Admiral looks at Linea deal as profits rise August 25, 2010 ADMIRAL GROUP could bid for Spanish insurer Linea Directa and is eyeing an expansion into the household market after growing its interim profit by more than a fifth to £127m. Admiral, which specialises in car insurance, said an offer for Linea Directa was a possibility at the right valuation. The Spanish business could be worth [...]
Paddy Power sees profits soar by 54pc August 25, 2010 Paddy Power reported soaring profits yesterday, despite admitting trading in its Irish home-market is tough. The firm saw pre-tax profits grow 54 per cent to €52.5m (£43m), buoyed by strong performances in its international divisions. The bookmaker says it expects full-year earnings to rise by up to 30 per cent after an “exceptional” World Cup [...]
Johnston Press back in black August 25, 2010 EMBATTLED Scotsman owner Johnston Press breathed a sign of relief yesterday as it limped to its first profit since 2006. The Scotsman owner arrested its declining revenue amid a remarkable turnaround in the advertising market. Total advertising income fell by 6.3 per cent after plummeting 18 per cent during the darkest days of the advertising [...]
Dell to challenge HP with an improved bid for 3PAR August 25, 2010 DELL is planning to submit a more competitive bid for data storage firm 3PAR, challenging Hewlett-Packard’s offer of $24 per share, a source familiar with the talks said yesterday. 3PAR said on Tuesday it would start merger talks with HP after HP’s $1.6bn offer topped Dell’s previous, $1.15bn bid. HP has more cash and cash [...]
RTL: Five should make a profit later this year August 25, 2010 Former Five owner RTL expects the loss-making broadcaster to swing back into profit this year, despite clocking a first half loss of €49m (£40m) on the channel. The venture was sold to Express owner Richard Desmond last month for £103.5m. Its operating loss was just €6m but RTL wrote down a further €36m before offloading [...]
Watchdog slaps £1.6m fine on SocGen August 25, 2010 THE Financial Services Authority (FSA) regulator fined French bank Societe Generale £1.575m yesterday for failing to provide accurate transaction reports. The fine handed out to SocGen, which in 2008 lost around €5bn (£4.1bn) in a trading scandal, follows previous penalties handed out to Barclays, Credit Suisse and Commerzbank for similar failings. The FSA said that [...]
Cost savings help Heineken boost profits August 25, 2010 HEINEKEN, the world’s third-largest brewer, reported a higher than expected rise in first-half net profit yesterday after cost savings helped offset lower beer sales in Europe and the United States. The Dutch-based brewer, whose chief brands are Heineken and Amstel, Europe’s number one and three beers, said group beer volumes fell 2.3 per cent on [...]
Geely warns of tough outlook August 25, 2010 CHINA’S Geely, whose parent bought Ford’s Volvo unit this month, warned of tougher competition and slower sales after its record first-half earnings beat forecasts yesterday. China overtook the United States last year to become the world’s biggest car market, as Beijing rolled out incentives to boost spending during the global downturn. But that growth is [...]
Fortis successor Ageas reports strong earnings August 25, 2010 BELGIAN insurer Ageas reported a surge of cash coming into its business in the first half, particularly in Asia, and strong earnings from its life insurance business. The company, formerly known as Fortis, said yesterday that inflows grew by 22 per cent during the first six months of 2010 and by 59 per cent in [...]
City Moves | who’s switching jobs August 25, 2010 Borro Paul Gratton, formerly chief executive of Egg, has been elected to the board of the online pawnbroker. Gratton, who founded the surveyor Shepherd Direct, was part of the founding team at First Direct. His experience in the mortgage broking market is intended to assist Borro’s new venture, which will launch at some point during [...]
