Ashmore profits boosted by emerging markets September 13, 2011 – Fund manager Ashmore Group (ASHM.L) saw its pre-tax profits jump 13 per cent after clients looked to its emerging market products to see them through volatile times. Profits hit £245.9m in the year to June-end the company said in a statement, just ahead of £245m s forecast by Oriel Securities, after net management fees [...]
House prices slip in August September 13, 2011 House prices in England and Wales fell in August and transactions slipped to levels last seen during the recession in 2009, a survey showed on Tuesday. The Royal Institution of Chartered Surveyors’ seasonally adjusted house price balance inched down to -23 from -22 in July, in line with the median forecast in a Reuters poll. [...]
Explosion at French nuclear site kills one and injures four September 12, 2011 An explosion at the French nuclear site of Marcoule injured four people and killed one, France’s ASN nuclear safety watchdog said, but local police said there was no risk of contamination. A safety zone has been set up around the site as a precaution. Interior ministry spokesman Pierre-Henry Brandet confirmed that there had been no [...]
HSBC launches sale of non life business September 12, 2011 HSBC has launched the sale of its non-life insurance business, a global division worth about $1bn, and now part of the bank’s plan to strip away non-core units, sources have told Reuters. HSBC, Europe’s biggest bank with a large presence across Asia, had sent out information memorandum to potential buyers, with first round bids due [...]
Colfax to buy Charter after beating Melrose September 12, 2011 US group Colfax is to buy toolmaker Charter International for an agreed £1.53bn in cash and shares, after beating off rival bidder Melrose with a 910 pence per share offer. Charter, which makes tools and equipment, had opened its books to long-time suitor Melrose two weeks ago after the manufacturing buyout firm sweetened its approach [...]
Banks to take £7bn hit from Vickers reforms September 12, 2011 Britain’s banks should shield their retail operations from riskier investment banking units and boost capital levels to protect taxpayers from future crises, according to far-reaching proposals that could cost the industry £7bn a year. The Independent Commission on Banking (ICB) also said banks must hold core capital of at least 10 per cent in their [...]
AB Foods reports flat earnings September 12, 2011 Primark-owner Associated British Foods said it is on track to deliver flat annual earnings on Monday with better than expected sugar profits helping to offset lower than forecast margins at its discount fashion chain. The food and retail group said it expected Primark’s annual like-for-like sales to rise three per cent after a similar rise [...]
Foster’s board takes new swipe at SABMiller bid September 12, 2011 Australian brewer Foster’s Group has reiterated its opposition to a $10bn takeover bid by SABMiller, telling its shareholders to take no action in relation to the offer. “Your board believes the offer significantly undervalues your company. The offer is also highly conditional and subject to significant uncertainty,” Foster’s said in a letter to its shareholders, [...]
Tata CEO steps down September 9, 2011 Carl-Peter Forster, chief executive of Indian motor manufacturing group Tata motors, has unexpectedly stepped down due to, “unavoidable personal reasons.” Tata motors owns UK luxury car-maker Jaguar Land Rover, the running of which will revert to CEO Ralf Speth. No immediate replacement has been announced, meaning the group will remain without a leader in overall [...]
HMV summer sales slump by a fifth September 9, 2011 Troubled music retailer HMV has reported a further slump in sales in the past four months but said its turnaround strategy had made progress. Sales dropped by a fifth in the 18 weeks to the end of September, following a drop of 11 per cent on like-for-like sales in the year up to June, and [...]
