Facebook announces App Store ahead of $90bn IPO May 10, 2012 FACEBOOK yesterday announced plans to launch its own application store, opening up a new revenue stream and allowing it to charge an upfront fee for software. The announcement comes ahead of the internet giant’s long-waited IPO, due next week in New York which could value the firm at up to $96bn (£59bn). Facebook makes most [...]
WHAT’S IN A LIVING WILL? May 10, 2012 ■ The problem of banks being “too big to fail” refers to the failure of systemically important banks like RBS and HBOS whose collapse could destroy large parts of the financial system. Instead of going bust, they are bailed out, creating moral hazard. ■ The key tool regulators will use to solve the problem is [...]
BT hikes payout as profits grow on cost cut plan May 10, 2012 BT yesterday announced a full year dividend hike of 12 per cent and said its shareholder payout will grow by an annual 10 to 15 per cent over the next three years. The country’s leading telecoms company posted a full year adjusted pre-tax profit of £2.42bn, an increase of 16 per cent, as operating profit [...]
Pesky regulators dash hope of top line growth May 10, 2012 IT SHOULD come as no surprise that BT chief Ian Livingston, a well-respected former bean counter, can cut costs. Operating costs fell by six per cent last year, enabling the group to grow earnings before interest, tax, depreciation and amortisation (ebitda) by three per cent to £6.1bn. That means the company has met its £6bn [...]
Martin Currie fined £8.6m in US and UK May 10, 2012 REGULATORS in Britain and the US have slapped fines worth £8.6m on asset manager Martin Currie for the way it handled a conflict of interest. The Financial Services Authority handed Currie a £3.5m penalty, its largest ever in a conflict of interest case, and the US Securities and Exchange Commission dished out a £5.1m fine [...]
Deutsche Telekom beats forecast May 10, 2012 Deutsche Telekom reported better-than-expected quarterly core earnings yesterday as it lost fewer customers in the US and signaled a stabilisation in its European business. First-quarter earnings before interest, tax, depreciation and amortization (ebitda), excluding special items, were flat at €4.48bn, at the top of analyst expectations.
Layton is new Freddie Mac boss May 10, 2012 Freddie Mac, the No. 2 provider of US mortgage money, yesterday named financial industry veteran Donald Layton as its next chief executive, putting him atop a government-controlled firm that most politicians want to shut down.
Fourth quarter disappoints for Superdry brand May 10, 2012 JULIAN DUNKERTON, chief executive of SuperGroup, yesterday insisted the brand remained strong and “was looking forward to the future” after reporting disappointing fourth quarter sales. The owner of the SuperDry fashion label posted flat like-for-like sales in the 13 weeks to 29 April, blaming challenging retail conditions and poor weather in April. Last month SuperGroup [...]
ANALYST VIEWS CAN SUPERGROUP PUT PROBLEMS BEHIND IT AND DELIVER ON GROWTH? May 10, 2012 AMISHA CHOHAN MERCHANT SECURITIES The board needs to rebuild credibility with the market. The longevity of the brand is questionable. However, we believe the market has overreacted to the profit warning announcement in April 2012. The group has improved the infrastructure and personnel, which should enable growth for 2013. JOHN STEVENSON PEEL HUNT We believe [...]
Dixons Retail beats forecasts with sales rise May 10, 2012 DIXONS RETAIL has shrugged off the high street gloom and managed to win over cash-strapped shoppers as the owner of Curry’s and PC World reported better-than-expected sales. The group, which runs 640 stores in the UK and Ireland as well as outlets across Europe, yesterday said improved customer service and better ranges of products had [...]
