Honda doubles quarterly profit April 27, 2012 Honda posted a more than doubling in quarterly operating profit, as production recovered from the earthquake and tsunami in Japan last year, and it forecast a 38 percent rise in global sales in the year ahead as it makes up for lost time. The company, which has lagged a recovery from the effects of disasters [...]
WPP raises full year forecast April 27, 2012 WPP, the world’s largest advertising group, nudged its full-year outlook higher after strong growth in Asia Pacific and Latin America got the group off to a solid start to 2012. Martin Sorrell’s firm said revenues on a like-for-like basis were up four percent in the first quarter and said it now expected full-year revenues to [...]
D-Day for Diamond April 26, 2012 BARCLAYS boss Bob Diamond will be hoping that he has managed to head off a major shareholder rebellion today by unveiling a bumper set of first-quarter results. The bank has been preparing for 10 to 15 per cent of its investors to vote against its remuneration package in today’s shareholder meeting, although there were suggestions yesterday [...]
S&P downgrades Spain’s credit rating as fears over bank bailouts grow April 26, 2012 CREDIT rating agency Standard & Poor’s (S&P) last night slashed Spain’s credit rating by two notches to BBB+, warning the beleaguered country will be forced to increase its debt burden to support its ailing banks. S&P also put its credit on negative outlook, indicating a high risk of further downgrades, as Spain struggles to curb [...]
Ofcom deepens probe into BSkyB’s broadcast licence April 26, 2012 OFCOM has stepped up its probe into whether BSkyB remains “fit and proper” to hold a broadcast licence, it emerged yesterday. The investigation into whether News Corp is an appropriate dominant shareholder of the satellite broadcaster has focused so far on publicly available information, such as from newspaper reports and the Leveson inquiry. But last [...]
Shareholder activism is vital for a properly functioning City April 26, 2012 OWNERS of publicly listed companies need to behave as proprietors. They shouldn’t micromanage firms in which they invest – that is their executives’ jobs – but they should ratify some key decisions, including the pay of their top staff. In his 1970 polemic Exit, Voice and Loyalty, Albert O Hirschman explained that members of any [...]
Ireland plots a summer return to bond markets April 26, 2012 IRELAND will dip its toes back into the international bond market this summer, but only if it passes a referendum on the European Union’s proposed fiscal compact. Michael Noonan, the country’s finance minister, said yesterday that Ireland’s rosier economic outlook should allow the government to test some sales of its bonds. “We don’t have a [...]
Tucker calls for controls over shadow banks April 26, 2012 THE SHADOW banking sector could face a raft of new red tape, with a senior Bank of England official outlining 10 fresh regulatory proposals at a speech in Brussels this morning. Paul Tucker will recommend widening capital requirements and applying “bank-type regulation” to the shadow industry, which includes money market funds, securitisation and securities lending. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 26, 2012 FINANCIAL TIMES NEW SFO BOSS VOWS TO STAY RELEVANT The incoming director of the Serious Fraud Office has promised to pursue a more aggressive crime-fighting strategy, saying he will investigate “significant strategic targets” suspected of committing the most complex financial crime and overseas corruption. INVESTORS TURN HEAT ON MAN CHIEF Leading shareholders of Man Group, [...]
AstraZeneca’s chief goes after profit warning April 26, 2012 ASTRAZENECA’S (AZ) shares tumbled yesterday after chief executive David Brennan abruptly quit the firm. Brennan, who has led the pharma giant for six years, announced his early retirement as the company issued a profit warning and quarterly results that missed forecasts. The firm’s nominations committee has hired headhunter Spencer Stuart to replace Brennan, who AZ [...]
