Aegis insists it’s resilient as revenues fall May 18, 2009 SHARES in marketing and communications group Aegis fell 4.6 per cent yesterday, after it said that its core revenue was down 11.6 per cent in the first quarter due to client losses and tough market conditions. But the group said it is well-positioned to “produce a resilient performance in difficult market conditions” – with $1.05bn [...]
IS THE PERFORMANCE OF AEGIS SURPRISING GIVEN THE CURRENT CLIMATE? May 18, 2009 STEVE LIECHTI INVESTEC“The (Aegis) statement implies disappointing organic sales declines against its larger agency peers, though Havas’ statement on Friday was also poor. This is to some extent a result of strong comparatives in better times, but cannot help near-term sentiment. Comment on costs is more positive with interim chief executive John Napier clearly focusing [...]
CBI president elect tells firms to hire women May 18, 2009 FORMER Economist editor Helen Alexander has told firms to hire more women for boardroom roles, just hours after being nominated as the next president of industry union the CBI. Alexander warned yesterday there is a risk of “group think” at firms that only put white men in senior roles, arguing the benefits of diversity justify [...]
Investor backlash expected at Shell over top pay scales May 18, 2009 OIL giant Shell is braced for angry shareholder reaction when investors meet at its AGM today. The Anglo-Dutch company has come under pressure from its investors to review the pay structure of its executives. Fresh opposition came from institutional investor Co-operative Asset Management (The Co-op) yesterday, which disapproved of the oil giant’s decision to give [...]
Cash-for-banger scheme dealt opening day blow May 18, 2009 BUSINESS secretary Lord Mandelson’s scrappage scheme was dealt a blow at its launch yesterday, as two of the scheme’s backers delayed registration of their new vehicles at the eleventh hour. The cash-for-bangers programme, designed to kickstart the ailing auto industry, gives motorists a £2,000 incentive when they trade in their old car for a new, [...]
CITY VIEWS: WILL THE SCRAPPAGE SCHEME BOOST CAR SALES? May 18, 2009 PETER HUGHES STANDARD BANK “When we went into the crisis, many people stopped spending but now that it’s clear the world isn’t going to end, they are loosening their purse strings and many will be looking to buy a car. This might well give the car industry a much-needed boost.” KATIE CAYZER SUMITOMO CORP“It would persuade me [...]
PAULSON LAUNCHES NEW PROPERTY FUND May 18, 2009 AngloGold sees 1m rand profitsPrecious metal producer AngloGold posted profits of 1m rand (£75,856) for the first quarter yesterday, up from net losses of 11.9bn rand the previous quarter. It’s the African company’s first profit for seven quarters, and comes after demand from investors boosted the price of gold. Skandia heads platform salesSkandia topped gross [...]
Home sales at highest point for 18 months May 18, 2009 ESTATE agents sold more houses in April than any other month since October 2007, according to the latest estate agent data. The average estate agent sold ten properties in April, up from eight in March and a low point of five in August 2008, the figures from the National Association of Real Estate Agents show. [...]
Daiwa to buy Close Brothers division May 18, 2009 DAIWA Securities said yesterday it will acquire Close Brothers Corporate Finance, joining the push by Japanese investment banks to sign cross-border deals. Daiwa Securities SMBC, an investment banking venture between Daiwa Securities Group and Sumitomo Mitsui Financial Group, will pay £75m for the division of Close Brothers Group. Daiwa said it expects the transaction to [...]
BEST OF THE BROKERS May 18, 2009 REDROWUBS downgraded Redrow to “sell”, saying the shares look expensive given its inflexible balance sheet. Redrow said in its interim management statement it has a net debt target of £225m by June. But the broker believes it has limited flexibility to buy land at the bottom of the market and that the valuation is unattractive [...]
