Property firms London & Stamford and Metric to merge November 6, 2012 London & Stamford Property and Metric Property Investments this morning said they are in advanced talks to merge their businesses. Under the terms of the tie-up, Metric shareholders would own 25 per cent and London & Stamford would own 75 per cent of the enlarged group. Both companies said today that following the completion of [...]
M&S posts slide in profits November 6, 2012 Retailer Marks & Spencer posted falling profit in the six months to September, hurt by low consumer confidence. Pre-tax profit came in at £290m for the group, down from £307m over the same period last year. Britain’s biggest clothing retailer said this morning that recent trading had been “volatile”, making it cautious about the outlook [...]
Apprehension over US election leads FTSE 100 lower November 5, 2012 The blue chip index was trading down this morning, as investors awaited the outcome of a tightly-fought US election. Miners weighed on the main share index this morning, while ITV also sustained losses. On the FTSE All-Share, data centre provider Telecity fell almost 8.5 per cent in early deals despite reporting robust trading across its [...]
HSBC sets aside extra $800m in money laundering provision November 5, 2012 HSBC has put aside an extra $800m to cover a potential fine from US regulators for breaching anti-money laundering controls, it said this morning. It had previously set aside $700m in July, bringing the total provision to $1.5bn. Meanwhile, HSBC posted pre-tax profits of $3.5bn in the third quarter, a fall of $3.7bn from the [...]
Toyota raises profit forecast November 5, 2012 Japanese car manufacturer Toyota increased its net profit forecast to 780bn yen this morning, despite a slide in sales in China following a territorial dispute. It predicted a net profit of 780bn yen (£6bn) for the year to March 2013, up from its earlier forecast of 760bn yen. Full-year operating profit would be 1.05 trillion [...]
Ryanair posts jump in first-half profit November 5, 2012 Ryanair this morning posted a 10 per cent jump in first-half profit, thanks to higher fares and lower fuel costs. The Dublin-based airline said fares rose six per cent in the second half, coupled with a surge in passenger numbers during the summer months. Net profit for the six months to September came in at [...]
Prudential to buy Thai insurer November 5, 2012 Insurer Prudential this morning agreed to buy the life assurance arm of Thai bank Thanachart for £368m. Prudential will also receive a further payment of £10m, payable 12 months after completion. The acquisition, which will double the British insurer’s market share in Thailand, ramps up Prudential’s grip on the “highly attractive markets” of South East [...]
Bumi shares soar on Rothschild counter bid speculation November 2, 2012 Shares in Bumi soared in trading today, on speculation that financier Nat Rothschild was mounting a plan with Indonesian investors to counter the Bakrie family proposal to dismantle the coal miner. Rothschild set up Bumi two years ago with the influential Bakrie brothers, when his investment vehicle Vallar took over their Indonesian coal assets. But [...]
US adds 171,000 jobs in October November 2, 2012 US employment ticked up in October, official data showed today. The number of people in employment increased by 171,000 in October, with the professional and business services, health care and retail trade all adding jobs, the US Labour Department said today. The government also said 84,000 more jobs were created in August and September than [...]
Westfield Stratford makes almost £900m in sales in first year November 2, 2012 The Westfield shopping centre in Stratford generated £896m in sales in its first year, boosted by the Olympic and Paralympic Games. The shopping centre, which is the largest in Europe, attracted 47m visitors over the year, the Westfield Group said today. The Australian property group’s UK portfolio was over 99.5 per cent leased over the [...]
