Bank of Japan holds fire on more easing November 20, 2012 The Bank of Japan kept monetary policy steady today, following two straight months of easing, despite growing calls for more stimulus. As expected, the central bank held off from expanding its asset-buying programme from 91 trillion yen (£704bn). In October, the BOJ said it would increase monetary stimulus by 11 trillion yen (£86bn) in a [...]
Credit Suisse to dismantle asset management arm November 20, 2012 Credit Suisse this morning announced it would dismantle its asset management division, and combine it with its private banking arm into a new division. The Zurich-based bank’s new private banking and wealth management division will be led by current head Hans-Ulrich Meister and asset management head Robert Shafir. Meister will run private banking in Switzerland, [...]
easyJet hikes dividend on higher profits November 20, 2012 Low-cost carrier eastJet this morning hiked its dividend by more than 100 per cent, as it reported a 28 per cent jump in pre-tax profit over the year to September. Pre-tax profit came in at a record £317m, up from £248m the year before, a jump of 27.9 per cent, which was helped by a [...]
FTSE 100 up on optimism over fiscal cliff deal November 19, 2012 The leading share index was trading up this morning, buoyed by optimism that the US will avoid the fiscal cliff. Miners and banking shares led the FTSE 100 higher this morning, with Eurasian Natural Resources the biggest blue chip riser, adding 3.27 per cent. On the FTSE All-Share, internet grocer Ocado rose almost 21 per [...]
Lamprell projects bigger loss for 2012 November 19, 2012 Rig maker Lamprell this morning warned that its losses for the full year would increase significantly, with a gradual return to profit expected next year. The company, which has issued four profit warnings this year, anticipates a total loss of $105m (£66m) for this year as a result of delays to projects, up from a [...]
Revenue ramps up at Mitie November 19, 2012 Outsourcing firm Mitie said today that it expected total revenue growth to be higher in the second half, as it was buoyed by several new contracts. Over the six months to September the company – which runs services from maintenance and cleaning to baggage screening – reported revenue growth of 5.6 per cent to £1.03bn. [...]
HSBC in talks to sell Ping An insurance stake November 19, 2012 HSBC confirmed this morning it was in talks to sell its 15.57 per cent stake in China’s Ping An Insurance. HSBC spent $1.7bn (£1.07bn) to build up the stake in China’s second-largest insurer in 2002 and 2005, but a sale has been widely expected as part of its three-year recovery plan in the wake of [...]
Twinkie-maker Hostess Brands to liquidate November 16, 2012 Hostess Brands, which makes Twinkies, has decided to close the company after failing to get wage cuts from striking workers. Hostess has been forced to liquidate after striking members of the Bakery, Confectionery, Tobacco Workers and Grain Millers International Union refused to return to work after a set deadline on the 14 November. Members of [...]
Melrose slumps as it warns on outlook November 16, 2012 Buyout group Melrose today warned of a slowdown in its businesses, which sent its shares tumbling. The FTSE 100 firm – which caters to the energy, oil and gas, mining and manufacturing industries – said that the sales outlook for next year had become more “uncertain”. Melrose said that over the past few weeks, it [...]
Revenue up at Paddy Power as it ramps up expansion November 16, 2012 Irish bookmaker Paddy Power today announced revenue growth of 23 per cent over the period from July, as it said it would open 45 new sites in the UK this year. In an interim management statement this morning, the company said its UK high street shops reported net revenue up five per cent on a [...]
