Japan watchdog files official complaint against Olympus March 6, 2012 Japan’s securities watchdog became the latest authority to file a criminal complaint against Olympus Corp, some former executives and outside advisers over the company’s $1.7bn (£1.1bn) accounting fraud. The Securities Exchange and Surveillance Commission (SESC) said it had requested criminal charges be filed by public prosecutors against individuals involved in dubious mergers and acquisitions used [...]
House prices fall 0.5 per cent March 6, 2012 British house prices dipped 0.5 per cent in February, largely offsetting January’s 0.6 per cent rise, data from mortgage lender Halifax showed. House prices fell 1.9 per cent in the three months to February compared with a year ago, taking the average price of a home to £160,118. Lower inflation in the coming months should [...]
Betfair boosted by Australian Open March 6, 2012 Betfair, the world’s biggest betting exchange, reported an 11 per cent rise in third quarter revenue, beating market expectations, with strong demand for betting on the Australian Open tennis and horse racing driving growth. Betfair said the Australian Open had been particularly popular with the marathon five set final between Novak Djokovic and Rafael Nadel [...]
Meggitt profit surge fuelled by aerospace March 6, 2012 British aircraft parts supplier Meggitt posted a forecast beating 26 per cent rise in full-year profit, helped by growing demand for commercial aircraft. The company, which supplies flight displays and wheels to planemakers Airbus and Boeing, reported a 2011 pre-tax profit of £323m on sales 25 per cent higher at £1.45bn. The FTSE 100 group [...]
Nissan to invest £125m in UK in compact car project March 6, 2012 Japanese carmaker Nissan Motor is to invest £125m to build a new compact vehicle from mid-2013 in Sunderland, northeast England, where its workforce will rise by 600 to 6,000. The company said the move, which will be supported by a $15m loan from Britain, will create a total of 2,000 jobs at Nissan and its [...]
Tullett Prebon profits down March 6, 2012 Interdealer broker Tullett Prebon reported flat 2011 revenues and profits down on the previous year, blaming “unsettled” markets for the performance. The broker, which matches buyers and sellers of currencies, bonds and swaps, said on Tuesday revenue last year was £910.2, compared with £908.5m in 2010. Underlying profit before tax was £136.1m compared with £149m [...]
War on Britain’s aspirational classes March 6, 2012 THERE is something very wrong with Britain’s tax system. Imagine you are an aspiring, successful hard-working individual; after several years putting in the hours, you now earn £42,475 a year. You’re already a victim of the tax system: you pay no tax on your first £8,105, but then face 20 per cent tax on the [...]
Boris begs Prudential to stay March 5, 2012 BORIS Johnson has written to the chief executive of Prudential in a bid to convince the insurance giant to keep its headquarters in London, City A.M. has learned. The Mayor sent the letter to Tidjane Thiam last Friday, following the revelation that Prudential was considering moving its headquarters to Hong Kong to avoid tough new [...]
Retail sales on the rise March 5, 2012 RETAIL sales grew strongly in February, continuing the revival seen in recent months and adding to hopes that UK consumer confidence is returning, according to industry figures published today. Numbers from the British Retail Consortium (BRC) revealed total sales rose 2.3 per cent compared with February 2011, an acceleration from the 2.1 per cent rise [...]
US bonuses down 25pc March 5, 2012 WALL Street bonuses fell by a quarter last year, according to the latest official estimate by US regulators. That is twice the rate American officials had suggested only last week, and is set to be followed by 4,300 job cuts on the Street this year, according to New York City’s Independent Budget Office (IBO). The [...]
