Carrefour in profit boost after savings August 31, 2010 THE WORLD’S second biggest retailer Carrefour said yesterday that the summer sales trend was mixed in Europe but demand was holding up in emerging markets with an annual operating profit in its sights. Tight cost control and a surge in emerging markets lifted first-half operating profit by 7.6 per cent to €82m (£67.8m) while the [...]
JPMorgan Cazenove stays at top of broking league table August 31, 2010 FEARS Cazenove would bleed clients after JPMorgan bought out the remainder of the firm were demolished as it stayed at the top of the broking league table yesterday. JPMorgan Cazenove won nine clients in the past three months, according to data provider Hemscott, putting it in pole position with 253 contracts. The blue-blooded institution stole [...]
Canvas called poison pill for internet TV August 31, 2010 OFCOM has received a third competition complaint about BBC-backed video-on-demand service Project Canvas. Regional broadcaster Six TV joins Virgin and Sky in claiming the joint venture will unfairly dominate the online TV market. Virgin lodged an official complaint earlier this year and now Six TV has branded the venture a “poison pill” for the local [...]
Foxconn falls deeper into the red August 31, 2010 Foxconn, maker of the iconic iPhone, saw its value tumble yesterday after revealing another set of disappointing results. Its stock fell almost eight per cent yesterday morning, its biggest single-day fall in 17 months, after reporting first-half earnings fell deeper into the red. Foxconn recorded a January to June loss of $142.64m (£92.9m), far worse [...]
CITY MOVES | WHO’S SWITCHING JOBS August 31, 2010 Russell-Cooke LLP The London law firm has continued its expansion by hiring Edward Wanambwa as employment partner. He joins from CM Murray LLP, having trained at Bryan Cave and previously worked at Clifford Chance. He has been tasked with building the firm’s business immigration practice, having worked on immigration issues throughout his career. This brings [...]
SHAMED FORMER HP BOSS TO LEAVE NEWS CORP August 31, 2010 WHEN it rains it pours. Yesterday it emerged beleaguered former HP boss Mark Hurd will not be nominated for reelection as a director at Rupert Murdoch’s News Corp. He was forced out of the top job at HP after irregular expense claims emerged following damaging allegations by former porn-star Jodie Fisher
Astrazeneca lung drug hits a fresh hurdle August 31, 2010 ASTRAZENECA’S MedImmune biologics unit has been asked by US regulators for more information on its infant lung drug motavizumab after drug regulatory advisers recommended against approving it in June. The request, known as a complete response letter (CRL), from the US Food and Drug Administration (FDA), asked for evidence from an additional clinical trial to [...]
UK rated worst place to live by expats August 31, 2010 EXPATS living in the UK have rated the region as one of the least favourable locations to live in the world, citing difficult job markets, reduced levels of disposable income and higher personal debt as the reasons, according to new survey findings. HSBC’s annual Expat Explorer survey found that the UK was rated by expats [...]
BEST OF THE BROKERS August 31, 2010 CARREFOUR Execution Noble issues a “sell” rating on the French grocer following its first-half results yesterday. The broker says some of Carrefour’s key markets are deteriorating, for example in Brazil, and that the firm’s new strategy in France will be critical to any recovery. Shares are trading at a six per cent premium to the [...]
INVESTMENT BANK OF THE YEAR August 31, 2010 THE story of the last year for investment banks has been recovery. While the rest of the economy has remained sluggish the smartest bankers have bounced back and returned to profit – sometimes spectacularly so. Still, things will never be the same. A re-ordering of the banking world is ongoing, and our list reflects this. [...]
