Fund manager pay to change July 28, 2011 NEW European rules covering fund managers include strict changes to salary structures in the industry that few are aware of, PwC said yesterday. The Alternative Investment Fund Managers Directive will make hedge and private equity funds restrict cash bonuses, paying at least half in shares. Between 40 and 60 per cent of variable pay must [...]
Unintended consequences strike again July 28, 2011 ANOTHER piece of poorly thought-out regulation, another set of unintended consequences. At the start of this year, the European Commission imposed on its banks the most onerous regime governing bonuses in the world. The banks responded by jacking up salaries, something that started in 2009 when they attempted to avoid Labour’s 50 per cent bonus [...]
Centrica fall is blamed on the weather July 28, 2011 CENTRICA, the UK’s largest energy supplier, said pre-tax profits dropped by 19 per cent in the first half of the year after higher wholesale prices and warmer weather took its toll on its residential energy business. The utility firm saw its adjusted operating profits fall to £1.26bn in the six months to 30 June, which [...]
Shell doubles its takings as it warns the end of low cost oil July 28, 2011 ROYAL Dutch Shell’s chief executive yesterday declared the end of low cost oil and gas, warning that companies were entering a world where finding hydrocarbons was going to be “more complex”. Peter Voser was speaking as the company revealed a 77 per cent rise in second quarter profits, fuelled by higher oil prices and the [...]
Exxon Mobil posts its highest profits for almost three years July 28, 2011 EXXON Mobil, the world’s largest publicly traded oil company, yesterday reported a higher quarterly profit – but missed Wall Street estimates as its international refining business and output fell short. The company’s second-quarter profit rose 41 per cent to $10.68bn (£6.54bn), up from $7.56bn a year ago. Exxon’s refining operations had a profit of $1.36bn, [...]
Broadband drives profits at BT up 20pc July 28, 2011 BT yesterday reported a 20 per cent leap in pre-tax profit, sending its shares up more than four per cent. Its revenues continued to fall, with a five per cent decrease to £4.7bn narrowly beating analysts’ forecasts. Its performance was driven by a surge in uptake for its superfast internet services, with 141,000 new customers [...]
TalkTalk revenue falls as users leave July 28, 2011 TALKTALK lost 38,000 customers in the latest quarter as it struggles against strong performances at its rivals and a reputation for poor customer service. Its revenues decreased five per cent year-on-year to £423m. The firm does not disclose its profits until its interim results in October. Average revenue per user increased year-on-year from £23.90 to [...]
ANALYST VIEWS: ARE BT’S PROFITS ENOUGH TO OFFSET ITS FALLING TOP LINE ? July 28, 2011 MORTEN SINGLETON | INVESTEC The cost-cutting story continues to demonstrate further mileage. Total operating costs before specific items down six per cent year on year, highlighting the success of the continued cost efficiency drive. ROBIN BIENENSTOCK | BERNSTEIN BT’s top line declines continue to highlight the weaknesses facing the company, while cost cutting to maintain [...]
Orange owner mulls a €2bn sale of assets July 28, 2011 FRANCE Telecom, the owner of half of the Everything Everywhere joint venture in the UK, is preparing an asset sale that could rake in much as €2bn (£1.75bn). It is considering putting its Swiss, Austrian and Portuguese units on the market in a move that could pave the way for a bumper return to shareholders. [...]
Nintendo posts first ever losses July 28, 2011 NINETENDO has posted its first-ever quarterly operating loss, cut the price of its 3DS handheld game player and slashed its full-year profit forecast far below market expectations, hit by sluggish sales and a strong yen. The weak result confirmed investor fears that the video games maker is too focused on hardware when the market is [...]
