Burberry management reshuffle weighs on FTSE 100 February 7, 2013 The blue chip index was broadly flat in early deals, weighed down by luxury brand Burberry. This morning it announced a management shake-up, creating a new chief operating officer role and replacing its chief financial officer. Shares dropped 3.8 per cent in early deals. Investment manager Hargreaves Lansdown fell 2.25 per cent, after rallying more [...]
Credit Suisse moves to cut more costs February 7, 2013 Credit Suisse is increasing its cost savings target, after fourth quarter profits came in below expectations. The Zurich-based bank said this morning it was upping its target to CHF4.4bn (£3.09bn) by the end of 2015, from its previous target of CHF4bn. Fourth quarter net profit came in at a lower-than-expected CHF 397m. Earnings were hit [...]
Burberry in management shake-up February 7, 2013 Luxury retailer Burberry this morning unveiled a board shake-up that will replace its chief financial officer and create a new chief operating officer role. John Smith, former chief executive of BBC Worldwide, has been appointed to the newly-created chief operating officer position where he will help to drive Burberry’s presence in digital media and mobile [...]
Weak Europe rocks Vodafone February 7, 2013 Weak European markets hit Vodafone in the fourth quarter as organic service revenue sank 2.6 per cent. The worse-than-expected drop in the three months to December compares to the 1.4 per cent fall recorded in the second fall, the first drop since 2010. The telecoms provider was hit by customers making fewer calls in Italy [...]
RBS in Libor rigging shame February 6, 2013 RBS has been fined £390m ($612m) by US and UK regulators for rigging the Libor interest rate benchmark. The bank will pay $325m to the Commodity Futures Trading Commission, $150m to the US Department of Justice and £875m to the Financial Services Authority. More than a dozen traders at RBS offices in London, Singapore and [...]
Hargreaves Lansdown lifts FTSE 100 February 6, 2013 The FTSE 100 pushed back over the 6,300 level this morning, as investment manager Hargreaves Lansdown topped the index, rising more than seven per cent. This morning the company reported robust growth, with revenue up almost a quarter in the six months to December and pre-tax profit up 30 per cent over the period. “Customer [...]
Liberty Global strikes £15bn deal with Virgin Media February 6, 2013 Liberty Global struck a deal late last night to acquire pay-TV operator Virgin Media in a $23.3bn (£15bn) cash and shares deal. The companies announced the deal late last night, following Virgin Media’s confirmation yesterday that it had been approached by John Malone’s Liberty Global. The deal will give Liberty entry to one of Europe’s [...]
RBS braces itself for “significant” Libor penalties February 6, 2013 RBS said this morning that it expected to pay “significant penalties” to settle regulatory probes into interest rate fixing. The high-street bank, with is 82 per cent owned by the taxpayer, this morning confirmed that it was in “late-stage settlement discussions” with US and UK regulators. No settlements have yet been agreed, although RBS said [...]
House prices edge down in January February 6, 2013 UK house prices inched down 0.2 per cent in January following rises in November and December, according to the latest Halifax house price index. On an annual basis, house values rose by 1.3 per cent, marking the first rise in 27 months, according to the lender. “Market activity has also improved with sales in 2012 [...]
Flybe and Ryanair agree new airline deal February 6, 2013 Low-cost carrier Flybe has agreed to partner with Ryanair to create Flybe Ireland if Ryanair’s takeover of Aer Lingus is green-lit. Flybe said this morning that it had reached agreement with Ryanair over the possible transfer of a number of aircraft and operating routes as part of a remedy package to win approval from the [...]
