Housebuilder Berkeley sees earnings at top end March 18, 2011 Housebuilder Berkeley Group Holdings expects to post full-year earnings towards the top end of expectations after winter sales reservations jumped and visitor numbers held steady. The company, which specialises in luxury flats, also said that it hoped to achieve further earnings growth in the coming year, should market conditions permit. Sales reservations in the November [...]
Japan shares up and yen drops as G7 rides in March 18, 2011 Japanese shares jumped nearly three per cent and the yen tumbles after the Group of Seven agreed on rare joint intervention to curb the soaring currency and calm markets jittery over Japan’s nuclear power plant crisis. But the stock rally does not mean dramatic gyrations seen this week are over because the crisis at the [...]
Chaucer says New Zealand quake bill £19m March 18, 2011 Insurer Chaucer estimated its loss from last month’s New Zealand earthquake at £19m, but said it was still too early to assess the impact of the Japanese quake. Chaucer, currently in talks with potential buyers including private equity businessman Guy Hands, also cut its estimated loss from the quake that struck New Zealand in September [...]
FSA says UK bank tests will be tougher than in Europe March 17, 2011 A pan-EU health check of banks currently underway will be useful and more consistent than last year’s flawed exercise but Britain’s own stress-test is tougher, Financial Services Authority Chairman Adair Turner said. “I suspect you will find that our parameters will be tougher and tighter than the European ones. They were last year,” Turner told [...]
US inflation rate picks up speed March 17, 2011 US consumer prices rose at their fastest pace in more than one and a half years in February, driven by higher food and energy prices. The Labour Department said its Consumer Price Index rose 0.5 per cent, the largest gain since June 2009, after increasing 0.4 percent in January. Core CPI – excluding food and [...]
Credit Agricole targets €7bn profit by 2014 March 17, 2011 French bank Credit Agricole plans to boost net profit to 6-7 billion euros by 2014, with revenue of over 25bn euros, as it focuses on organic growth and low-risk domestic retail. France’s third-biggest listed bank will also reach a Tier 1 ratio of over 8.75 per cent without a capital increase under tougher incoming Basel [...]
Legal & General hikes dividend after profit rise March 17, 2011 Legal & General has increased its full-year dividend payment by 24 per cent after reporting strong results for 2010. The insurer said annual pre-tax profits were £1.09bn, up from £1.07bn, on worldwide sales which rose 28 per cent to £1.8bn. The company’s savings division saw operating profit up 130 per cent to £115m and net [...]
Premier Farnell in strong start to year March 17, 2011 Electronic components distributor Premier Farnell said 2011 had started strongly as it posted an expected 70 percent jump in 2010 profit, helped by strong growth in emerging markets. “Sales momentum from the fourth quarter has continued into the new financial year,” the company said on Thursday, adding that group sales were up eight per cent [...]
Bank of Japan moves to inject another £46bn March 17, 2011 The Bank of Japan has offered to inject a further 6 trillion yen (£46bn) into the banking system, continuing its effort to calm markets in the wake of the yen’s spike to a record high against the dollar. That came on top of a total of 28 trillion yen already offered in same-day operations this [...]
Panmure reports loss but eyes better 2011 March 17, 2011 Stockbroker Panmure Gordon, which faced a takeover threat from rival Evolution Group last year, said its business was improving as it posted a widely-expected annual loss. Panmure made an adjusted operating loss of £3.2m for the year to 31 December, reflecting restructuring costs, legal provisions and difficult market conditions. Last October, Evolution decided against bidding [...]
