Foster’s says beer and wine do not go together May 26, 2010 AUSTRALIA’S largest brewer Foster’s is to split its struggling wine arm from its beer section, it announced yesterday. The firm expanded into wine in 1996 when it bought the Miliaria Blass brand. The business now includes Southcorp with its Penfolds and Lindemans brands. Foster’s wine business is the world’s second largest after Constellation Brands. However, [...]
DYSON CLEANS UP WITH RECORD PROFIT May 26, 2010 DYSON yesterday said it recorded a record annual profit – fuelled by booming sales of the company’s vacuum cleaners – shown above with founder James Dyson. Turnover in 2009 rose 23 per cent to £770m while operating profit more than doubled to £190m. The company said it was planning to hire another 350 engineers, and [...]
Profit doubles as Montreal Bank shines May 26, 2010 BANK of Montreal (BMO) said yesterday profit doubled in the second quarter as wealth management and capital markets surged and the bank set aside less money to cover bad loans. The higher-than-expected result kicked off Canada’s bank earnings season with a bang. It was the fifth straight quarter of higher revenues and net income for [...]
CITY MOVES | WHO’S SWITCHING JOBS May 26, 2010 Otkritie Securities Otkritie, the UK subsidiary of Russian financial services giant Otkritie Financial Corporation, has appointed Howard Snell as chairman. Snell joined the broker last year as an executive director, having previously been UK chief executive of Russian investment bank Troika Dialog. He was also previously co-head of the London emerging markets desk at UBS, [...]
Don’t be caught unawares by bank volatility May 26, 2010 FEARS of sovereign debt contagion within the Eurozone have quickly turned into concerns about a European banking crisis. As if investors needed any further confirmation about the fragility of European banks, regional Spanish bank CajaSur was seized last weekend by the Bank of Spain after it had been crippled by property loan defaults. Plenty of [...]
Avoid a hasty decision about the CGT rate May 26, 2010 THE new Lib-Con coalition didn’t waste any time after the election to show it is serious about lowering the UK’s enormous public debt. And it looks like a hike in capital gains tax (CGT) is on the cards in a bid to raise much-needed revenue. So what does this mean for investors? Individual stocks, contracts [...]
THE TIPSTER May 26, 2010 TESCO has pulled back from its high of 454.9p at the end of April but has also bounced back from its decline to the 38.2 per cent Fibonacci retracement level. Look to purchase below £4 with a stop at £3.85. WorldSpreads offers a rolling spread on Tesco of 397.2p–398p. There’s been no shortage of volatility [...]
LISTED PRODUCT NEWS May 26, 2010 GOLD DRIVES SOURCE ETC JUMP Since the launch of its Exchange-Traded Commodities (ETC) platform in April last year, Source, the ETF provider, has seen its assets soar to more than €500m (£427m), making it the second biggest collateralised ETC provider in Europe. Most of Source’s products are US Treasury Bill-secured ETCs listed on Xetra but [...]
Principles and not rules are the way to encourage business to be ethical May 26, 2010 TOMORROW, the Financial Reporting Council will announce the first part of its new code of conduct for corporate governance. It is a welcome step towards ensuring that businesses behave in a responsible way, but more is needed. It has been striking in recent times that the public and policymakers have blamed business’s failures on ethical [...]
Job interviews are back, so it’s time to work on your technique May 26, 2010 FOLLOWING two years of relative stagnation in the City jobs market, where any movement tended to be of the non-voluntary nature, hiring is back in the Square Mile. The most recent employment report from KPMG shows that hiring is up 29 per cent in the private sector, compared to the previous quarter. Unsurprisingly, the biggest [...]
