Nomura profit edges up October 29, 2012 Japan’s largest investment bank Nomura posted its fourth consecutive quarterly profit this morning. Nomura posted a net profit of 2.81bn yen (£21.9m) over the three months to September, compared to a loss of £46.09bn yen the year previously. An upswing in bond trading and fixed income products boosted profits. Profit in fixed income operations doubled [...]
F&C sees assets under management fall October 29, 2012 F&C Asset Management saw its assets under management fall to £96.8bn over the three months to September, from £98.2bn over the previous quarter, it said this morning. Outflows were in part due to a previously-announced withdrawal of £5.1bn from insurer Friends Life. Over the quarter, it withdrew £2.9bn, and F&C anticipates that the remaining £2.4bn [...]
Pearson and Bertelsmann agree joint publishing venture October 29, 2012 Education group Pearson and Bertelsmann said this morning they had agreed to combine their respective publishing businesses Penguin and Random House. Under the terms of agreement, Penguin and Random House will be known as Penguin Random House. German Bertelsmann will own 53 per cent of the joint venture, and Penguin will own 47 per cent. [...]
Heathrow earnings up on rising passenger numbers at London hub October 29, 2012 Heathrow posted a 9.6 per cent increase in profit over the nine months to September, helped by rising passenger numbers at its London hub. Earnings before interest, tax, depreciation and amortisation came in at £922.9m, up from £842.2m last year. Revenue was up 8.2 per cent to £1.84bn. The company, formerly known as BAA, handled [...]
City firm: We might have been hacked October 29, 2012 THE PHONE hacking scandal yesterday widened to include City targets, as leading public relations firm Citigate Dewe Rogerson admitted that the voicemails of three of its executives may have been targeted by hackers. City A.M. understands that the firm was made aware of the potential breach as part of Operation Weeting, the Metropolitan Police investigation [...]
Wall Street battens down the hatches for Frankenstorm October 29, 2012 US STOCK exchanges shut down their trading floors today and Wall Street firms prepared staff to work from home or regional offices as New York braced itself for the arrival of hurricane Sandy. The New York Stock Exchange said yesterday it would close its trading floor for weather-related reasons for the first time since hurricane [...]
Tory MPs call for £50,000 threshold for higher tax October 29, 2012 PEOPLE earning less than £50,000 a year should not pay the 40p higher rate income tax, according to a report out today by prominent backbench Conservative MPs. The proposal comes from Kwasi Kwarteng and Priti Patel, who both belong to the Free Enterprise Group of 36 MPs who seek to promote economically liberal causes. At [...]
How income tax has become such a nightmare for so many October 29, 2012 WHENEVER you hear a politician promising that a painful measure will be purely temporary, run for the woods, tin hat in hand. The most painful of all policies, the income tax, was first introduced in Britain as an emergency measure to pay for the Napoleonic wars. From the beginning, as Kwasi Kwarteng and Priti Patel, [...]
ESPN may shut off TV channel after chief exits October 29, 2012 THE HEAD of ESPN’s European TV operations has quit the broadcaster, in a move that may pave the way for the company to shut down its UK sports channels from next summer. Jeroen Oerlemans, ESPN’s vice president in charge of TV in Europe, the Middle East and Africa, has recently stepped down without a successor [...]
Murdoch seeks to tie Penguin to News Corp October 29, 2012 RUPERT Murdoch’s News Corp has indicated it will make a “substantial cash offer” for media conglomerate Pearson’s Penguin Group, joining the race for the book publisher. The bid, said to total around £1bn, could scupper plans to tie Penguin with Random House, owned by Germany’s Bertelsmann. News Corp owns book publisher HarperCollins. Pearson confirmed on [...]
