Melrose trumps forecasts March 10, 2010 Manufacturing investor Melrose beat forecasts for the full year thanks to a strong performance from crane, cable and hooks maker FKI and said it would focus on acquisitions rather than disposals this year. For 2009, the firm posted pre-tax profit of £118.6m, compared with a restated £73.1m for the previous year. It increased its final [...]
Terra prefers CF Industries’ bid March 10, 2010 Fertiliser producer Terra Industries said yesterday it plans to accept a “superior” $4.68bn (£3.13bn) takeover bid from rival CF Industries unless Yara International boosts its competing offer. Yara, which bid $4.1bn for Terra, has five business days to either match or exceed CF’s bid, Terra said. Yara said it will have “no further comment” on [...]
Inchcape still cautious, but profit pleases March 10, 2010 INCHCAPE, the international car dealer, posted a smaller-than-expected fall in 2009 profit, helped by cost cutting and market share gains, but said it did not see a recovery in its markets until late this year. The British firm, which sells and distributes cars for manufacturers including BMW, Mercedes-Benz, Honda and Toyota in 26 countries, said [...]
Bank of America to scrap overdraft fees for customers March 10, 2010 BANK OF AMERICA said yesterday it will no longer charge overdraft fees on debit card purchases as of this summer, a move that may cost millions in fee income. The change will eliminate one of the most common overdraft charges for Bank of America customers. More than 60 per cent of all overdraft fees charged [...]
Decline in prices hurts Glencore March 10, 2010 GLENCORE, the commodity trader, which recently took the first steps towards a possible stock market flotation, warned of a bumpy recovery yesterday after posting a 43 per cent fall in 2009 net profit on a slide in prices. The Swiss group said its net income, excluding exceptional items, fell to $2.72bn (£1.81bn) last year, down [...]
Higher rates hit Costain’s results March 10, 2010 COSTAIN, construction firm, posted a 22 per cent fall in full-year pre-tax profit yesterday, hurt by higher pension interest charges and lower interest rates, but said it was looking to the future with confidence. The company posted a pre-tax profit of £18.1m, compared with £23.1m a year ago. Sales climbed 6.5 per cent to £1.06bn. [...]
Gain an insight into markets by looking at yield curves March 10, 2010 MOORAD CHOUDHRY HEAD OF TREASURY, EUROPE ARAB BANK WHILE not necessarily as zealous as Ronald Ryan – the preface of his 1997 book Yield Curve Dynamics contains the immortal line “God bless the yield curve” – I happily and enthusiastically recommend that all investors, whatever their market, pay careful attention to the yield curve, its [...]
THE TIPSTER March 10, 2010 HOMEBUILDER Barratt Homes is proving an interesting punt at the moment after speculation that rival Persimmon is mounting a bid of 170p per share. Barratt would make an interesting purchase as it is trading at a significant discount to its net asset value and has a large bank of land. ETX Capital is quoting 122.21p-122.79p. [...]
Gold isn’t the only metal to shine this year March 10, 2010 THE recent wobble in the financial markets highlights the fragile state of the economic recovery. One minute risky assets looked like they will perform strongly, and the next investors were rushing to safe-havens. What investors look for in this environment is a safe-haven asset with risk-like characteristics. Platinum and palladium could be just the ticket. [...]
Inflows into ETFs can guide future success March 10, 2010 ANNIVERSARIES are dominating the thoughts of investors this week. Yesterday marked 10 years since the Nasdaq crashed in the wake of the dotcom bubble. And a year ago this week, the US and UK stock markets both troughed, heralding the start of an almost miraculous rise in equities over the past year which many observers [...]
