Dell boosted by upgrades February 15, 2011 COMPUTER-MAKER Dell’s quarterly earnings and margins blew past Wall Street’s expectations last night as component costs fell and businesses replaced their older IT systems, propelling its shares six per cent higher. Dell’s forecast for a five to nine per cent rise in current fiscal-year revenue also surpassed US forecasts. However, some analysts questioned whether its [...]
Profit soars at Marsh & McLennan February 15, 2011 SHARES in giant insurance broker Marsh & McLennan jumped to their highest in a year yesterday after its fourth-quarter and full-year results. Strong new business growth pushed the world’s second-biggest insurance broker to an $855m (£533m) profit in 2010, up from $227m in 2009 when it bore restructuring and settlement charges. The broker, which owns [...]
Lloyd’s insurer Jubilee reviews growth options February 15, 2011 Lloyd’s of London insurer Jubilee Group became the focus of M&A speculation yesterday after admitting it had appointed Jardine Lloyd Thompson Advisory to review its business. A Jubilee spokesman said JLT was “looking at a number of options to facilitate future growth.” He would not comment on speculation that a number of firms, including independent [...]
CIT Group struggles with soaring costs February 15, 2011 US business lender CIT Group said yesterday a fall in interest income and higher expenses hits its fourth-quarter profit. CIT, which emerged from bankruptcy in December 2009 after a $2.3bn government bailout, said margins had worsened and costs had risen nine per cent despite paying off some of its costly debt pile. Net income stood [...]
BHP Billiton to hand $10bn to investors February 15, 2011 MINING giant BHP Billiton revealed last night that it almost doubled its half-year profit last year thanks to booming iron ore and copper prices, and offered shareholders an olive branch in the form of a $10bn (£6.2bn) buyback during this year. The Anglo-Australian miner announced in Melbourne that attributable profit jumped 71.5 per cent to a [...]
United Biscuits picks boss February 15, 2011 FOOD manufacturer United Biscuits is set to name Benoit Testard (above) as its new chief executive as part of a management reshuffle, and could make an announcement as early as today. The company behind brands such as Hula Hoops, Jaffa Cakes and Penguin will promote Testard from his current role as managing director of UK [...]
CBRE snaps up ING property arm for $1.1bn February 15, 2011 CB RICHARD ELLIS looks set to become the world’s largest real estate investment manager (REIM) after it yesterday announced its plan to buy ING’s European and Asian property businesses for $1.1bn (£681m). New York-listed CBRE said yesterday that the cash purchase will improve its foothold in Europe and create a firm with $97.4bn of assets [...]
Diamond: low returns will be banished February 15, 2011 BARCLAYS chief executive Bob Diamond promised rigorous action to bring up the bank’s returns at its full-year results presentation yesterday, saying that “there are no sacred cows” in his cost-cutting. Diamond was keen to address the bank’s “unacceptable” return on equity of 7.2 per cent in 2010, announcing a target of 13 per cent by [...]
Pressure on Bob to deliver a miracle February 15, 2011 CHIEF executive Bob Diamond’s grand promise of a six per cent rise in returns in three years was greeted with incredulity in some circles yesterday. Evolution Securities’ Arturo de Frias decried the promise, saying: “We find all this way too bullish, and very difficult to believe… We don’t believe in ‘miracles.’” The plans rely on [...]
Pay down at Barclays despite rise in earnings February 15, 2011 BARCLAYS’ results revealed yesterday that pay declined seven per cent in 2010, falling by more at its investment banking division Barclays Capital, by 12 per cent. Overall, however, the bank’s compensation ratio of pay to revenues was up to 43 per cent, with average pay rising nearly £30,000 to £229,000. Chief executive Bob Diamond blamed [...]
