RSM Tenon boosted by pension changes November 10, 2010 BUSINESS advisory firm RSM Tenon yesterday said it expects to benefit from changes to pension legislation in the UK, adding that its first-quarter results and trading to date support market expectations for the full-year. Last month, the government said it would cut the tax relief on pension savings for around 100,000 higher earners, in a [...]
700 jobs are cut at Rok November 10, 2010 MORE THAN 700 jobs have been cut at stricken housing repair company Rok after it plunged into administration on Monday. Administrator PwC said the cuts mostly fall in the firm’s maintenance and construction operations, in an effort to trim down the 3,800-strong payroll ahead of a possible sale. Mike Jervis, partner and joint administrator for [...]
Profits soar at Credit Agricole November 10, 2010 French bank Credit Agricole yesterday said it did not plan to raise capital to meet incoming Basel III requirements as it posted higher-than-forecast quarterly results, driven by retail banking. The bank is seen as one of the most vulnerable in Europe to the stricter capital rules because of its cross-shareholdings with its cooperative parent group. [...]
CharlesStan boss attacks regulation November 10, 2010 CHARLES Stanley chairman Sir David Howard yesterday railed against the “Monty Python-esque” barrage of new regulation hitting the independent stockbroking sector, even as the firm reported a 33 per cent surge in pre-tax profit for the half year. Howard, an ex-Lord Mayor of the City of London, said new measures introduced by the FSA are [...]
Allianz bullish despite drop in net income November 10, 2010 GERMAN insurer Allianz said it was on course to hit the upper end of its full-year profits target despite a fall in net earnings in the third quarter. It said third quarter net income fell 8.8 per cent to €1.3bn (£1.1bn) as a result of higher tax liabilities. However, Allianz said revenue in the third [...]
Ageas UK sees profits fall on higher claims November 10, 2010 AGEAS UK reported a 50 per cent fall in pre-tax profit for the first nine months of the year following increased claims from the severe wintry weather at the start of the year and poor private car sales. The insurer, formerly known as Fortis, reported profits of £16.6m for the first nine months of the [...]
Pru gets lift from higher sales in Asia November 10, 2010 INSURANCE giant Prudential yesterday said its sales grew on the back of growing momentum in its Asian business. The insurer, which was forced to back out of a $35.5bn bid for AIG’s Asian insurance unit AIA earlier this year, said yesterday total group sales rose 24 per cent to £2.4bn in the first nine months [...]
SAS posts big loss on back of EU cargo fine November 10, 2010 SCANDINAVIAN airlines (SAS) efforts to cut costs were overshadowed by a fine that dragged it to a third-quarter pre-tax loss of 1bn krona (£92.5m) yesterday. The airline booked 1.4bn krona in one-off charges, the biggest of which was a €70.2m (£60m) fine from the European Commission related to an investigation of European airlines accused of [...]
Supergroup sales in lift from abroad November 10, 2010 SUPERGROUP yesterday said it had opened a record number of stores abroad in the last quarter – as sales surged by 68.4 per cent. The company, which is behind the Superdry label, saw sales jump to £57.5m in the three months to 31 October. Supergroup opened a record 14 franchise stores overseas in the quarter, [...]
Supergroup November 10, 2010 WHEN investors look back over 2010, they’ll see a graveyard of failed IPOs. Merlin, New Look and Travelport couldn’t even get away; those that did, such as Ocado and Promethean, haven’t lived up to expectations. One of the flotations that stands out from the crowd is Supergroup, which appears to be living up to its [...]
