Chinese hustlers are taking advantage of the Cayman legal system – and British investors are paying for it
Dealmakers already confident of better times ahead January 31, 2013 With the first month of the year out of the way, most investment bankers are beginning to feel a little bit chirpier – at least those of them lucky enough still to be in a job. In Europe, January has brought a few large deals to the markets, including ArcelorMittal’s $3.5bn (£2.21bn) mandatory convertible bond [...]
US corporate results round up January 31, 2013 Colgate-Palmolive’s sales slow but profit still rises Colgate-Palmolive said yesterday a key measure of sales growth slowed for the second quarter in a row, partly due to economic and labour problems in Venezuela. It earned $598m, or $1.26 per share, in the fourth quarter, up slightly from $590m, or $1.21 per share, in the quarter [...]
Apple’s slice of the tablet pie shrinks in the fourth quarter January 31, 2013 APPLE’S share of the tablet market fell over the Christmas period, even as it sold record numbers of iPads, according to research. Figures from market analysts IDC claim that the iPad and iPad mini accounted for 43.6 per cent of worldwide sales in the fourth quarter of 2012. This was down from 51.7 per cent [...]
LVMH upbeat on growth as profits jump January 31, 2013 LUXURY conglomerate LVMH said yesterday it aims to keep growing in 2013 despite Europe’s uncertain economic environment, as it posted improved fourth-quarter figures. Sales rose eight per cent in the quarter to the end of December, up from six per cent the previous quarter. The group reported 13 per cent growth in full-year profit to [...]
Ryanair loses compensation case January 31, 2013 Irish budget carrier Ryanair has been ordered by Europe’s top court to compensate passengers delayed by a volcanic ash cloud in Iceland in 2010, in a ruling that could expose other airlines to similar claims from disgruntled travellers. The court said EU rules require airlines to compensate travellers for delays caused by unforeseen events. Ryanair [...]
Euromoney revenue holds steady January 31, 2013 Euromoney Institutional Investor, the financial events and information group, saw a slight uptick in revenues during the quarter to January, although the company said it expects challenging trading conditions to continue for the foreseeable future as the financial services industry continues to see squeezed budgets. Although subscription revenues held fairly steady, Euromoney was hit by [...]
Halfords appoints JP Morgan January 31, 2013 Bicycle and car parts retailer Halfords yesterday appointed JP Morgan Cazenove as its joint corporate broker alongside Investec Bank. JP Morgan Cazenove replaces Bank of America Merrill Lynch, which helped list Halfords in 2004. JP Morgan Cazenove’s covering of Halfords will be led by head of UK investment banking Laurence Hollingworth, and Luke Bordewich, executive [...]
Brewin Dolphin hit by new FSA adviser rules January 31, 2013 BREWIN Dolphin, the 250-year old investment manager, yesterday said quarterly revenues shrank five per cent in the three months to the end of 2012 due to new payment rules from the City watchdog. The firm, which traces its roots back to London’s first ever stock exchange, enjoyed good revenue increases annually but was hit in [...]
3i stresses the success of its cost savings and plans further sales January 31, 2013 PRIVATE equity firm 3i Group yesterday talked up the success of its cost-cutting measures as it reported steady gains from its investments. With one eye on activist investor Edward Bramson’s recent stake-building, 3i chief executive Simon Borrows said he expects to beat savings targets for this financial year. “Since the announcement of our new strategy [...]
Investec trumps rand weakness to increase its income for 2012 January 31, 2013 INVESTEC, the South African money manager, yesterday said it overcame a weaker rand to increase annual operating income by one per cent in the nine months ending December 2012. The dual listed company, which trades in London and Johannesburg, posted the increase, net of depreciation on operating leased assets, despite a 13 per cent slide [...]
