Avis Europe cuts improve revenue February 28, 2011 Car rental firm Avis Europe posted a higher full-year profit, boosted by an improvement in volumes and as the company continued to cut costs. The company, which serves customers under the Avis and the Budget brands, expect overall volumes to further improve in 2011. Underlying pretax profit was €51m ($69.7 million) for the year ended [...]
Ultra Electronic posts 15pc rise February 28, 2011 British defence company Ultra Electronics posted a 15 per cent rise in annual profit and said military dependence on electronic systems gave it confidence despite government cuts. The company posted a full-year pretax profit of £102.7m compared with £89.5m the previous year.
SENIOR UPBEAT FOR 2011 AS PROFITS RISE February 28, 2011 MANUFACTURER Senior, which makes products for the aerospace and industrial sectors, posted a higher full-year profit on improved margins, and said prospects for the remainder of 2011 and beyond were encouraging. Adjusted pretax profit was £65.3m for the year ended 31 December, compared with £48m last year. Sales from its aerospace division, which makes parts [...]
BEST OF THE BROKERS February 28, 2011 ENRC Morgan Stanley rates the miner “overweight” with a target price of £14. The broker believes that rising ferrochrome spot prices could give a lift to 2011 earnings of between five and seven per cent, and thinks that consensus upgrades could be higher still. Morgan Stanley adds that ENRC’s leverage to iron ore still looks [...]
Banks pull FTSE 100 down while resources make gains February 28, 2011 THE FTSE 100 share index fell slightly yesterday as disappointing results from HSBC and Associated British Foods outweighed strength from miners on optimism about the global economy. The blue-chip index ended 7.19 points, or 0.1 per cent lower, at 5,994.01, after it closed 1.4 per cent higher on Friday at 6,001.20, bouncing back after five [...]
Wall Street finishes February on a high February 28, 2011 BULLISH comments from Warren Buffett helped US stocks end another good month on a high note yesterday, but uncertainty about oil prices could keep investors from pushing the market much higher. A sign stocks may stall out was evident in the lacklustre volume, in contrast with last week’s selloff, which occurred on heavy volume. Just [...]
CITY MOVES | WHO’S SWITCHING JOBS February 28, 2011 Amlin The insurance group has appointed Andreas Luberichs, formerly of Chubb Europe, to the new role of group head of underwriting. Luberichs joins on 7 March as a member of the group executive management team and will be based in the London headquarters. Luberichs has spent the past seventeen years of his twenty year career [...]
Bailout in doubt after Irish vote February 28, 2011 Ireland’s new Prime Minister in waiting has vowed to fight for a renegotiation of Ireland’s €85bn (£72.5bn) bailout package. Enda Kenny, whose Fine Gael party trounced the deeply unpopular incumbent Fianna Fail, said the terms of the country’s debt repayment must be overhauled to prevent a mass backlash against its tough austerity measures. Renegotiating the [...]
Gaddafi’s UK assets are frozen February 28, 2011 GEORGE Osborne last night froze the British assets of the Gaddafi family, as the international community tightens the screw on the flailing Libyan regime. Following a special meeting of the Privy Council at 5.15pm yesterday, the chancellor acted to freeze the assets of Colonel Muammar Gaddafi and five members of his family, including the second [...]
UK is gloomy about future February 28, 2011 JUST 15 per cent of people in the UK rate the economy as good, making Britons among the most negative in the world, according to new research first seen by City A.M. And just 13 per cent of Britons are optimistic about the next six months, compared to 31 per cent and 30 per cent [...]
