FSA doles out a record fine May 20, 2010 THE FINANCIAL Services Authority yesterday doled out its largest ever individual market abuse fine to stockbroker Simon Eagle, branding him a “dishonest cheat”. Eagle was rapped to the tune of £2.8m for creating a scheme to artificially inflate the price of shares in Aim-listed Fundamental-E Investments (FEI). He has also been banned from ever working [...]
Shanks sees profits fall 33pc but hopes for strong recovery May 20, 2010 WASTE management company Shanks said its pre-tax profits fell by a third yesterday but predicted stronger revenue streams from government spending in the sector. The FTSE 250-listed group, which offers recycling, landfill and biological disposal services, saw its pre-tax earnings drop 33 per cent to £19.6m on flat sales of £684m. Shanks blamed the recession [...]
Boeing is confident for 2010 as plans aircraft services expansion May 20, 2010 BOEING said yesterday its 787 Dreamliner aircraft and other plane programmes would help drive growth as global air travel demand resurges and US defense spending growth slows. Boeing, the second-largest commercial plane maker behind EADS unit Airbus, also said yesterday that it planned to look overseas for opportunities to increase its defense business and would [...]
Dubai World mints deal on $24bn debts May 20, 2010 SMALL lenders to Dubai World could scupper the conglomerate’s plan to restructure its $23.5bn (£16bn) debt pile, which was provisionally signed off by its core creditors yesterday. A committee of seven key banks, including London-listed HSBC, Royal Bank of Scotland and Standard Chartered, reached an agreement with the Dubai government-owned group “in principle” to defer [...]
MF Global rocked after fresh losses May 20, 2010 JON Corzine, the new chief executive of MF Global, said yesterday the futures and options broker would cut its workforce by up to 15 per cent after five straight quarters of losses. For the quarter ended 31 March, New York-based MF Global posted a net loss of $96.5m, compared with a loss of $119.3m a [...]
Aldermore: Businesses are being failed by big banks May 20, 2010 ALDERMORE, the lender created from the ashes of Ruffler Bank, has warned that small and medium-sized businesses (SMEs) are being suffocated because they cannot access credit. The institution, which was reinvigorated when it was taken over by private equity group AnaCap last year, fired a broadside at the likes of Barclays and HSBC when it [...]
Future wants to put the past behind it May 20, 2010 PUBLISHING giant Future saw its revenue slip but says the tide is turning after an “annus horribilis” last year. Adjusted pre-tax profits at the firm rose 13 per cent to £3.6m in the six months to 31 March while revenue dipped seven per cent to £71.4m. But chief executive Stevie Springer says the outlook for [...]
Smartphone sales to double May 20, 2010 GLOBAL shipments of smartphones may grow 50 per cent this year and drive explosive expansion in high-end display sales over the next five years, according to Samsung. Samsung has gone into overdrive producing seven times the number of ultra-thin mobile screens used in high-end smartphones than it did last year. But the firm’s mobile display [...]
Online gaming company NetPlay returns to growth May 20, 2010 ONLINE gaming company NetPlay said it returned to positive Ebitda in the first quarter of 2010. Gross bets for the period were £166m, an increase of 5.7 per cent year on year. As a result the company returned to profit during the period, posting a positive Ebitda of £200,000. A company spokesman said: “The swing [...]
Intec profits fall amid tough trading May 20, 2010 BILLING company Intec Telecom Systems yesterday posted a 52 per cent fall in first-half adjusted pre-tax profit, hurt by order delays, pricing pressures and unfavourable exchange rates. The company, which had warned of a lower results in March, said a shortfall in higher margin licence revenue had a direct impact on first half profitability. However, [...]
