Apple supplier freezes hiring February 21, 2013 APPLE’s major supplier, Chinese company Foxconn, has frozen recruitment at its factories, suggesting a slowdown in demand for the iPhone. The news sent shares in the US company down 2.4 per cent yesterday, despite research showing that both the iPhone 5 and its predecessor, the 4S, had outsold rival Samsung’s Galaxy S3 during the final [...]
NY Times to sell Boston Globe February 21, 2013 THE New York Times is putting The Boston Globe on the auction block for a second time as it seeks to focus solely on growing its flagship newspaper. The company said it had hired Evercore Partners to advise on the sale, which is expected to come at a big loss. Ken Doctor, an analyst with [...]
Plans to force firms to switch auditors don’t go far enough February 21, 2013 BANKS, ratings agencies, now auditors: the firing line of financial sub-industries being dragged kicking and screaming into a post-crisis world continues to lengthen. As soon as tomorrow, the Competition Commission will pave the way for an overhaul of the Big Four accountants with a proposal to enforce mandatory rotation of their major audit clients at [...]
Man Utd CEO steps down February 21, 2013 FORMER JP Morgan banker Ed Woodward will take control of Manchester United this summer, replacing long-serving chief executive David Gill. Woodward helped the Glazer family with their purchase of the club in a £790m leveraged takeover in 2005 before joining the club shortly afterwards. Gill piloted the club through a difficult period which saw regular [...]
Premiums at Ageas UK pass £2bn for the first time in 2012 February 21, 2013 INSURER Ageas UK, best known for its partnership with Tesco, yesterday revealed that total written premiums passed £2bn for the first time in 2012. This allowed the company to post an 11 per cent rise in full-year net profits to £82.9m. Ageas managed to increase returns at its Tesco tie-up, which sees motor and household [...]
Payout cut sees £680m wiped off RSA’s stock February 21, 2013 MORE THAN £680m was wiped off RSA’s market capitalisation yesterday as investors took flight following the company’s decision to slash its dividend by a third. Chief executive Simon Lee told City A.M. that the unexpected decision to cut investor payouts – which forced its share price down 14 per cent – was never going to [...]
Analyst Views | Did investors overreact to rsa’s dividend cut? February 21, 2013 MARC KIMSEY | ACCENDO MARKETS Had the dividend cut been accompanied by a weak trading statement, the fall of 14 per cent might be justified. However, the trading floor believes the sell-off is harsh and applaud the board’s swift reaction to low-yielding bond incomes. EAMONN FLANAGAN | SHORE CAPITAL Once the dust settles we urge [...]
Bearish Titan says non to French bon vivants February 21, 2013 TITAN International chairman Maurice Taylor has taken a bold stand on behalf of the Anglo-Saxon model, not-so-politely declining an offer to buy a French factory that is being closed by American tyre-maker Goodyear. After being invited to visit the factory in northern France, Taylor sent a letter to French industry minister Arnaud Montebourg, and did [...]
Wanted: Female, likes Antigua February 21, 2013 READERS of this page will remember that lucky Clifford Chance associate Lukas Hirst recently won a City A.M. prize draw, and was rewarded with a luxury holiday for two at the beautiful Sandals hotel in Antigua. There is just one problem: our lovely lawyer is single – and the resort, recently voted the “world’s most [...]
Mortgage rates fall to new low with state aid February 21, 2013 MORTGAGE interest rates dropped to their lowest level ever in February, new figures showed yesterday, six months after the Bank of England started offering banks cheap funding in an effort to boost lending to the private sector. The average five-year fixed mortgage costs just 4.14 per cent, according to finance research site MoneyFacts. That is [...]
