RBS warns that Eurozone crisis will hit its earnings July 21, 2011 THE second-quarter earnings of Royal Bank of Scotland’s global banking and markets business will reflect the weakness in fixed-income markets due to debt woes in the Eurozone, an executive has said, warning that bond markets will remain tough in the third quarter. The comments come a few days before RBS, 83 per cent owned by [...]
Revolt over Pluthero pay July 21, 2011 NEARLY 40 per cent of Cable & Wireless Worldwide (CWW) shareholders refused to back new chief executive John Pluthero’s controversial incentive scheme yesterday. A further 27 per cent withheld support for the embattled firm’s remuneration plans during a humbling annual meeting for the telecoms giant. While CWW was braced for a protest vote given its [...]
De La Rue says turnaround is on track but business mixed July 21, 2011 BANKNOTE maker De La Rue yesterday said business over the past three months had been satisfactory and its turnaround strategy was working, but warned that some of its divisions were still facing headwinds. Its currency printing division saw high volumes while its identity systems division, which produces passports, also performed strongly, De La Rue chairman [...]
MPs fume at the FSA for dismissing reform advice July 21, 2011 A SQUABBLE broke out yesterday between the Treasury Select Committee and the FSA, after the financial regulator brushed off recommendations from MPs. Parliamentarians have said there ought to be a year’s delay before the implementation of the Retail Distribution Review (RDR), scheduled for January 2013, to give financial advisers more time to comply. The review [...]
Pepsi warns on US demand and cost inflation July 21, 2011 US food and drink maker PepsiCo scaled back its full-year earnings forecasts on ongoing economic uncertainty yesterday. Pepsi said performance in its North American drinks business was worse than expected, due to weakened consumer demand and intensifying competition, which has made it difficult to raise prices to offset soaring commodity costs. “Of the three factors [...]
Great Portland boosts its NAV July 21, 2011 GREAT Portland Estates (GPE) said the value of its property assets increased by 3.8 per cent in the first quarter this year, driven by demand for West End offices and near-term development schemes. The London property developer said its portfolio valuation increased by £58.4m to £1.6bn in the three months through June. Net asset value [...]
Spending spree plans at London & Stamford July 21, 2011 LONDON & Stamford Property (L&S) has stepped up plans to expand its residential portfolio, agreeing to buy more than 100 residential properties in north London for £49.1m. The real estate developer announced yesterday it had bought 107 private residential units and 31 car parking spaces in Islington from Seward Street Developments, bringing its total portfolio [...]
Scottish and Southern the latest utility to hike fuel bills July 21, 2011 SCOTTISH & Southern Energy (SSE) yesterday became the third large British energy supplier to hike its fuel prices this summer. Electricity bills will increase by 11 per cent and gas will go up by 18 per cent from 14 September, affecting 8.8m households in Britain, the utility firm warned in a statement. Customers on duel [...]
AkzoNobel vows action to boost flagging profit July 21, 2011 DUTCH chemicals group AkzoNobel promised new, unspecified measures to improve its earnings as it reported a 10 per cent drop in second-quarter core profit, hurt by rising costs and weak demand. The world’s biggest paints company was hit by faster-than-expected increases in prices of raw materials such as pigments and oil-related resins and solvents. It [...]
FOREIGN EXCHANGE AS MOSCOW MOVES TO BECOME WORLD-CLASS July 21, 2011 CAN MOSCOW ever become a world-class financial centre? BP may have had its fingers burned over the ill-fated Rosneft deal, but Anglo-Russian relations are being improved behind the scenes following a Moscow-London foreign exchange to set up the Moscow International Finance Centre (MIFC). First, Lord Mayor Michael Bear – the co-chairman of the MIFC Liaison [...]
