ANALYST VIEWS: WHAT DO YOU THINK OF AVIVA’S RESULTS? August 5, 2010 BARRIE CORNES | PANMURE GORDON These were great figures pretty much across the board. The life operation was the star performer, driven in part by improving new business margins – specifically in the UK, where the 3.4 per cent margin was very impressive and benefited from a favourable product mix, with a shift to annuities [...]
CBOE sees its profits tumble August 5, 2010 CBOE Holdings, which runs the Chicago Board Options Exchange, reported lower-than-expected earnings yesterday, with second-quarter net income falling 11 per cent to $24.9m (£15.7m). But the firm called the results – its first since its $339m initial public offering in June – “solid,” and pledged to keep control over expenses in future quarters. However the [...]
British Land: Clarification August 5, 2010 In yesterday’s paper we ran a story headlined “British Land aims for long term growth”, in which we reported that chief executive Chris Grigg had confirmed the firm was in talks with Prudential Partners about the Cheesegrater development. This was incorrect; Grigg had actually said “potential partners” in a conference call with analysts. Apologies for [...]
MCLAREN TO OPEN KNIGHTSBRIDGE STORE August 5, 2010 MCLAREN Automotive is teaming up with Jardine Motors to open a high-profile showroom in Knightsbridge by early 2011. The new space at One Hyde Park, which will become the car group’s European flagship store, will showcase McLaren’s new sports car, MP4-12C when it is launched next spring.
Record profit for Rio Tinto August 5, 2010 RIO TINTO beat forecasts by posting a record 125 per cent annual jump in first-half profit yesterday, and committed to stepping up spending on growth projects. The world’s second biggest iron ore miner announced pre-tax profit of $5.8bn (£3.6bn), ahead of consensus predictions of $5.5bn, while cash flow from operations rose 78 per cent year-on-year [...]
Not so Jubilant as oil group postpones London flotation August 5, 2010 JUBILANT Energy, an Indian-based oil and gas exploration company, is putting back its planned flotation on the London Stock Exchange, according to City sources. City stockbroker Evolution Securities, assisted by Renaissance Capital, has been testing out the appetite for a money-raising in London and has decided to come back to the market at a later [...]
Randgold disappoints market as cuts guidance for key Mali mine August 5, 2010 SHARES in gold miner Randgold Resources tumbled yesterday as its quarterly profit of $36.4m (£16.6m) fell short of expectations. Much of the 52 per cent growth from the last quarter, a 92 per cent rise on last year, was due to exceptional items such as selling off shares in Volta Resources. Underlying pre-tax profit was [...]
STRATEGY BEAR EYES A CELEBRITY LIFESTYLE August 5, 2010 SOCIETE Générale’s notorious über-bear strategist Albert Edwards has an axe to grind – and this time, it’s nothing to do with those of a sunnier disposition predicting equities are set on an unflinching upward course. Edwards, in his regular research missive yesterday, told the moving tale of his recent summer holiday, when he nearly lost [...]
Commerzbank sees a profitable future August 5, 2010 COMMERZBANK hiked its outlook yesterday after beating expectations with its second-quarter results, underscoring the recovery trend among Europe’s banks. “We have always said that we will be profitable by 2011 at the latest,” said chief executive Martin Blessing. “We now assume that in a stable market environment we will conclude 2010 as a whole with [...]
End in view for BP as cement seal secured August 5, 2010 BP finished pumping cement into its ruptured oil well in the Gulf of Mexico last night to seal off the source of the world’s worst offshore spill, paving the way to permanently plug the blow-out later this month. The daylong cementing operation followed earlier injections of heavy drilling mud this week that had subdued the [...]
