Rolls-Royce confident on targets November 9, 2012 Power systems firm Rolls-Royce said this morning it expects to post good growth in underlying revenue and profit for the year, despite forecasting flat revenue in its marine division. The FTSE 100 firm said guidance for all business segments remained unchanged, except in its marine division, where revenue would be broadly flat due to “phasing [...]
IAG profits hurt by weak Iberia November 9, 2012 British Airways owner IAG this morning reported a 25 per cent drop in operating profit over the third quarter, as it announced a turnaround plan for poorly-performing subsidiary Iberia. The airline group posted operating profit over the three months to September of €270m, down from €363m over the same period last year. Over the nine [...]
Miner strike drags Lonmin to full-year loss November 9, 2012 Industrial action at South African mine Marikana had a significant impact on platinum miner Lonmin’s results, it said today. The world’s third-largest platinum miner was hit by special costs of $755m (£473m) over the year, including $159m for the cost of the strike. This dragged it to a full-year pre-tax loss of $698m. It lost [...]
End of quantitative easing will stop mad monetary recycling November 9, 2012 IT is time for George Osborne to start worrying. The Chancellor will be the biggest loser from the Bank of England’s right and proper decision to halt quantitative easing, at least for the time being. The biggest problem with QE – apart from its increasing lack of impact and the pain inflicted upon savers and [...]
City blasts Euro boss over growth claims November 8, 2012 Draghi’s delusions ■ Eurozone is poised for solid recovery ■ Debt to GDP is down even in the countries with the worst ratios EUROPEAN Central Bank boss Mario Draghi was under fire yesterday for claiming the Eurozone economies are back on track for growth – just a day after the European Commission slashed its own [...]
Bank turns off the taps November 8, 2012 THE BANK of England yesterday agreed a halt to quantitative easing (QE) for November, with economists warning the policy is close to running its course. The Bank’s monetary policy committee (MPC) rejected both a change in rates and QE – stopping asset purchases for only the third time since the policy began. While some analysts [...]
G4S loses out as coalition rows back on prison deals November 8, 2012 OUTSOURCING giant G4S has lost its contract to run Wolds prison and failed to make the shortlist to oversee several other jails, as the government backtracked on plans for more competitive justice operations. The Ministry of Justice revealed yesterday that G4S will hand over the category C jail in Hull in July 2013 after 21 [...]
End of quantitative easing will stop mad monetary recycling November 8, 2012 IT is time for George Osborne to start worrying. The Chancellor will be the biggest loser from the Bank of England’s right and proper decision to halt quantitative easing, at least for the time being. The biggest problem with QE – apart from its increasing lack of impact and the pain inflicted upon savers and [...]
What the other papers say this morning November 8, 2012 FINANCIAL TIMES Panmure hires team from Matrix Panmure Gordon has returned to the investment fund business by hiring a team from Matrix Corporate Capital, as the broker seeks to build on its return to profitability without inflating its cost base. Most of Matrix’s existing investment funds team, which includes market makers, specialist analysts and sales [...]
Priceline to buy Kayak Software in $1.8bn deal November 8, 2012 ONLINE travel agency Priceline.com said yesterday it will buy Kayak Software Corp in a friendly deal that values the company at $1.8bn (£1.13bn). Priceline is offering $40 a share for Kayak, a 29 per cent premium on the company’s closing price of $31.04 yesterday. Kayak shares jumped 27 per cent to more than $39 in [...]
