ABNAmro in a 29m third quarter loss November 25, 2009 STATE-owned ABN Amro continued to be loss making in the third quarter as it prepared for a series of demerger steps that will allow the Dutch government to nurse it back to health and sell it back into private hands. Lower asset and liability management income weighed on third-quarter earnings, offsetting a slight improvement in [...]
Porsche struggles in the aftermath of its failed takeover of Volkswagen November 25, 2009 PORSCHE, the luxury carmaker, is headed for a second consecutive annual loss which is set to hit billions of euros, it said yesterday, as the hangover lingers from its failed takeover of Volkswagen. Its indebted automotive holding arm, which was created as a vehicle for the acquisition, will stay deeply in the red as it [...]
French Connection sees its sales up on currency gains November 25, 2009 FASHION group French Connection yesterday said that revenues in the three months to 30 October increased eight per cent year on year, with most of the rise due to favourable exchange rates rather than changes in underlying trade. Total retail sales in the UK and Europe grew by 0.6 per cent, with like-for-like sales edging [...]
Soldiers and school kids help Compass beat slump November 25, 2009 COMPASS Group,the world’s biggest caterer, showed its recession-proof credentials yesterday, posting a 33 per cent profit rise which topped market expectations and propelled its shares to a seven-year high. The company, which feeds office workers, soldiers and schoolchildren, said underlying pre-tax profit for the year to end September reached £784m, up from £589m the year [...]
A HEFTY DOSE OF CRUNCH-BUSTING CHRISTMAS CHEER HITS THE CITY November 24, 2009 AFTER the appearance of the traditional annual Coca Cola advert on our television screens heralded the official start to the festive season, it appears the corporate Christmas is truly in full swing. Demand for Christmas crackers is up a whopping 21 per cent from last year as cheap ‘n’ cheerful celebrations take precedent over luxurious [...]
Pre-budget tax rises are likely to hit City workers November 24, 2009 WE HAVE all become accustomed to woe-filled stories about the economy. Last week’s headlines included news of a budget deficit of over £11bn for the month, or £87bn in the fiscal year to date. Attempts to bridge the gap through better enforcement of existing tax laws may not be helping – rumours suggest that HM [...]
Severn Trent profits rise as prices go up November 24, 2009 UTILITY Severn Trent saw its pre-tax profits surge yesterday, as a slump in consumption was offset by price rises. Profits went up by 51 per cent to £208.2m in the six months to September, beating analysts’ expectations. But Severn Trent still warned that demand was falling at a similar rate to last year. The group, [...]
ANTI-BRIBERY RULES TO GET EVEN TOUGHER November 24, 2009 TOM EPPSPARTNER, RUSSELL JONES & WALKER BEFORElast week, some might have suspected the wave of criminal investigations into corporate corruption over the last 12 months was a blip. The inclusion of the Bribery Bill in the Queen’s Speech, however, should convince everybody that such investigations are here to stay. The bill, which is understood to [...]
Galleon founder denies insider trading charges and slams wire tap evidence November 24, 2009 RAJ RAJARATNAM, the billionaire founder of hedge fund firm Galleon, denied federal insider trading charges and accused the government of violating his constitutional rights with its use of wiretaps. Rajaratnam’s response to a US Securities and Exchange Commission civil complaint was filed in Manhattan federal court yesterday and may herald a broad attack on the [...]
The FSA must make sure that its tough new approach doesn’t backfire November 24, 2009 FINANCIAL services firms have come under the increasingly intense gaze of the Financial Services Authority (FSA) in recent months. Its supervisory approach has changed dramatically as a result of the credit crisis. The upshot of this is that the risks for somebody who is FSA authorised, or is an “approved person” at an FSA authorised [...]
