Comcast reveals $6.5bn buyback as it manages to keep hold of customers February 15, 2012 COMCAST yesterday reported that it had significantly cut cable customer losses, and announced a dividend increase plus a $6.5bn (£4.1bn) share repurchase plan. The largest cable company in the US lost 17,000 video customers in the fourth quarter, down from 135,000 subscribers in the same quarter in 2010. It also decreased cable losses for the [...]
Manchester Airport overhaul hints at interest in BAA sites February 15, 2012 MANCHESTER Airport could make a bid for one of BAA’s airports in the coming months, after its supervisors laid out a new ownership structure to allow it to expand. Manchester Airport Group is in talks with the local councils that own it, with a view to attracting a private investor to beef up its purchasing [...]
Deere does well as its farming conditions drive stronger sales February 15, 2012 DEERE & Co reported a four per cent rise in quarterly earnings yesterday as higher prices and growing demand for farming and construction machinery offset the rising cost of production, materials and meeting emissions regulations. The Illinois-based farm equipment maker posted fiscal first-quarter net income of $533m (£339m), or $1.30 per share, compared with $513.7m, [...]
BACON NUDE FETCHES £21M AT AUCTION February 15, 2012 A 1963 painting by Francis Bacon has been sold for £21.3m, making it the second most valuable piece of contemporary art ever sold at Christie’s auction house. The Portrait of Henrietta Moraes – described as “sexually charged” by Christie’s Francis Outred – had been in a private collection for 30 years, and had not been [...]
Peugeot plots asset sale as profits drop February 15, 2012 PSA PEUGEOT Citroen yesterday pledged additional savings and asset sales including its Gefco transport and logistics unit as it struggles to cut debt and battle losses at its auto division. Europe’s second-biggest carmaker recorded a second-half operating loss of €497m (£412.6m) at the core manufacturing arm, compared with a year-earlier €96m profit, the company said [...]
Morgan Crucible reports record results for the year February 15, 2012 BRITISH advanced materials group Morgan Crucible yesterday posted its strongest-ever results and said it expects an expansion in emerging markets in 2012 through its new high-margin thermal ceramic fibre products. The FTSE 250-listed company said that revenues lifted from £1bn to £1.1bn while pre-tax profits surged 64 per cent to £111m for the year. The [...]
Eni forecasts weak 2012 as Europe falters February 15, 2012 ITALIAN oil and gas group Eni sees economic gloom in Europe hurting its business in 2012, yesterday citing “poor recovery prospects” for its gas business and “a depressed trading environment” for its loss-making refining division. Reporting results ahead of a strategy presentation due next month, the company said it expects oil and gas output to [...]
CITY MOVES | WHO’S SWITCHING JOBS February 15, 2012 Octopus Investments The fund management company has hired James Almond to join the 30-person specialist finance team to work under the head of the unquoted division, Alistair Seabright. In the new role, Almond will structure new funds and investment products for both institutional and retail investors. He joins from Cornhill Asset Management, where he was [...]
BEST OF THE BROKERS February 15, 2012 OCADO UBS has downgraded the grocery delivery service from “buy” to “neutral” due to the stock’s recent outperformance, but raises its target price from 95p to 110p due to high peer group multiples. The broker says the business has yet to prove its credentials, and says consensus forecasts are still somewhat optimistic, especially for 2013. [...]
Apple drags Wall Street into the red February 15, 2012 US stocks fell yesterday for the third session in four, with market direction largely dictated by the swings in shares of Apple, the largest company in the world. The S&P 500 appeared set for a strong move off a nine-month high as Apple shares gained three per cent in early trading, helped by Tuesday’s disclosures [...]
