IAG profits jump – but Iberia stutters February 29, 2012 BRITISH Airways’ parent group IAG has reported a jump in annual profits. The company, which also owns Spain’s Iberia, yesterday announced pre-tax profits of £425.6m in the year to December 2011. However, it said its underperforming Spanish unit and high fuel costs would dent earnings this year. The company said the improvement in 2011 was [...]
ITV pins its hopes on in-house shows as advertising slips February 29, 2012 ITV, the free-to-air broadcaster, yesterday said sales of hit shows such as Downton Abbey had boosted its revenues, allowing it to become less reliant on an advertising market it expects to slow down this year. Non-advertising revenues jumped 11 per cent last year to £922m, accounting for around 43 per cent of overall revenue. Since [...]
BA dragged down by pain in Spain February 29, 2012 SOARING fuel costs and striking staff threaten an airline’s very survival. No, we’re not talking about 2010, when a long cabin crew strike and high oil price crippled British Airways. Instead it is Spain’s Iberia – owned by BA parent IAG after the two airlines merged last year – that is proving such a headache. A quick [...]
Quarterly reporting distorts, claims Kay February 29, 2012 MANY investors are calling for quarterly reporting to be abolished as it encourages short-term decision-making, a government review into short-termism claimed yesterday. The review, chaired by economics professor John Kay (pictured), said in its interim report that many respondents think reporting every three months encourages firms to pad the results with “useless or misleading” statements [...]
HSBC near sale of its insurance arm to rivals for £1bn February 29, 2012 HSBC is about to complete a £1bn deal to sell its general insurance arm to rivals AXA and QBE, according to reports. Under the deal French insurance giant AXA would take over HSBC’s business in Mexico and Asia, excluding Hong Kong. Australian firm QBE would then take over the Hang Seng operation in Hong Kong [...]
Blackstone boss’ boom year as he earns $213m February 29, 2012 THE CO-FOUNDER of Blackstone has become the latest US private equity titan to win a bumper payout with a $213.5m (£133.88m) award in 2011. Most of Stephen Schwarzman’s package, which rose by a third, came from dividends on his 21 per cent stake in the world’s largest private equity firm and realised investments from funds [...]
Regulators slam EU credit rating reform plan February 29, 2012 REGULATORS have warned that plans for European reforms of credit rating agencies (CRAs) could have unintended consequences, as proposals emerged yesterday to give the EU new powers over the controversial bodies. Giving evidence at the opening of the Treasury Select Committee’s enquiry into CRAs, the Financial Services Authority’s David Lawton said that forcing companies to [...]
Diageo lines up successor for chief exec February 29, 2012 DIAGEO, the drinks company behind Guinness and Johnnie Walker, has promoted Ivan Menezes to a new role of chief operating officer, in a move that could see him eventually take over from chief executive Paul Walsh. Menezes, who is president of Diageo’s North American business and chairman of its operations in Asia Pacific and Latin [...]
Restaurant Group plots more site openings as profits jump February 29, 2012 THE RESTAURANT Group, the owner of the Garfunkel’s and Frankie & Benny’s chains, said another 600 jobs were in the pipeline for this year after boasting of another “corking” set of full-year results for 2011. Revenue increased to £487m in the year to January, while like-for-like sales were up 3.25 per cent. Pre-tax profit was [...]
Ivan Menezes following Walsh’s path to the top February 29, 2012 IVAN MENEZES’ journey to top of the world’s largest drinks company mirrors that of the firm’s chief executive Paul Walsh. Walsh became chief operating officer at the start of 2000 with the stated aim of taking over as chief executive from John McGrath. By September that year he had moved into the top role. That [...]
