Generali beats expectations by recording a steep rise in profits May 13, 2010 ASSICURAZIONI Generali, Europe’s third-largest insurer, posted a five-fold increase in net profit, beating expectations, and said it sees a rise in full-year operating margins and its net result. Net profit rose to €527m (£452m) compared with analysts estimates of €465m. In April, Italy’s largest insurer said first quarter premiums were €20.8bn. “Excluding any exceptional events, [...]
Dubai repays key bond May 13, 2010 DUBAI repaid a $980m Islamic bond issued by developer Nakheel yesterday while another state-owned firm said it was confident of refinancing an upcoming loan as it digs out from a massive debt burden. Nakheel, builder of the palm-shaped artificial islands off Dubai, repaid the bond on schedule as talks continue between its parent Dubai World [...]
Arbuthnot on track to stay in profit May 13, 2010 BANKING group Arbuthnot remains cautious on the outlook for the rest of 2010 despite trading in line with expectations over the first four months of the year. Arbuthnot chief executive Henry Angest confirmed that the bank’s performance over the period was ahead of last year’s results, with continuing strong lending opportunities for its private and [...]
Cookson and SIG hit by pay protests May 13, 2010 COMPANIES SIG and Cookson Group faced investor opposition to their executive pay schemes yesterday as pressure grows for shareholders to challenge excessive boardroom rewards. In a poll at SIG’s annual general meeting, two-thirds of shareholders voted against a proposal to give chief executive Chris Davies a 15 per cent pay rise despite the company having [...]
Astaire abandons Hoodless Brennan deal May 13, 2010 STOCKBROKER Astaire has been forced to shelve its takeover of rival Hoodless Brennan after abandoning hope of securing regulatory approval for the deal. Astaire last month requested a suspension of its shares from the Aim market after discovering a £1.4m black hole on the balance sheet of its retail stockbroking subsidiary Rowan Dartington. The firm [...]
Ford expects solid profits May 13, 2010 FORD Motor expects earnings improvement in 2011 after solid profits in 2010 as its turnaround gains traction, executives said at its annual meeting of shareholders yesterday. Ford chief executive Alan Mulally said improvement in the economy globally and a strong new vehicle lineup gave him confidence in expecting a “continuing improvement” in 2011. “It’s a [...]
SAP snaps up rival Sybase in $5.8bn deal May 13, 2010 GERMANY’S SAP yesterday said it plans to buy smaller business software maker Sybase for $5.8bn (£3.9bn), gaining technology that allows it to deliver accounting software and other programs to smartphones. The acquisition would be the second largest in SAP’s nearly 40-year history, and comes after the departure in February of chief executive Leo Apotheker, who [...]
The right advisory team makes the difference May 13, 2010 PRUDENTIAL’S clumsy attempts to raise $21bn (£14.3bn) to part-finance a planned acquisition of Asian insurer AIA have lurched from one embarrassing stumbling block to another. But could the process have gone more smoothly if a different mix of advisers had been assembled? Any business thinking about selling a company, buying a competitor or raising capital [...]
Intesa’s Fideuram listing to be delayed May 13, 2010 ITALY’S Intesa Sanpaolo is understood to be preparing to delay listing its Banca Fideuram asset manager until after the summer, potentially slowing the bank’s plans to boost capital. It is expected to wait for better market conditions to list Fideuram, Italy’s market-leading asset manager. A spokesman for the bank said work on the initial public [...]
BEST OF THE BROKERS May 13, 2010 COMPASS Credit Suisse has increased its target price for Compass to 634p and retained its “outperform” rating. Credit Suisse says that the food group’s growth outlook together with a further targeted margin improvement and acquisition potential justify a premium rating. Increases its 2010 earnings per share forecast to reflect stronger growth. INM Royal Bank of [...]
