FedEx tops its profit forecast June 19, 2012 FEDEX reported above-forecast adjusted quarterly profit yesterday and forecast higher 2013 results, as it said it expected to take new cost-cutting measures to offset shipments weakened by soft global economies. The world’s second-largest package delivery company said that net profit for its fourth quarter ended 31 May was $550m (£350m), or $1.73 per share, down [...]
ALLEN STANFORD EXECUTIVE TO PLEAD GUILTY June 19, 2012 LAURA Pendergest-Holt, former chief investment officer for Allen Stanford, has agreed to plead guilty and receive a three-year prison sentence for her role in a $7bn (£4.45bn) fraud, according to reports yesterday. Earlier this month, former billionaire Stanford was sentenced to 110 years in prison for running a scheme in which he stole money from [...]
Spanish buses boost National Express shares June 19, 2012 NATIONAL Express yesterday met with investors in Spain to reassure them that its Spanish business is performing well. The firm said Alsa, its intercity and urban bus service, “has continued to be resilient” in the second quarter in spite of Spain’s economic turmoil. “Alsa’s intercity coach revenue has continued to grow and urban bus revenue [...]
Cobham completes Thrane deal June 19, 2012 Cobham, the defence giant, said yesterday it had completed its takeover of Danish satellite firm Thrane and Thrane. Management responsibilities for land and airborne SATCOM operations will transfer to the Danish company at the end of 2012. The company said in a statement that the Thrane and Thrane deal met the minimum acceptance condition on [...]
Chemring profit hit by US delays June 19, 2012 Chemring Group said yesterday its profits have fallen in the first half of the year due to delays in US defence orders, but that it will meet expectations by the end of the year. However, the military equipment maker said that its order book was up 14 per cent at £1bn since October 2011. For [...]
Kentz on track for full year June 19, 2012 Kentz Group said yesterday it remains on track to meet its own guidance, as its backlog of work on hand grew further to £1.6bn. The company also said growth from its existing clients plus new orders amounted to about £448m. Christian Brown, chief executive of Kentz, said that although that the global economy is still [...]
Confidence edges lower but those at the top remain cheerful June 19, 2012 ECONOMIC confidence among consumers has continued its downward path in June, according to the latest figures for YouGov’s Household Economic Activity Tracker (HEAT) – but this is not necessarily a reason to worry yet. The first three months of the year saw the index accelerate upwards, but that momentum stalled in April and scores have [...]
Brits lose faith in the Bank’s performance June 19, 2012 RUNAWAY inflation over the past two years has pushed public satisfaction with the Bank of England to record lows, a new study reveals today. A net balance of just 11 per cent surveyed were satisfied with the Bank’s performance last month, down from 20 per cent in February and barely above the record low of [...]
London’s housing boom keeps driving national price growth June 19, 2012 House prices in London and the south east rose quickly in the year to April 2012, contrasting starkly with stagnation or even deflation elsewhere, according to official data published yesterday. An increase of 4.9 per cent in the average London house price, to £388,000, and a 2.1 per cent rise in the south east, drove [...]
Fitch gives thumbs up to plan to help banks and raise loans June 19, 2012 EMERGENCY measures to boost the economy will help support Britain’s banks against any collapse in the Eurozone markets, supporting credit ratings in the sector, said ratings agency Fitch yesterday. However, the “funding for lending” scheme, through which the government and bank of England hope to give cheap funds to banks, will have a neutral impact. [...]
