COMPETITION QUERIES November 10, 2009 FRENCH Finance Minister Christine Lagarde has warned that huge bailed-out banks created by the financial crisis could abuse their power. She has asked other countries to look at the lack of competition from banks “on steroids, relying on public money”. She said the lack of competition could also be pushing up bankers’ pay.
Agricole profit down November 10, 2009 CREDIT Agricole, France’s biggest retail bank, yesterday plucked a new chief executive from its influential regional divisions as it posted a widely-expected fall in third quarter profit. The group said yesterday that Jean-Paul Chifflet would replace Georges Pauget as chief executive in March next year. Chifflet’s current position is corporate secretary of the Federation Nationale [...]
Northern Foods reports modest profit rise while it plans job cuts November 10, 2009 FOOD manufacturer Northern Foods said it was on track to meet market expectations for the full-year and will invest £26.5m in its Fox’s biscuits brand over the next 18 months. The group, which makes Goodfella’s pizza and is Britain’s biggest maker of Christmas puddings, reported a pre-tax profit of £12.9m for the six months to [...]
Phone maker Ericsson to axe 700 jobs from UK operation November 10, 2009 Swedish telecoms equipment maker Ericsson yesterday said it was to remove the bulk of its activities from a facility in central England with the loss of about 700 jobs. The firm said it was withdrawing its research and development and global service delivery activities from its operation in Coventry as part of its ongoing global [...]
InterCon still suffering hit to hotel sales November 10, 2009 INTERCONTINENTAL Hotels yesterday said its third quarter results were towards the top-end of weak market expectations but it continues to be heavily impacted by the global downturn in the hotels industry. The world’s biggest hotelier, whose brands include Crowne Plaza and Holiday Inn, said its revenue per available room (revpar) appears to have stabilised, but [...]
QATARI SELL-OFF HITS VW November 10, 2009 VOLKSWAGEN shares tumbled yesterday after Qatar’s sovereign wealth fund announced plans to sell 25m preference shares in the carmaker. The Middle Eastern fund raised €1.5bn (£1.3n) from the sale but said it still planned to build its voting stake in the company. Volkswagen’s shares closed 8.9 per cent down at €102.
Yell moves refinancing on with 660m fundraising November 10, 2009 Struggling publisher Yell Group embarked on the last stage of a protracted refinancing yesterday when it announced a £660m share issue, lifting its shares three per cent. Yell plans to issue 1.6bn shares at 42p a-piece, a 12.5 per cent discount to Monday’s closing price. Half will be sold through a placing to agreed buyers [...]
Imps lights up with new boss November 10, 2009 IMPERIAL Tobacco yesterday posted a 52 per cent jump in annual pre-tax profits and announced that its chief executive Gareth Davis, who has served the company for 37 years, is set to retire. He named chief operating officer Alison Cooper as his successor. Chairman Iain Napier said 59-year-old Davis had transformed Imperial from a business [...]
SHOULD THE MARKET BE ENCOURAGED BY VODAFONE’S RESULTS? November 10, 2009 JONATHAN GROOCOCK INVESTECNarrowing declines in Europe margins may indicate some stabilisation, and free cash flow is marginally stronger than forecast. Guidance looks conservative, and we expect to upgrade earnings per share forecasts by around three to five per cent. Vodafone is clearly on-track to deliver.MORTEN SINGLETON COLLINS STEWARTThere was headline operational weakness, but the £4bn [...]
Vodafone to step up cost cutting plans November 10, 2009 Telecoms giant Vodafone yesterday posted a 73 per cent jump in first-half pre-tax profit and doubled its cost-cutting target to £2bn. The world’s largest mobile operator, which saw revenues increase on sales of data services, had already said it would reach its £1bn cost cutting target by March 2010, a year ahead of schedule. But [...]