Alliance Trust takes on £1.2bn of Aviva’s assets along with staff August 2, 2012 ALLIANCE Trust, one of Britain’s largest investment trusts, has signed a deal to acquire a portfolio of “socially responsible” funds from insurance group Aviva as it moves ahead with an overhaul of its businesses. Alliance Trust said yesterday its Alliance Trust Investments unit will pay £1m to take on £1.2bn of assets in Aviva Investors [...]
Thomas Cook’s new chief backs technology as path to recovery August 2, 2012 THOMAS Cook’s new chief executive yesterday said technology would be the salvation of the struggling British tour operator and gave herself nine months to deliver a turnaround plan to end over a year of poor performance. The company posted an underlying operating loss of £26.5m in the three months ended June, versus a profit of [...]
Tax benefits help AIG to get back on track August 2, 2012 AMERICAN International Group (AIG) reported a larger profit for the second quarter yesterday, as tax benefits boosted results and operating income grew across the company’s varied insurance businesses. The company also reported more than $11bn (£7bn) in liquidity at the parent company level, a cash pile most people expect it will use to buy down [...]
Generali boss plans strategic review to boost balance sheet August 2, 2012 THE NEW boss of Europe’s third biggest insurer Generali yesterday announced a comprehensive strategic review of the business, as the firm’s net profit beat expectations on the back of a strong performance by its key life insurance division. Unveiling its first set of results under new chief executive Mario Greco, Generali said its net profit [...]
Portmeirion sales boosted by Jubilee china collection August 2, 2012 PORTMEIRION said demand for its Jubilee ranges of fine china helped boost profits in the first half of the year, despite tough global conditions. The company behind the Spode and Royal Worcester crockery brands reported a six per cent rise in profit before tax to £1.5m while sales rose two per cent to £22.8m on [...]
RIM gives PlayBook tablet revamp after feeble sales August 2, 2012 BLACKBERRY maker Research in Motion unveiled the latest version of its PlayBook tablet yesterday as the beleaguered firm tries to gain a foothold in the iPad-dominated market. The new model will include high-speed 4G technology, making it the first version to be able to connect to mobile networks, a significant feature lacking from the earlier [...]
Saudi deal and military spend hit BAE Systems August 2, 2012 BAE SYSTEMS said yesterday delays in completing a substantial deal with Saudi Arabia and lower spending by European and American military customers dented profit, in a sector facing further government defence cuts. Europe’s largest defence contractor, which will build Britain’s next generation of nuclear-armed submarines, yesterday said earnings before interest, taxes and amortisation (Ebita) fell [...]
Smith & Nephew ups divi as margins rise August 2, 2012 SMITH & Nephew, Europe’s leading maker of artificial hips and knees, hiked its half-year dividend 50 per cent yesterday as profit margins grew and its confidence in the future improved, despite challenging markets. The group, which also makes wound therapy products, said it generated broadly flat revenue of $1.03bn (£663m) from $1.08bn a year ago, [...]
Aggreko boosts earnings after Olympic contract helps growth August 2, 2012 AGGREKO, the temporary power provider for the London 2012 Olympics, yesterday posted a 23 per cent rise in trading profit for the first half, beating its expectations, and said it would deliver good growth for the full year. The world’s number one temporary power provider reported underlying trading profit of £159m on revenue of £734m, [...]
Churchill’s grandson is leading a shining example in hard times August 2, 2012 A RECORD order book, 16 per cent rise in profits, and the biggest temporary contract ever to provide power to the biggest event of the year. Add a refreshingly honest chief executive who shareholders trust and like, and a share price that’s gained more than 30 per cent in the past three years, and you’ve [...]
