Cisco proves growth is returning as earnings beat Street forecasts November 9, 2011 CISCO Systems, the world’s biggest networking equipment maker, reported quarterly earnings per share that beat estimates, signalling that efforts to revive growth are beginning to pay off. The company yesterday reported adjusted earnings of 43 cents per share for the fiscal first quarter ended 29 October, compared with the average analyst forecast of 39 cents. [...]
Shares in GM tumble after profits drop November 9, 2011 GENERAL Motors posted a third-quarter profit that fell 15 per cent after a loss in Europe, and disappointed investors with a forecast that closed the door on any improvement in the current quarter. GM vowed to slash costs to shore up margins in a sputtering economy but its fourth-quarter outlook disappointed investors and sent shares [...]
Ducati appoints banks for IPO in Hong Kong November 9, 2011 ITALIAN motorcycle maker Ducati has appointed Deutsche Bank, Goldman Sachs and Mediobanca to manage its prospective Hong Kong IPO, sources told City A.M. yesterday. Reports of the banks’ appointment for a Hong Kong IPO come 24 hours after the London-based retailer of diamonds, Graff Diamonds, was reported to be considering a $1bn IPO in Hong [...]
Murdoch is named chair of News Ltd November 9, 2011 RUPERT Murdoch has assumed the role of chairman of News Corp’s Australian arm in a bid to shore up its defence against an increasingly hostile government. Current chairman of News Ltd John Hartigan, a veteran journalist, is retiring, paving the way for a homecoming for Murdoch. Investors in News Corp have been pressing for Murdoch [...]
Autonomy spin-off Blinkx buys digital agency for $36m November 9, 2011 AUTONOMY spin-off Blinkx has agreed to buy digital marketing agency Prime Visibility Media Group (PVMG) for $36m (£22.5m) in cash. The California-based company will partially fund the acquisition through a placing of new shares. Blinkx says it will integrate PVMG’s platform into its own, enabling its video search engine to respond to a portion of [...]
Vodafone seals the £790m sale of its stake in Poland’s Polkomtel November 9, 2011 VODAFONE last night sealed the €920m (£790m) sale of its 24.4 per cent stake in Polkomtel after gaining regulatory clearance from Polish authorities. Spartan Capital Holdings beat off competition from rivals including Apax and Telenor to acquire the stake. The sale is part of Vodafone’s strategy to offload non core assets. It has also sold [...]
Flybe reduces winter flights as trading conditions remain tough November 9, 2011 EUROPE’S biggest regional airline Flybe reported a higher first-half profit, but said it will cut the number of UK domestic flights this winter amid falling demand and high fuel costs. The Exeter-based carrier, which has seen its shares slide since its flotation last year, slashed its full-year profit guidance last month after experiencing a slowdown [...]
Rail passengers boost revenues at FirstGroup November 9, 2011 Transport operator FirstGroup reported a nine per cent rise in first-half adjusted pre-tax profit, driven by a strong performance at its UK rail business, and said it was upbeat on its outlook, despite facing a weak economy. However it warned that while rail was holding up well in the economic turmoil, its bus business was [...]
PwC: UK may avoid double dip recession November 9, 2011 GROWTH will slow almost to a halt in 2012, but the UK will probably avoid a double dip recession, according to a report out today from PwC. GDP growth is expected to come in at one per cent in both 2011 and 2012, with a “30 to 40 per cent chance of recession,” chief economist [...]
Trade deficit at record high November 9, 2011 A RECORD trade deficit in goods was recorded in September as import growth outstripped export demand, according to figures published by the Office for National Statistics (ONS) yesterday. Exports crept up by 0.2 per cent to £24.46bn, while imports shot up 3.8 per cent to £34.27bn, leaving the deficit in goods at an unprecedented £9.81bn. [...]
