Deferred payments reduce risk October 23, 2012 ■ Deferred bonuses reduce risk-taking in financial services, a poll of executives by recruiter Robert Half revealed today. Eighty-nine per cent of financial services chief financial and operating officers said deferring bonuses had an impact in creating a less risk-prone environment. “Deferred bonuses are reducing the short-term risk culture within the sector,” said Neil Owen [...]
UK trade rebalancing slows down October 23, 2012 ■ The UK rebalancing towards exports slowed down in the third quarter, data out yesterday suggested, but exporters continue to increase sales. Thirty-nine per cent of exporters said their export sales were up in the third quarter, data from DHL and the British Chambers of Commerce (BCC) revealed yesterday, but this was down from 49 [...]
US factory prospects get worse October 23, 2012 ■ Manufacturing activity in the States slowed in October, according to an influential survey from the Richmond Fed, hitting hopes that the economy is back on track to recovery. The index fell 11 points on the month to minus seven, as capacity utilisation and shipping levels slumped. Employment in the sector fell modestly again, and [...]
US corporate results round-up October 23, 2012 Harley beats in spite of sales dip Harley-Davidson reported lower quarterly earnings yesterday as it revamped production at its largest factory, but the motorcycle maker kept its full-year forecast for shipments unchanged. Net earnings fell to $134m (£84m), from $183.6m a year ago, and revenues dropped to $1.25bn. Both figures were slightly ahead of Wall [...]
BP Marsh eyes two bolt-on investments October 23, 2012 VENTURE capital group BP Marsh & Partners yesterday said it was exploring two new investment opportunities in the UK and Finland to boost its asset portfolio. The Aim-listed early stage investor in financial services firm, led by Brian Marsh, is eyeing the two businesses to take the number of firms it invests in from nine [...]
Property firms turn to insurers for financing October 23, 2012 PROPERTY developers are turning to insurers for finance as banks become reluctant to lend, according to a report released yesterday. According to research by law firm DLA Piper, the amount of money lent by insurers in the form of UK commercial real estate (CRE) loans will almost double to £52bn over the next five years. [...]
Chemring boss replaced as bid talks continue October 23, 2012 DEFENCE equipment manufacturer Chemring yesterday announced the immediate resignation of chief executive David Price, amid its takeover talks with US private equity firm Carlyle. Price will be replaced by Mark Papworth with immediate effect. The management shake-up, which sent shares into a tailspin yesterday, came as Carlyle is discussing a deal to take over £625m [...]
Olympic tourists lift revenues at Channel Tunnel’s operator October 23, 2012 A LARGE number of international Olympics spectators drove to London rather than take the train across the Channel, according to figures out yesterday from Eurotunnel. Just a week after train operator Eurostar said it had seen no revenue boost from the Games, Eurotunnel yesterday cheered quarterly revenues of €275m (£223.8m), a 13 per cent rise [...]
Rising turnover at Laird puts it on track to meet expectations October 23, 2012 ELECTRONICS firm Laird yesterday posted a 10 per cent increase in revenue for the three months to 23 October, as it said it was confident it could meet market expectations for the full year. Revenue came in at £133m, compared to £121m over the same period last year. Quarter on quarter, revenue for the components [...]
Dev Secs cuts half-year losses October 23, 2012 DEVELOPMENT Securities yesterday said it has reduced its half year loss to £0.7m from £1.3m the same time last year and said it was optimistic about its strategy of realising gains from its property portfolio. The developer said it had generated returns of £11.9m in the six months to 31 August from disposal of assets [...]
