State Street to post quarterly loss after selling $11bn securities December 9, 2010 STATE Street, one of the world’s biggest institutional investors, said yesterday that it would post a fourth-quarter loss after it sold $11bn (£7bn) in securities to meet new regulatory requirements. The sales are the latest move by a new chief executive to refocus State Street on core operations such as custodial services, after the company [...]
Rising rental demand helps Ashtead rally December 9, 2010 COMPANIES renting out equipment rather than buying it to save cash in the downturn helped plant-hire company Ashtead to rack up forecast-busting first half profits. The group, which owns A-Plant in the UK and Sunbelt Rentals in the US, said hire equipment demand rose in the early part of the recovery because companies were focusing [...]
Makeover: from frump to City chic December 9, 2010 THE City is sometimes accused of lacking colour and style, but this is unfair. City women need to look smart – equally commanding in the boardroom as in the bar at Coq D’Argent – and have little extra time and energy to make it happen. So they tend to stick to what they know will [...]
TDC in $3.7bn share buyback December 9, 2010 THE private equity owners of Denmark’s TDC are banking up to $3.7bn (£2.3bn) through a share buyback and one of Europe’s biggest public offerings of 2010, as they start to cash in on their investment. Over a third of the former telecoms monopoly is being sold initially. TDC’s chief executive Henrik Poulsen said. Apax Partners, [...]
Builder of the Gherkin to move into house market December 9, 2010 NORDIC building firm Skanska launched a UK housebuilding arm yesterday in an effort to cash in on what it sees as a gap in supply. The builder of the Gherkin and Heron Tower skyscrapers said it hopes to sell 800 homes a year by 2015. “The financial crisis and the dramatic decline in the housing [...]
National Grid to sell part of US energy business December 9, 2010 POWER network operator National Grid is off-loading part of its American business for £178m in a deal that could mark the start of more disposals in the US. National Grid is selling its Granite State Electric and EnergyNorth businesses in New Hampshire to Liberty Energy, part of Canada’s Algonquin Power & Utilities Corp. The UK [...]
Home advantage can give United the edge December 9, 2010 MANCHESTER UNITED vs ARSENAL Monday, 8.00pm, Sky Sports ARSENAL forced their way to the top of the Premier League table last weekend with a 2-1 win against Fulham. Samir Nasri was the hero with a brace against the Cottagers and he has now scored four goals in his last three league games. Manchester United’s game [...]
Misys sees orders surge as banks return to health December 9, 2010 MISYS, which provides financial software to the world’s biggest banks, reported a rise in new banking orders yesterday in a sign that clients are more upbeat about the future. UK-based Misys forecast banking order intake to reach £41-42m, up from £38.1m the previous year, it said in a trading statement for the six months to [...]
BEST OF THE BROKERS December 9, 2010 STAGECOACH Deutsche Bank has downgraded the transport group to “hold” from “buy”, with a target price of 240p. The broker has raised its earnings per share forecast for 2010 by five per cent, and believes the firm will weather the withdrawal of some subsidies, though fuel costs could dampen growth. BETFAIR Numis rates the bookmaker [...]
Carlyle snaps up testing group Velosi for £87.8m December 9, 2010 PRIVATE equity firm Carlyle Group is buying UK testing and inspection company Velosi for about £87.8m, paving the way for Velosi to expand into new markets. Carlyle’s testing and inspection company Applus+ has made the 165p per share offer for Velosi, which supplies quality control services to oil and gas companies. The price per share [...]
