Chinese hustlers are taking advantage of the Cayman legal system – and British investors are paying for it
Ferrari to unveil 2011 car January 27, 2011 FORMULA ONE: Ferrari will unveil their 2011 Formula One car, the new F150, at their Maranello headquarters today. Ferrari missed out on the 2010 drivers’ world title after a strategic error during the final race allowed Red Bull’s Sebastian Vettel to pip Fernando Alonso to the top prize. “Our goal is very clear. We are [...]
CSLA and Credit Suisse top brokers poll in Asia January 27, 2011 CSLA and Credit Suisse came top in terms of market share in 2010 among brokers trading in Asian equities with institutions in the region. In a survey by Greenwich Associates, based on interviews with fund managers and buyside trading desks, the two brokers together carried out just under a fifth of regional equity trading with [...]
Nord Gold plans to raise £1bn in IPO January 27, 2011 RUSSIAN mining group Severstal’s gold unit Nord Gold is seeking up to £933m from a London float, that would see the firm valued at up to £2bn. The conglomerate announced it would spin out its mining arm, a gold producer focussed on emerging markets, earlier this month. Nord Gold is expected to begin trading in [...]
Sky profits soar despite distractions January 27, 2011 BSKYB proved yesterday that behind the media sideshow surrounding its potential new owner and its wayward sports presenters lies a powerful profit-making machine. The broadcaster saw its profits soar 40 per cent year-on-year for its second fiscal quarter as it added an extra 140,000 new customers. Revenue for the period was up 15 per cent [...]
One shareholder won’t be happy January 27, 2011 STRANGE as it sounds, Rupert Murdoch will be disappointed by BSkyB’s first-half results, which knocked the socks off everyone else. The company is simply performing too well. Churn – the amount of customers that left during the period – has fallen to a decade low of 9.5 per cent while the company has beaten expectations on [...]
POLICE REOPEN PHONE PROBE January 27, 2011 THE News of the World phone hacking scandal continued to gather pace yesterday, with interior designer Kelly Hoppen, the former step-mother of Sienna Miller (pictured), claiming her phone records were intercepted as recently as last year. Hoppen is suing the paper and one of its writers, Dan Evans, for “accessing or attempting to access her [...]
CITY VIEWS: SHOULD MURDOCH BE ALLOWED TO BUY THE REST OF BSKYB? January 27, 2011 ADAM COUNIHAN | PREQIN “I don’t really have a problem with it to be honest. I was under the impression that Murdoch already owned the whole company. It’s reasonable for the Competition Commission to look at a takeover of this size, but personally I don’t mind.” JOHN HIEW | MCCURRACH “As an idea it’s fine, [...]
AstraZeneca to repurchase $4bn of stock January 27, 2011 ASTRAZENECA beat forecasts for the fourth quarter yesterday, reporting a two per cent rise in pre-tax profits for 2010, up to $10.98bn (£6.89bn) from $10.8bn in 2009. The UK’s second largest drug-maker saw earnings buoyed by strong sales in key products such as Crestor, an anti-cholesterol treatment. And the report cheered investors with a promise [...]
Novartis: Tough times to come January 27, 2011 NOVARTIS warned that price cuts, US healthcare reform and generics competition were likely to dampen pharma sales growth, as it missed fourth quarter earnings forecasts. The Swiss drug-maker reported a 10 per cent drop in fourth-quarter core earnings per share as one-off costs weighed. It will take a $2bn (£1.3bn) writedown related to its buy [...]
Downturn for Adventis Health January 27, 2011 MARKETING and advertising company Adventis yesterday reported a “very considerable downturn” in its healthcare business, Adventis Health. “A number of anticipated contracts were either deferred or failed to materialise,” it said. “The board intends to instruct KPMG to conduct an investigation into these matters and general controls,” it added. Consolidated pre-tax profits for the year [...]
