Did Wolseley’s full year performance meet expectations? October 2, 2012 GRAHAM SPOONER | THE SHARE CENTRE Wolseley reported results largely in line with expectations and said it has moved into a cash positive position…The share price has had a good run recently and with the company’s restructuring complete and the economic environment remaining uncertain, we feel any further upside may be limited. With the company [...]
Probe into rail bids as First’s contract axed October 2, 2012 THE GOVERNMENT last night backed down to Sir Richard Branson’s legal challenge over FirstGroup winning the West Coast rail route, admitting to “significant technical flaws” in the process. Transport secretary Patrick McLoughlin cancelled the competition, which controversially saw the route awarded to First from December. The process will now have to be rerun, with Virgin [...]
Government austerity boosts Babcock to a strong first half October 2, 2012 ENGINEERING support services firm Babcock said yesterday that trading had been in line with expectations, and it was confident it could meet forecasts for the full financial year. Babcock, which maintains British navy submarines, said in a statement yesterday it continues to see “buoyant” market conditions, benefitting from governments outsourcing more work to the private [...]
Timing is all in the sticky business of running the trains October 2, 2012 IT would have seemed like a safe bet yesterday morning to suggest that FirstGroup fully intended to “successfully mobilise” and take over the West Coast mainline on 9 December. The firm said as much in its trading update. The transport group certainly gave no indication that the franchise win would later be cancelled in dramatic [...]
Richemont adds sparkle to its watches by snapping up VVSA October 2, 2012 RICHEMONT, the luxury goods group behind Cartier, Jaeger-LeCoultre and IWC, has snapped up Swiss watch parts maker Varin-Etampage and Varinor (VVSA) for an undisclosed sum. VVSA, a long-term partner of Richemont, makes metal parts for high-end watches and jewellery. Richemont said it would benefit from VVSA’s “established technical know-how and state-of-the-art equipment”. The company’s management [...]
Trading volumes at the London Metal Exchange hit record high October 2, 2012 THE LONDON Metal Exchange (LME) enjoyed its busiest ever month in September as trading volumes hit a record high of 14.09m lots, it was announced yesterday. The news will be welcomed by Hong Kong Exchanges and Clearing Ltd (HKEx), who agreed to pay $2.2bn (£1.4bn) for the 135-year-old market in June. It also revealed that [...]
Ikea regrets Saudi airbrushing October 2, 2012 Ikea, the world’s biggest furniture retailer, has come under heavy criticism in its home market of Sweden after it airbrushed women out of its latest catalogue in Saudi Arabia, raising questions about its policies towards gender equality. Ikea, famous for flat-pack furniture, said it regretted removing the women from pictures in the annual booklet, which [...]
BNY Mellon buys joint venture October 2, 2012 BNY Mellon yesterday announced it had taken full ownership of WestLB Mellon Asset Management, buying 50 per cent of the German firm from its joint venture partner Portigon. The two groups set up WestLB Mellon Asset Management in early 2006, each owning 50 per cent. It now has more than 170 employees and €25bn (£20bn) [...]
ISS receives SEC Wells notice October 2, 2012 Investment analysis firm MSCI said yesterday its proxy advisory unit, Institutional Shareholder Services (ISS), received a Wells Notice on 14 September related to a whistleblower complaint against an employee. The employee was found to have leaked data to a proxy solicitor in return for meals and tickets to events and was subsequently sacked in March. [...]
Samsung sues over iPhone 5 in latest clash October 2, 2012 SAMSUNG yesterday said it had launched legal proceedings in the US over the iPhone 5, claiming Apple has used the Korean firm’s own technology. In the latest in a string of lawsuits around the globe between the two technology giants, Samsung claims the latest iPhone model infringes on patents regarding sending music and video files [...]
