Miles insists job guidance works September 24, 2013 FIRMS can increase production rapidly when the recovery takes hold without taking on more staff, the Bank of England’s David Miles said yesterday, arguing that markets are wrong to expect unemployment to fall soon. But this does not mean the policy of waiting for jobs to recover before cutting rates has failed, he said. “I [...]
Credit Suisse wealth cuts September 24, 2013 CREDIT Suisse’s wealth management business will pull out or partially withdraw from some 50 countries by the end of the year, it emerged yesterday, after completing a review of each of its business units. The bank has embarked on an efficiency review to look at the scale of each unit, its potential future growth and [...]
Close Brothers’ trade improves September 24, 2013 CLOSE BROTHERS has enjoyed a boost from its investment banking arm and signs of improvement in its Winterflood Securities broker dealer. The firm’s adjusted operating profit rose 24 per cent to £166.5m in the year to the end of July. Its banking unit, which focuses on lending to smaller businesses, posted a 17 per cent [...]
The chips are up for tech pair in £18bn tie-up September 24, 2013 THE WORLD’S biggest producer of chipmaking equipment said yesterday it plans to buy out its rival to create a $29bn (£18.1bn) company. Applied Materials will purchase Tokyo Electron in an all-share deal, the two said. The surprise move is expected to strengthen their position in a maturing industry where growth opportunities have become harder to [...]
Dating group Cupid falls into the red on higher marketing costs September 24, 2013 CUPID yesterday said distractions had caused the online dating service to post a 56 per cent slump in underlying earnings to £2.6m for the first six months of the year. On a statutory basis, the firm slipped to a pre-tax loss of £2.8m, compared to a £3.6m profit last year. Revenues for the group rose [...]
Carnival sinks on profit drop September 24, 2013 CRUISE operator Carnival yesterday warned it could report an adjusted loss for the current quarter, after posting a 30 per cent fall in third-quarter profit due to a series of mishaps on its ships that left passengers stranded at sea for days. Net ticket yields fell 4.6 per cent in the third quarter while yields [...]
Miller Group seeks banks September 24, 2013 MILLER Group is on the hunt for banks to weigh up its options as the British housing market continues to surge. The housing firm, controlled by a subsidiary of Blackstone, has approached banks to advise on an initial public offering or other expansion strategy. Edinburgh-based Miller declined to comment yesterday. Chief executive Keith Miller said [...]
Heron Tower investors days from a deal September 24, 2013 PROPERTY magnate Gerald Ronson and the two other shareholders in the Heron Tower on Bishopsgate are days away from reaching an agreement over exit strategies, City A.M. understands. This is now most likely to result in refinancing an existing loan rather than a sale.
Corporate deals worth $2 trillion agreed in 2013 September 24, 2013 MERGER and acquisition (M&A) activity is back, according to data released yesterday which shows a 13 per cent increase in deals worldwide during the first nine months of 2013. M&A activity reached $2.02 trillion (£1.26 trillion) during the period, with an incredible 18 corporate deals valued above $10bn, accounting for 22 per cent (£280bn) of [...]
Premier Foods drops after switch of finance chief shocks markets September 24, 2013 PREMIER Foods said yesterday that its chief financial officer Mark Moran would be leaving the company, sending its shares down nearly eight per cent in morning trade on uncertainty about the company’s efforts to improve its performance. Alastair Murray, most recently group finance director of Dairy Crest Group, will take over the job on 30 [...]
