Diploma profit boosted by seals May 14, 2012 Technical products supplier Diploma said yesterday its half-yearly profit had increased 21 per cent, helped by strong performance in its seals segment in North America, especially in the aftermarket business. Pretax profit rose to £23.3m for the first half of the year from £19.3m a year earlier. Adjusted operating margins rose to 20.8 per cent [...]
Misys deal approved by Portugal May 14, 2012 Vista was yesterday given the green light by the Portuguese antitrust authorities to go ahead with its planned £1.27bn takeover deal for financial software firm Misys. The two companies last week postponed the scheme court hearing, now scheduled for 28 May, citing problems with competition clearance in Portugal. The £3.50 per share acquisition is now [...]
CITY MOVES WHO’S SWITCHING JOBS May 14, 2012 Grant Thornton The professional services firm has appointed Andy Morgan as a partner in its London corporate finance team. Morgan is a technology expert and has over 17 years’ experience in mid-market mergers and acquisitions. He joins from PwC, where he led its UK technology, media and communications sector team. Mazars John McMahon has been [...]
BEST of the BROKERS May 14, 2012 LOGICA Deutsche Bank has upgraded the business and technology service company from “hold” to “buy” with an target price of 100p after stable first quarter growth and guidance that full year revenue is on track. PEARSON JP Morgan Cazenove has kept its “overweight” rating on the publisher and upped its target price from 1,440p to [...]
NEW YORK REPORT May 14, 2012 US stocks slid yesterday as investors dealt with the one-two punch of worsening political upheaval in the Euro zone and the possibility that China’s economy may be softening more than previously thought. Economically sensitive shares, including banks and energy companies, paced the decline. Exxon Mobil lost 1.2 per cent to $82.12. The NYSEArca oil index [...]
LONDON REPORT May 14, 2012 BRITAIN’S stock market slumped to its lowest level this year yesterday and looked poised for further falls, with cheap valuations unlikely to lure back investors while concerns persist over Europe’s debt and the health of the global economy. Heavyweight energy and mining stocks made the biggest dent on the FTSE 100, with another cut in [...]
Here’s the real Plan B for Britain: We need a competition revolution May 14, 2012 NO ONE can dispute that the UK economy needs more growth. It seems that the coalition’s essential austerity measures are not enough. But despite its cheerleaders, the usual Plan B, based on debt-financed infrastructure spending, won’t make any difference to growth – while denting confidence. One such plan suggested £30bn in spending. Over three years, [...]
Minimum booze prices miss benefits: Raising a glass can increase your pay May 14, 2012 THE Scottish government has confirmed that it will set a minimum price for alcohol of 50p per unit, while a 40p price is planned for England and Wales for later in the year. The basic idea is that consuming beer, wine and spirits is bad, and that basic economics can help deter it. If a [...]
Euro exits are the least bad option for the periphery May 14, 2012 MOST economists expect catastrophic consequences if any country exits the euro. Like most conventional wisdom, such a view will be contradicted not by opposing ideas but by the march of events. If the euro broke up, it wouldn’t be the first currency union to come apart. Within the past 100 years, there have been 69 [...]
Do we need rules to stop football teams like Man City from simply buying success? May 14, 2012 YES David Hellier Not before time, new rules are being introduced that should help keep Europe’s football clubs on the straight and narrow financially and prevent them, Manchester City or Chelsea-style, from buying the game’s top honours. The new rules will theoretically put an end to a period during which multi-millions have been spent buying [...]
