Fresh cull at Lloyds hits 585 January 21, 2010 Lloyds Banking Group is to cut another 585 jobs by March next year as part of changes to its wholesale and retail divisions. The bank – which unions say cut more than 15,500 jobs in 2009 as it tried to reduce costs following its merger with HBOS in 2008 – yesterday said 455 jobs would [...]
FSA cracks down on poor client asset management January 21, 2010 SOME insurance brokers and investment firms are failing to properly safeguard clients funds and could face regulatory penalties, the Financial Services Authority (FSA) said yesterday. The City watchdog has written to all major insurance brokers and investment firms to express concern over the handling of clients’ money and assets, and has already referred two firms [...]
ANALYST VIEWS: IS COMPETITION KILLING THE LSE? January 21, 2010 NESE GUNER | NOMURA We were pleasantly surprised by the announcement of further cost cuts. Going forward, we expect further positive newsflow in regards to both cost reductions and organic/inorganic growth initiatives. While these bode well for long-term prospects, we did note that management stated that market conditions would remain testing over the near term. [...]
Hershey bows out of race to win Cadbury January 21, 2010 HERSHEY yesterday conceded defeat in the battle to win Cadbury, admitting the recommended bid of 840p per share, plus a 10p dividend, is too high for it to top. The decision follows a unanimous vote by Hershey’s board of directors late on Wednesday against a competing offer. The decision by Hershey was widely expected. “It [...]
EasyJet expects profits to surge on soaring passenger numbers January 21, 2010 EASYJET yesterday forecast a “substantial” improvement in full-year profit as revenues and passenger numbers increase. First quarter revenues jumped by 10.5 per cent to £607m ($982m) at the low cost airline. Passenger numbers jumped by nine per cent to 11m. Easyjet said it managed to operate 90 per cent of its flights in December, despite [...]
Hedge funds report best performance in a decade January 21, 2010 HEDGE funds had their best performance in a decade and their greatest rebound since records began, according to new figures. The rate of recovery outpaced many analyst expectations. An astonishing 83 per cent of all funds posted positive performance in 2009, recouping 77 per cent of the value they lost from the previous peak in [...]
Inflationary fears fuel a gold rush January 21, 2010 GOLD’S 25 per cent price appreciation in 2009 was driven by investors running to take cover from the prospect of rising inflation, according to the World Gold Council. The trend of developing nations increasing their gold reserves also contributed to the precious metal’s ninth consecutive year of gains, the organisation said in an update. Gold [...]
NEWS | IN BRIEF January 21, 2010 Airbus talks are adjourned Airbus and seven European NATO nations adjourned crucial talks over the troubled A400M military transporter plane yesterday, with a source close to the talks saying they remained far apart on a possible rescue package. Germany is understood to be the major sticking point in the negotiations, which have become more urgent [...]
Timis scores a victory with £80m issue January 21, 2010 FRANK Timis, the controversial entrepreneur, yesterday announced an £80m fund-raising for African Minerals, a company where he is executive chairman. The successful money-raising shows that Timis, despite his colourful background, retains strong City support. Late last year Aim’s disciplinary committee levied its largest ever fine on Regal Petroleum for misleading investors about an oil find. [...]
Begbies Traynor profits rise after historically busy year January 21, 2010 Insolvency firm Begbies Traynor has emerged as a big winner of the recent crash. Its profits rose 69 per cent after six months of “historically high” levels of work. In the first half of last year it made pre-tax profits of £3.6m. Turnover was up 21 per cent to £34.2m. Earnings before exceptional costs increased [...]
