Activist investors spend $12bn and push for change on boards January 23, 2013 THE WORLD’S biggest activist investors spent a third more building up disclosable shareholders last year, and used their influence mostly to gain boardoom seats, according to industry research. In a year that saw FTSE firms Xstrata, Intercontinenal Hotels and Alliance Trust attract activist interest, the biggest spent $12bn (£7.6bn) on disclosable stakes in 2012, from [...]
Court says accountants cannot use privilege to protect advice January 23, 2013 CHARTERED accountants are not protected by the same rules on client secrecy as lawyers, the UK’s highest court decided yesterday. The Supreme Court said it could not extend legal professional privilege to cover tax advice given by non-lawyers. Prudential had claimed that the privilege rules meant it did not need to hand over documents to [...]
Netflix trounces expectations January 23, 2013 Netflix reported a spectacular rise in user numbers last night, sending shares in the video streaming company up by more than 40 per cent in after hours trading. The company, which set up in the UK this time last year, said it now has 33m subscribers, 10m more than at this time last year, following [...]
United Technologies profit falls January 23, 2013 United Technologies reported a 26 per cent decline in profit, reflecting large restructuring charges at the end of a year that saw the company close its largest-ever acquisition and sell several small units. The diversified US manufacturer said yesterday the fourth-quarter earnings from continuing operations fell to $945m (£596.8m) from $1.28bn a year earlier. Per-share [...]
Motorola gloomy on 2013 growth January 23, 2013 Communications gear maker Motorola Solutions yesterday forecast current-quarter revenue below analysts’ estimates, and said it expected growth in its government business to moderate in 2013 after the end of an upgrade program for two-way radios. Net income from continuing operations rose to $336m (£212.2m), or $1.18 per share, in the fourth quarter, from $177m, or [...]
4G bidding war starts as Ofcom opens auction January 23, 2013 BIDDING for the UK’s 4G mobile airwaves kicked off yesterday, with communications watchdog Ofcom hosting an auction that is expected to hand George Osborne a multi-billion pound windfall. Seven parties are now vying for a slice of spectrum that will enable them to deliver the next generation of mobile internet, promising speeds around 10 times [...]
Software group Sage highlights continuing European troubles January 23, 2013 SOFTWARE maker Sage said yesterday that it had continued to be affected by tough trading in Europe. The company said that conditions in the UK and Ireland had improved in recent months, but that trading since October had been “in line” with the previous financial year, in which Sage’s growth slowed to two per cent. [...]
Siemens to cut as profit drops January 23, 2013 GERMAN industrial bellwether Siemens yesterday said it would stick with its focus on cost cuts as a weak global economy saps demand for factory equipment. The engineering group, which makes products ranging from fast trains and gas turbines to hearing aids, reported a three per cent fall in new orders to €19.1bn (£16m) for its [...]
Novartis boss to step down January 23, 2013 SWISS pharmaceuticals group Novartis said its long-standing chairman and former chief executive would step down next month. Daniel Vasella, who has served as Novartis chief executive and chairman for 17 years, said he would not stand for re-election to the board of directors. Novartis, which said results will be hit this year by the loss [...]
Metro Bank cracking down on staff frowns January 23, 2013 MOST ad campaigns about fun firms or service with a smile are just talk – a half-hearted effort to look like a generous firm which cares for its staff. But Metro Bank founder and chairman Vernon Hill insists smiling is a very serious business. In fact, if staff look grumpy, they’re not going to be [...]
