HISCOX SETS HIGH TARGET FOR HIS BRAINY BUNCH February 27, 2012 SMUG faces on the board of the insurance group Hiscox as chairman Robert Hiscox announces his retirement after 47 years: “I have always aimed to employ people brighter than I am… I am convinced that the current top executives prove that I have achieved my employment ambition.” So take a bow, directors Bronek Masojada, Stuart [...]
Bunzl shares at record high as profits rise February 27, 2012 BUSINESS supplies distributor Bunzl showed its recession-proof qualities with a greater-than-expected 11 per cent rise in yearly pre-tax profit yesterday, boosting its already outperforming shares to a record high. FTSE 100-listed Bunzl, which supplies supermarkets, hospitals and hotels with products ranging from carrier bags to toilet rolls, reported a 2011 pre-tax profit of £306.1m on [...]
Hoare Govett’s larger clients look poachable February 27, 2012 JEFFERIES Group, the global investment firm that has picked up the Hoare Govett name and around 50 of its remaining employees, has done a good job in hanging on to many of the firm’s stars. So, corporate advisers like Paul Nicholls and Chris Zeal have made the move across to the new firm, as has [...]
Cookson looks abroad to grow February 27, 2012 BRITISH industrial materials group Cookson said its increasing exposure to developing markets would fuel growth in 2012, surprising the market which had looked for sales to stay flat mainly due to sluggish Europe. Cookson, whose products are used in the glass and solar industries, yesterday forecast mid-single digit growth for 2012, after reporting a better-than-expected [...]
GM looks to buy stake in Peugeot February 27, 2012 GENERAL Motors is in advanced discussions to buy a small stake in French carmaker PSA Peugeot Citroen as part of their proposed strategic alliance in Europe, sources familiar with the situation said yesterday. Under the terms being discussed, GM would likely buy a stake of less than five per cent in Peugeot, the sources said. [...]
Dismay over new line-up at Olympus February 27, 2012 ANY hopes that Olympus was ready to move on from a $1.7bn (£1.07bn) accounting scandal were dashed yesterday after a raft of boardroom hirings sparked fresh criticism. The Japanese maker of cameras and medical equipment said it had nominated an insider, executive officer Hiroyuki Sasa, to become president and former banker Yasuyuki Kimoto as chairman, [...]
Housebuilder Bovis hunts for growth in south as profits rise February 27, 2012 HOUSEBUILDER Bovis Homes reported a 74 per cent jump in profit yesterday and predicted a strong 2012 from its focus on the relatively buoyant market for family homes in the affluent south of England. “It was a great year in terms of driving profitability back through the business … and we are expecting a stable [...]
Elpida is filing for bankruptcy February 27, 2012 COMPUTER memory chip maker Elpida filed for chapter eleven protection from creditors yesterday with 448bn yen (£3.5bn) in debt – one of the biggest bankruptcy filings ever by a Japanese manufacturer. The company, which makes DRAM (dynamic random-access memory) chips used in traditional computers, has taken a hit since consumers have turned their eyes to [...]
Asda takes on John Lewis exec February 27, 2012 ASDA has poached John Lewis exec Richard Mayfield to fill the role of chief financial officer. Mayfield, director of partnership services at John Lewis, is to join the retail giant in the summer, replacing acting CFO Rob McWilliam, who is moving to parent firm Wal-Mart as a strategy director. Before working for John Lewis, Mayfield [...]
Digital spurs Pearson past expectations February 27, 2012 THIS will be the year that digital revenues overtake traditional sales at Pearson, which grew pre-tax profits 72 per cent on an unadjusted basis to £1.16bn in fiscal 2011. Pearson, the educational services group that owns Penguin and the Financial Times, beat market expectations and its own forecasts to report adjusted earnings per share of [...]
