Insurer needs to exploit bid interest September 22, 2011 YOU wait ages for a bus and then three come at once, or so the saying goes. Shareholders in Omega, the insurance group headed by Richard Pexton, must feel similarly. The loss-making group, which has been on the radar of Canopius for many months, now has three proposals to consider after rival Barbican yesterday confirmed [...]
FedEx pares outlook despite rise in profit September 22, 2011 FEDEX, the world’s second biggest package delivery company, last night reported a higher quarterly profit that slightly beat forecasts but pared its outlook for the full year, citing fuel prices and moderate global economic growth. Analysts had expected the company to lower its earnings guidance based on a tepid domestic economy and slower international trade [...]
Board moves to safeguard Molton Brown September 22, 2011 LUXURY skincare firm Molton Brown has moved to break off deals with key contractors who threaten to jeopardise its upmarket reputation. Parent company Kao Prestige has highlighted concerns over the behaviour of firms which could damage Molton Brown’s “brand value”. “This could be caused by poor quality products, poor customer service or inappropriate sales channel [...]
Ed Wray poised to stand down as chair of Betfair September 22, 2011 BETFAIR co-founder Ed Wray is set to step down as chairman of the betting exchange – just months after the firm’s chief executive said he would quit. Betfair yesterday said it had begun to search for a new deputy chair, who will replace Wray at an “appropriate time” in the future. It is unclear whether Wray [...]
Have faith in hedge funds, says IAM boss September 22, 2011 THE CHIEF executive of £2.8bn International Asset Management has hit back at the “loss of faith” in hedge funds after the industry endured a grim August. Morten Spenner, who runs a fund of hedge funds, said the sector had generated consistent returns and dampened volatility since last year. “Since the debacle of 2008 and the [...]
Manufacturers’ hopes high in face of falling demand, but concern mounts over 2012 output as stock builds up September 22, 2011 MANUFACTURERS’ order books shrank in September, but they expect output to keep growing over the next three months, according to a survey published yesterday by the Confederation of British Industry (CBI). Thirty one per cent of firms reported “below normal” orders in September, against 22 per cent who said they were higher than usual. In [...]
Ireland defies slowdown with an export-led boom September 22, 2011 BRISK growth surprised analysts as Ireland’s economy picked up the pace in quarter two and had first quarter estimates revised upwards, the Central Statistics Office announced yesterday. GDP increased by 1.6 per cent over the three months from April to July. First quarter growth was increased to 1.9 per cent, up from earlier estimates of [...]
Deloitte gets a boost from high revenues September 22, 2011 DELOITTE, the world’s largest accounting and consulting firm, said global revenue rose the most in three years in the 2011 fiscal year, helped by double-digit gains in advisory and consulting work. Deloitte’s member firms worldwide reported a record $28.8bn (£18.8bn) in revenue, up 8.4 per cent from 2010. In local currency terms, not accounting for [...]
Nike outperforms as its future orders rise 16pc September 22, 2011 NIKE topped Wall Street’s profit estimates yesterday as the world’s biggest athletic shoe and clothing maker staved off margin pressures with strong sales and price increases, sending shares up 5.7 per cent in after-market trading. The company, which also owns brands like Converse, Umbro and Hurley, said sales rose 18 per cent to $6.1bn (£4bn) [...]
Alere warns of share price fall at Axis-Shield September 22, 2011 AXIS-SHIELD suitor Alere yesterday went on the offensive, warning Axis shareholders that their investments will “significantly” drop in value if a takeover offer is not accepted. Alere said that the medical technology firm’s interim results last month have not changed its view of the company, and claims that the Axis shares are riding high on [...]
