Goldman and Wells Fargo dampen rally January 19, 2011 THE S&P 500 suffered its biggest decline in nearly two months yesterday as disappointing results from Goldman Sachs and Wells Fargo put a damper on the rally. The Nasdaq fell more than one per cent, its biggest daily percentage loss since 16 November, as more disappointment in earnings came from chipmaker Cree. Its stock tumbled [...]
Pearson hikes profit outlook for 2010 again January 19, 2011 PEARSON continued its blistering run of form yesterday, raising its 2010 profit forecast for the second time in three months. The group, which owns Penguin and the Financial Times, said it now expected to report operating profit for 2010 of around £850m, an increase of around 20 per cent. The firm says its improved outlook [...]
Autonomy wins big Japan deal January 19, 2011 Cambridge-based technology firm Autonomy yesterday announced it has entered into its largest ever licencing agreement in Japan. The deal, involving its Intelligent Data Operating Layer (Idol) video software, is said to be worth “seven figures” but the firm declined to reveal the exact value. The FTSE 100 company also said it has added North American [...]
Jeremy Hunt lays out his vision for local TV network in the UK January 19, 2011 Culture secretary Jeremy Hunt yesterday laid out his plans to introduce a network of local TV stations in the UK. The radical shake-up will see private firms bid for a new channel that will broadcast local news for several hours a day, alongside a national schedule. It will be funded with advertising and likely some [...]
Nintendo shows off new 3DS January 19, 2011 NINTENDO yesterday announced it will release its much anticipated 3DS in Europe on March 25. The handheld console will feature one 3D screen and one touch-screen, as well as a motion sensor, a gyro sensor and the ability to take 3D photographs. It will also allow users to download games from a platform similar to [...]
Land Secs says demand from blue chips will hold up in 2011 January 19, 2011 BRITAIN’S largest real estate investment trust Land Securities yesterday said it expected demand from blue-chip tenants to hold up in 2011. Chief executive Francis Salway said the firm’s plans were “bearing fruit” as he updated the market on trading. “We expect a wider range of buying opportunities in 2011, although current flows of capital into [...]
BEST OF THE BROKERS January 19, 2011 NOKIA Standard & Poor’s Equity Research has moved the mobile maker from “strong buy” to “hold” and downgraded the target price to €8 from €9 as it feels its board has limited strategy options against competitors such as Apple’s iPhone and Google’s Android. The broker says Nokia’s operating systems lack exciting apps and it should [...]
Nestlé in $1bn push to up its African focus January 19, 2011 NESTLÉ, the world’s biggest food group, will invest about 1bn Egyptian pounds (£107.5m) in Egypt over the next three years in a push to shift its focus to emerging markets, an executive said. The maker of KitKat chocolate bars and Maggi soups wants at least 40 to 45 per cent of its business to come [...]
AIG picks banks for share sale January 19, 2011 AMERICAN International Group (AIG) has chosen Bank of America, Deutsche Bank, Goldman Sachs and JPMorgan Chase to manage the sale of the government’s 92 per cent stake in the insurer, according to reports. AIG and the government held a “bake off” in New York last Thursday, hosting chief executives and bankers from 10 of the [...]
Forte to expand in Africa through £9m share offer January 19, 2011 URANIUM company Forte Energy is planning to raise A$15m (£9.35m) by offering 120m shares to new and existing shareholders. The offer price will be 12.5 cents per share, a discount of 10.7 per cent to its closing price on the Australian Stock Exchange on Friday. Allowing for expenses, the net proceeds of the placing are [...]
