UK makes gains yet budget crises blight competitiveness September 7, 2011 BRITAIN’S economy is now the tenth most competitive in the world, according to the World Economic Forum’s (WEF) rankings released yesterday. That position is two places above last year’s place, helped by high levels of labour market efficiency, business sophistication and – perhaps surprisingly – infrastructure quality. George Osborne still has his work cut out [...]
CITY A.M. | SHADOW MPC September 7, 2011 ALLISTER HEATH | CITY A.M. “The Eurozone debt crisis is throwing everything out of kilter, with uncertainty hammering markets and the financial system under renewed pressure. We should therefore hold interest rates until the picture becomes clearer again. But we don’t need any more quantitative easing.” SIMON WARD | HENDERSON “Hold this month because of [...]
Saab files for bankruptcy protection September 7, 2011 AILING Swedish carmaker Saab sought breathing space from creditors yesterday, filing with a local court for bankruptcy protection while it continues to wait for promised new investments from two Chinese firms. “Obviously a restructuring is preferable to bankruptcy. But receivership is still a step closer to bankruptcy. We’ve always warned investors it was extremely risky,” [...]
Sodexo expands in Brazil market September 7, 2011 FRENCH catering group Sodexo has bought Puras do Brasil for about €525m (£462.8m) to take advantage of demand in the fast-growing Brazilian market. Puras do Brasil provides services from food catering to the management of public spaces. “This is in line with our strategy to consolidate Sodexo’s position in high-potential emerging economies by seizing the [...]
Vimpelcom net income drops September 7, 2011 RUSSIAN telecoms operator Vimpelcom posted a 29 per cent fall in its second-quarter net profit yesterday, blaming higher interest and depreciation costs following its acquisition of Wind Telecom. The company, which bought a controlling stake in Italy’s Wind Telecom in April, said its net profit fell to $239m (£150m), including the results of the newly [...]
RICHEMONT WARNS OF TOUGH TIMES AHEAD September 7, 2011 RICHEMONT, the luxury group behind Cartier watches and jewellery, has cautioned the strong sales growth it has seen so far this year may not last as economic uncertainty makes consumers more hesitant about splashing out on pricey goods. The world’s second-largest luxury goods group, which competes with Swatch and LVMH, posted a 35 per cent [...]
CITY MOVES | WHO’S SWITCHING JOBS September 7, 2011 Ogier Jersey Legal The offshore legal services provider has appointed Matthew Swan as managing partner, replacing Matthew Thompson, whose term of office has come to an end after four years in the role. Swan (pictured) is head of the firm’s business and trust law group and the Jersey banking team. Thompson, who specialises in commercial [...]
Weak market hits outlook at Macquarie September 7, 2011 AUSTRALIA’S top investment bank Macquarie Group has lowered the profit outlook for key divisions that account for close to half of its earnings, hurt by weak markets. However, Macquarie reaffirmed expectations of stronger earnings for the year to March 2012 on growth in its funds-management unit, and corporate and asset finance business. The bank said [...]
Alliance spends as profits grow September 7, 2011 SPECIALITY pharmaceutical group Alliance said yesterday that its first half sales were £24.3m, an increase of £1m from last year’s figures. As pre-tax profits for the first six months hit £7m, the firm also said it had expanded its portfolio by buying the UK marketing rights of six products from Beacon Pharmaceuticals. The new products [...]
Upbeat Burford sees sales soar September 7, 2011 COMMERCIAL dispute financier Burford Capital yesterday said half-yearly revenue rose to $11.5m (£7.19m). The 187.5 per cent rise for the six months to 30 June comes after the Aim-listed firm expanded its range of litigation-related investments. Pre-tax profit increased more than sixfold to $7.14m. The investment company, registered in Guernsey, is headed by Sir Peter [...]
