Forth Ports expects first half to be ahead of same period in 2009 July 1, 2010 The country’s only listed ports company, Forth Ports, yesterday said it expected earnings for the first half of 2010 to be well ahead of last year as it cut costs and improved efficiencies. “With our improved operational gearing, diversified cargo and broad customer base, we are confident that the underlying outcome for the full-year will [...]
New code pressures investors to engage July 1, 2010 SHAREHOLDERS will have to take more responsibility for the companies they invest following today’s publication of the first ever Stewardship Code by the Financial Reporting Council (FRC). The new code aims to create more transparency about how investors oversee the companies they own. FRC chairman Baroness Hogg said she hoped the new code would be [...]
US Treasury nets $2bn as it offloads shares in Citi to cut its stake to 18pc July 1, 2010 THE US Treasury said yesterday it has earned a gross profit of about $2bn (£1.3bn) on sales of about one-third of its common stock holdings in Citigroup as the government ramps up efforts to unwind bailout programmes. The sales have cut the Treasury’s stake in the bank from nearly 27 per cent to about 17.6 [...]
WHAT DO YOU THINK OF THE NEW STEWARDSHIP CODE? July 1, 2010 ROGER BARKER | INSTITUTE OF DIRECTORS “Institutional shareholders have a key role to play in the corporate governance system. This code should be a catalyst for them to rethink how they can fulfil this role effectively.” JOHN CRIDLAND | CBI “Boards are being asked to raise corporate governance standards and increase engagement with investors. We [...]
Murray: Hard court won’t favour Nadal July 1, 2010 ANDY MURRAY has brushed off fears that a sun-baked Centre Court will help his opponent Rafael Nadal as he seeks to become the first British man to reach the Wimbledon final since 1938. Murray is already the underdog for this afternoon’s semi-final against the Spaniard, who has reclaimed the world No1 spot following an outstanding [...]
WHAT DOES THE NEW CODE MEAN? July 1, 2010 Q.What is the Stewardship Code? A.The Stewardship Code, the first of its kind for the Financial Reporting Council (FRC), seeks to create greater transparency around the way investors oversee the companies they own by encouraging better dialogue between shareholders and company boards. Q.what does the frc hope to achieve? A.The FRC hopes that the new [...]
Johnson hails axed captain Borthwick July 1, 2010 ENGLAND manager Martin Johnson admits dropping long-standing captain Steve Borthwick from his 32-man elite squad has been the hardest decision of his coaching career. Johnson installed Borthwick as skipper upon taking over in 2008 and stuck by him for two years, despite vociferous criticism of the Saracens lock’s international performances. But Borthwick’s injury in March [...]
William Grant seals C&C deal July 1, 2010 William Grant & Sons yesterday completed its purchase of C&C’s spirits and liqueurs division for €300m (£246m) The Scottish distillery will now own brands including Tullamore Dew Irish Whiskey, Carolans, Frangelico and Irish Mist, The new business will operate as William Grant & Sons Irish Brands Ltd. Its portfolio already includes Glenfiddich and The Balvenie [...]
Lowest FTSE close in ten months as US manufacturing lull fuels double dip fears July 1, 2010 BRITAIN’S top shares hit a 10-month closing low yesterday as downbeat data from the US, China and Britain sparked double-dip recession fears, triggering a broad sell-off, with banks and miners the hardest hit. The FTSE 100 fell 111.12 points, or 2.3 per cent, to 4,805.75 – its lowest close since 3 September 2009. Markets were [...]
Genmab hit by Glaxo deal revision July 1, 2010 GlaxoSmithkline (GSK) and Denmark’s Genmab said yesterday they had amended a licensing agreement for their Arzerra cancer drug in a way that will have a “material impact” on Genmab’s 2010 prospects. The companies did not specify the effect on Genmab which will receive an upfront payment of £90m from GSK but will see planned milestone [...]
