Probes start into MF Global client funds November 3, 2011 US regulators are launching a broad review into the business practices of failed futures brokerage MF Global as their hunt continues for over $600m (£375m) in missing customer money. Round-the-clock shifts for examiners have become the norm as they sort through the collapse of the firm headed by Jon Corzine. The head of the US [...]
Insurer AIG reports $4.1bn loss after fall in Asian group AIA’s market value November 3, 2011 US INSURANCE giant American International Group fell to a bigger-than-expected net $4.1bn (£2.6bn) third-quarter loss yesterday, after the value of its stake in its former Asian subsidiary dropped and it took charges in its aircraft leasing unit. AIG’s core insurance businesses were profitable on an operating basis, and its mortgage insurance unit both raised prices [...]
Man Group stems client outflow fears and unveils share buyback November 3, 2011 SHARES in Man Group rose as much as five per cent yesterday after the hedge fund manager said outflows had slowed in October, stemming fears that withdrawals were accelerating. But assets under management fell by around $1bn (£625m) during the month to $63.5bn, as its flagship AHL fund continued to perform poorly. Pre-tax profits fell [...]
Broadband sales boost profits at BT November 3, 2011 A WAVE of new broadband customers helped push BT to a 17 per cent jump in first-half profits yesterday, as boss Ian Livingston continued his turnaround of the firm. Its retail division added 166,000 new broadband users in the last three months, almost two thirds of the 263,000 net adds in the UK. BT’s superfast [...]
Ian Livingston: the turnaround king November 3, 2011 THE TURNAROUND of BT Group under Ian Livingston has been nothing short of remarkable. When he became chief executive in 2008, its IT services arm Global Services was a basket case that threatened the very survival of the entire group. In an attempt to steal a share of big contracts from established rivals such as [...]
C&W Communications gets boost from sales of iPhones November 3, 2011 CABLE & WIRELESS Communications has said booming demand for smartphones pushed it to a forecast-beating first half profit of $163m (£102m), a nine per cent year-on-year spike. Its stock closed up 7.5 per cent after soaring as much as 15 per cent, paring back some of the losses it has made since its demerger from [...]
Pearson raises its guidance November 3, 2011 Publishing group Pearson yesterday said it was confident in its outlook despite weakness in its key US textbook market. The owner of the world’s largest education business, Penguin Books and the Financial Times said sales were up six per cent and operating profit up 13 per cent but declined to give a full set of [...]
WPP sells $500m of notes November 3, 2011 Advertising giant WPP yesterday raised $500m through the sale of 10-year senior unsecured bonds. It is understood the company will use the proceeds to refinance its existing debt. Barclays Capital, Bank of America Merrill Lynch, HSBC and Royal Bank of Scotland are thought to have led the sale, with BNP Paribas and Citigroup co-managing. The [...]
SVG sees assets shrink November 3, 2011 SVG Capital, the biggest backer of private equity house Permira, said its assets tumbled 14.5 per cent in the third quarter after the value of its investments plummeted. SVG said its net asset value was 336.7p at the end of the quarter, the first time it has declined since 2009. However, the figure was still better [...]
LinkedIn posts a loss but its revenues jump 126pc November 3, 2011 PROFESSIONAL networking company LinkedIn last night posted a third-quarter net loss but raised its full-year outlook after it posted a 126 per cent rise in third-quarter revenue. LinkedIn, in its first update since going public in May, said it now expects to report adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for the year [...]
