Reckitt Benckiser profit beats forecasts November 2, 2010 Reckitt Benckiser beat City forecasts with an 18 per cent rise in third-quarter profits. The increase follows its takeover of Durex condom maker SSL. The consumer goods company, whose brands include Cillit Bang-to-Nurofen, is expecting the acquisition to fuel s sdale surge. Chief executive Bart Becht said: “For the business ex-RBP (pharmaceuticals), there is no [...]
St James’s Place boosted by new clients November 2, 2010 Wealth manager St James’s Place outpaced market expectations for growth in new business in the three months to the end of September, with strengthening markets bolstering sales. The company’s most closely followed measure of new business, a combination of regular and single premiums, saw a 30 per cent increase over the period to £136.5m compared [...]
Aviva unveils £200m cost cutting programme November 2, 2010 Insurer Aviva unveiled £200m in planned cost cuts and said it was set for “strong profitable growth” this year after sales for the first nine months rose in line with expectations. Aviva, Britain’s second-biggest insurer, will take out £200m in costs and deliver another £200m in efficiency gains by the end of 2012, it said. [...]
Lloyds gives upbeat trading update November 2, 2010 Lloyds Banking Group has said it remains on target to deliver a “good financial performance” for 2010. The bank promised to speed up the pace at which it paysback the taxpayer after it was bailed out from the public purse. Lloyds, which returned to profit during the first half of the year, added that its [...]
BP clean-up bill spirals to $40bn November 2, 2010 BP has reported a £1.1bn in the third quarter – but us still being weughed down by the siralling cost of the Gulf clean-up operation. The company lifted its estimate of the likely cost of its Gulf of Mexico oil spill by $7.7bn (£4.7bn) to $39.9bn. BP said third-quarter replacement cost profit – the key [...]
Jupiter fund to be run by de Blonay November 1, 2010 Investment house Jupiter said one of its highest-profile managers will take the lead role in its £1bn Financial Opportunities fund from the start of next year. Guy de Blonay will be lead manager, while incumbent Philip Gibbs will be his deputy and retain oversight of all the firm’s financials portfolios as head of the financials [...]
High Court gives green light to Irish bank revamp November 1, 2010 Ireland’s High Court upheld Ireland’s state-run “bad bank” structure, throwing out a legal challenge that had threatened to complicate the country’s recovery from financial crisis. Paddy McKillen, who co-owns Dublin’s Clarence Hotel with rock group U2 band members Bono and The Edge, had brought the first case against Ireland’s National Asset Management Agency to try [...]
UK manufacturing output on the climb November 1, 2010 Manufacturing growth picked up pace last month for the first time since March and broader activity in the sector also accelerated unexpectedly, a leading industry survey showed. Markit/CIPS’s headline manufacturing Purchasing Managers’ Index (PMI) rose to 54.9 from September’s 10-month low of 53.5, its highest level since July and in contrast to economists’ expectations for [...]
Weir Group raises forecast on mining and oil company demand November 1, 2010 Engineering company Weir Group said it expected full-year profits to be slightly ahead of its previous forecast, boosted by higher demand from oil and mining companies for equipment and maintenance. Weir, a maker of pumps and valves for the mining, oil and gas and power generation industries said on Monday orders for equipment rose 44 [...]
CKI completes £5.7bn deal for EDF’s UK network November 1, 2010 Cheung Kong Infrastructure Holdings and Hongkong Electric Holdings have completed acquisition of entire EDF Energy ownership of its United Kingdom networks for £5.775bn. Cheung Kong Infrastructure and Hongkong Electric each holds 40 per cent stake in the investment with remaining 20 per cent taken by the Li Ka Shing Foundation Limited and Li Ka Shing [...]
