SEC and Bank of America fail to get approval for settlement from US judge August 6, 2009 A US federal judge has refused to approve Monday’s settlement between the US Securities and Exchange Commission (SEC) and Bank of America (BoA) related to the acquisition of Merrill Lynch. Judge Jed Rakoff of the federal district court in Manhattan said it may be unfair to the public to accept the settlement, which would resolve [...]
Gruppo Campari profits cheer August 6, 2009 Gruppo Campari, the Italian distiller known for its bittersweet red aperitif, yesterday reported a 0.5 per cent rise in half-year pre-tax profits to ?60.1m (£50.8m). Sales rose 2.5 per cent to ?441.8m and the group said it outperformed the market in key regions. Sales in Campari and other spirits, which make up the bulk of [...]
Construction orders rise August 6, 2009 British construction orders rose 18 per cent in the second quarter of 2009 compared with the previous three months, although they were still down 21 per cent on the year, according to official data. The latest figures from the Office for National Statistics underlined hopes that the hard-hit construction sector would be less of a [...]
DTZ wins Shell property contract August 6, 2009 DTZ, a leading global real estate adviser, yesterday won a contract with Shell International Petroleum to undertake property management services at around 5,000 retail sites in 11 countries across North America and Asia Pacific. The appointment is the biggest outsourcing project in the oil and gas sector this year. David Jones, from DTZ’s Occupier Services [...]
Profit falls at Zurich as new chief named August 6, 2009 SWISS insurance company Zurich Financial Services has announced the appointment of Martin Senn as chief executive, after revealing first-half profits had fallen 53 per cent compared with last year. Senn, who is currently Zurich’s acting chief investment officer, will succeed James Schiro, who will retire on 31 December. “Martin is an engaging, thoughtful and results-oriented [...]
Twitter under cyber attack August 6, 2009 MICRO-BLOGGING network Twitter was disabled for two hours yesterday in what appeared to be a malicious attack caused by thousands of remote-controlled PCs. Twitter co-founder Biz Stone said on Twitter’s blog that the site was the victim of a denial-of-service attack, a technique in which hackers overwhelm a website’s servers with communications requests. “We are [...]
Former broker admits he lied August 6, 2009 A FORMER Credit Suisse broker testified yesterday that he and his former business partner lied to corporate clients and sent them incorrect information in emails to cover up investments in risky debt. In one of the first criminal prosecutions stemming from the credit crunch to go to trial, former broker Julian Tzolov told a jury [...]
Cobham names new boss as first-half profit soars August 6, 2009 DEFENCE group Cobham posted a jump in its first-half profit yesterday, and said it would continue its acquisition strategy, while promoting chief operating officer Andy Stevens as its new chief executive. Underlying pre-tax profit in the first half of the year rose 32 per cent to £141m, in line with market expectations, on sales up [...]
BEST OF THE BROKERS August 6, 2009 PREMIER FOODSWarren Ackerman has upgraded its estimates in Premier Foods to “buy”. The broker sees positive returns on investments from its Hovis brand due to its 2008 re-launch. It says the company’s balance sheet is no longer a cause of major concern, with attractive earnings estimates and a subsequent target price increase. SWISS RECollins Stewart [...]
Bellway provides renewed optimism as it launches placing to buy new sites August 6, 2009 HOUSEBUILDER Bellway yesterday supported growing confidence in the housing sector by posting a positive trading update and announced a share placing that aims to raise over £40m to buy new land. The group yesterday said it placed 5.7m new shares, equivalent to around five per cent of its current issued capital, at 779p, a small [...]
