The drachma makes a City return April 23, 2012 ■ Many economists have been anticipating the return of the drachma for some time but up until now attempts to use the old Greek currency would have proved futile. However, this week the Real Greek restaurant on Bankside is accepting the drachma for side dishes in a revival of the currency that went out of [...]
Outgoing SFO boss lets off steam about Al Yamamah April 23, 2012 The outgoing head of the Serious Fraud Office has decided not to go quietly. As his four-year term comes to an end, Richard Alderman has concluded that massive damage was done to the UK’s reputation for dealing with corruption when it shelved a bribery investigation into the Al Yamamah arms deal with Saudi Arabia. “I [...]
Computerised trading shrinks FTSE 100 deals April 23, 2012 THE average trade size of FTSE 100 stocks on the London Stock Exchange (LSE) shrank dramatically during the last year, according to research by Morgan Stanley that sheds light on the effect that automated trading is having on the market. LSE data shows that the average size of a FTSE 100 trade was just over [...]
SABMiller picks Alan Clark to replace Mackay as chief exec April 23, 2012 BREWER SABMiller said yesterday its European chief Alan Clark will succeed long-standing chief exec Graham Mackay in July 2013 in a reshuffle that will see the 62-year old Mackay become chairman. The move appears to fly in the face of the UK corporate governance code, which suggests chief executives should not go on to become [...]
Netflix shares tank after loss April 23, 2012 VIDEO rental company Netflix last night reported a first-quarter loss as the company pushed ahead with its expansion into international markets. Netflix posted first-quarter revenue of $870m, up 21 per cent from a year earlier. Net income fell, and the company reported an earnings loss of eight cents a share. Stocks, which had dropped four [...]
Invesco aims to sell $18bn arm April 23, 2012 INVESCO is trying to sell its $18bn (£11.2bn) wealth management business, according to five sources. The Atlanta-based asset management company wants to sell Atlantic Trust Private Wealth Management, which has $18bn in assets under management, because it is not core to its business, three of the sources said. An Invesco spokesman declined to comment. Atlantic [...]
Rolls-Royce and US army agree £371m contract April 23, 2012 ROLLS-Royce yesterday said it had won a $598m (£371m) contract to provide engines for the US military. The 268 engines will be used in V-22 Osprey aircraft. Rolls-Royce is the sole manufacturer of the engines for the V-22 and has a string of contracts with the US armed forces. Patricia O’Connell, Rolls-Royce’s president of customer [...]
ANALYST VIEWS April 23, 2012 DOUGLAS MCNEILL CHARLES STANLEY It’s a very satisfactory statement which provides scope for a modest increase in our FY13 earnings forecast. But the good performance is fully reflected in the share price, which seems to assume more growth in the US than we consider likely. We stick with our reduce recommendation. KEITH BOWMAN HARGREAVES LANSDOWN [...]
UK rail division gives a boost to Stagecoach April 23, 2012 STAGECOACH yesterday reported growth in its rail business, which includes London commuter franchise South West trains. The FTSE 250 transport company gave an upbeat forecast for 2012 across its businesses. Stagecoach said that its like-for-like sales across its UK rail operations had risen by 8.8 per cent in the 48 weeks to 1 April. Its [...]
Mother’s Day boosts takings at Greene King April 23, 2012 RECENT calendar highlights boosted Greene King as strong sales on Valentine’s Day, Mother’s Day and St Patrick’s Day drove business up 4.5 per cent in the quarter. The pub operator said it sold 220,000 meals on Mothering Sunday, a 16 per cent increase on 2011 with wine sales up 18 per cent. Greene King chief [...]
