Vodafone in £25m buy-back as faces $1bn bill for India license November 24, 2010 VODAFONE yesterday continued its consolidation drive as it bought back around £25m of its shares. The world’s largest telecoms firm by revenue said it bought the shares through JP Morgan Cazenove at prices between 166.8p and 163.4p. Since 16 September Vodafone has bought 458m shares at a cost, including fees, of £764.05m, which it says [...]
Russia eyes sale of VTB for $3bn November 24, 2010 RUSSIA is ready to divest a stake in state-controlled bank VTB for at least $3bn, its first deputy prime minister said yesterday. Russia is seeking to raise some $59bn through a state privatisation programme by 2015, to plug a hole in the budget and speed up growth ahead of the 2012 presidential election. “Our position [...]
Pearson looks to east to grow November 24, 2010 EDUCATIONAL publisher Pearson says it plans to continue its expansion in India. The firm wants to strengthen its position as the Indian education sector continues its rapid growth. It says it will consider acquisitions and partnerships to fuel the expansion. Pearson Education International boss Mark Anderson said: “We are in India for the long term. [...]
Life insurers face battle to survive, says State Street November 24, 2010 EMBATTLED life insurers should expand into emerging markets, divest non-core assets and tailor products to ageing populations to tackle the changing industry landscape, a report by US financial services provider State Street said yesterday. Challenges include increasingly scarce capital, more stringent solvency regulations and declining traditional revenues, according to the report. It found that firms [...]
Ford reduces its debt by $1.9bn with bond swap November 24, 2010 FORD is cutting its debt by $1.9bn (£1.2bn) in a bid to strengthen its balance sheet and get itself rated investment grade again. In Ford’s tender offer to reduce its automotive operations debt, holders of some $2.55bn of senior convertible notes due in 2016 and 2036 accepted cash and company stock for debt. That reduces [...]
TIFFANY HINTS AT STRONG CHRISTMAS November 24, 2010 LUXURY jewellry retailer Tiffany said yesterday its fiscal third-quarter profit rose a better-than-expected 27 per cent, helped by demand across most geographic regions. Tiffany’s quarterly net income rose to $55.1m (£34.8m), or 43 cents a share, from $43.3m, or 35 cents a share, in the year-earlier quarter. Sales in the quarter ended 31 October rose [...]
Provident ups sales despite benefit cuts November 24, 2010 SPECIALIST doorstep lender Provident Financial said yesterday it expected the impact of government spending cuts to have a modest impact on its customers. The lender said for the 12 weeks since the beginning of September its Home Credit sales were seven per cent ahead of sales for the same period a year ago. The company [...]
Provident November 24, 2010 PROVIDENT’S update has confounded expectations. Peer Cattles, which is in restructuring talks, warned just last week that creditors should brace themselves for heavy losses, yet Provident has managed to remain profitable – with Home Credit finally growing again – up seven per cent year-on-year. Its statement directly reassures on the fears that have hit the [...]
Paragon sees lending return as rents rise November 24, 2010 UK SPECIALIST mortgage lender Paragon Group said yesterday it expected lending to increase as a result of higher demand in the private rented sector as it reported higher-than-expected full-year results. The lender said profit before tax stood at £71.8m for the year to 30 September 2010, up almost 25 per cent from £54.3m the previous [...]
Irish political turmoil feeds market nerves November 24, 2010 MARKETS remain unconvinced that the Irish government will be able to pass the €15bn (£12.6bn) cuts programme it unveiled yesterday, with Prime Minister Brian Cowen lacking the votes needed to get the measures through parliament. Cowen’s government is already teetering, with the Green Party this week demanding an immediate election once the emergency budget is [...]
