullish as profits rise August 29, 2008 With two world wars and a few revolutions under its belt, alcoholic drinks giant Diageo is well placed to weather the economic downturn, its chief executive Paul Walsh said yesterday when announcing the group’s results – despite warning of slowing growth ahead. The maker of Guinness and Smirnoff posted a 2 per cent increase in [...]