Commerzbank CFO set to quit August 9, 2011 COMMERZBANK’S chief financial officer Eric Strutz will not extend his contract when it expires next March, the indebted bank said yesterday. “It is a pity that he is leaving us,” chief executive Martin Blessing said in a statement. “I have a great working relationship with him.” Commerzbank made no mention of a possible successor. Strutz, [...]
Pearson buys Germany’s Stark August 9, 2011 PEARSON jumped despite market jitters yesterday after announcing the acquisition of German educational materials firm Stark from Syntegra Capital. Pearson expects the acquisition to enhance adjusted earnings and to generate a return above Pearson’s cost of capital from 2012, its first full year after acquisition. The purchase is subject to regulatory approval. Stark had revenues [...]
Goldman sued for mortgage bonds August 9, 2011 Goldman Sachs was sued by US federal regulators yesterday for allegedly violating federal and state laws over the sale of mortgage-backed securities to now-failed corporate credit unions. The National Credit Union Administration filed suit against the investment bank for damages in excess of $491m, the fourth in a series of lawsuits aimed at recovering almost [...]
Nuclear cuts hit RWE figures August 9, 2011 German nuclear group RWE’s first-half core net profit has fallen 40 per cent, hit by a government decision to phase out nuclear power and unprofitable gas sales, highlighting the problems faced by the firm’s new chief exec-designate. Germany’s largest power producer said yesterday first-half profit took a €900m (£786m) hit from decommissioning of nuclear power [...]
Tepco sees £4.5bn quarterly loss August 9, 2011 Tokyo Electric Power Co, the operator of Japan’s stricken nuclear plant, reported a £4.5bn quarterly loss, nearly as big as its market value, due to a massive provision to compensate victims of the nuclear disaster, soaring fuel costs and a dive in sales. For April to June, Tepco reported a net loss of 571.8bn yen [...]
Deloitte sees UK revenue rises return August 9, 2011 UK REVENUES at Deloitte, one of the City’s big four accountancy firms, have risen by seven per cent over the past year, it said yesterday, returning to growth after seeing contraction since 2008. The global firm posted UK revenue of £1.9bn for the year to 31 May, up from £1.78bn in 2010. Chief executive and [...]
How BA’s rivals measure up August 9, 2011 WITH the holiday season in full flow we’ve taken a look at how airlines are perceived. The top six airlines on the BrandIndex index score (combined for six key measures) are Virgin Atlantic, Emirates, British Airways, Qantas, Singapore Airlines and Cathay Pacific. The detail reveals an interesting pattern. While UK and Australian firms perform well [...]
Virgin pilots reach a truce with the airline over pay August 9, 2011 VIRGIN Atlantic pilots voted yesterday to accept a pay offer from the airline founded by Richard Branson, putting an end to the threat of strike action. The British Airline Pilots’ Association (Balpa) said the deal had provided “some improvement on pay”, included a profit share scheme and a programme to review pilot lifestyle as well [...]
CITY MOVES | WHO’S SWITCHING JOBS August 9, 2011 Baker & McKenzie The law firm has appointed Marc Fèvre as a partner in its energy, mining and infrastructure (EMI) group. Fèvre joins from Freshfields Bruckhaus Deringer, and is an expert in energy and infrastructure project development and finance. He also brings recent experience of the Middle East, having worked in Abu Dhabi since early [...]
BEST OF THE BROKERS August 9, 2011 BRITISH LAND UBS has upgraded the real estate investment trust from “neutral” to “buy” with a 12-month target price of 610p. The broker thinks the group’s strategy has become more appealing in the current low growth, risk averse environment, coupled with a strong dividend yield. While the firm slightly missed estimates with its first quarter [...]
