Capita slips as sales fall short of expectations November 18, 2009 CAPITA, Britain’s largest outsourcing company, was the FTSE’s worst performer yesterday on the back of a disappointing update that drew attention to its high trading multiple. The company’s paper lost 5.2 per cent to close the day at 721p after it revealed a slower than expected rate of organic growth. Capita won £1bn of work [...]
SocGen fears the worst November 18, 2009 French bank Société Générale has told its clients to prepare for a possible “global economic collapse” over the next two years. It says investors should draw up a defensive investment strategy to secure their wealth. The report, entitled “Worst-case debt scenario”, warns that government bailouts have simply transferred private liabilities onto state shoulders, rather than [...]
Telereal Trillium agrees debt November 18, 2009 Telereal Trillium, the property investment vehicle owned by the William Pears Group, has pulled off a £340m debt refinancing with four banks. The restructure, one of the biggest transactions this year, was arranged between Telereal Trillium and Barclays, Lloyds, Germany’s Eurohypo and Spain’s Santander. Graham Edwards, Telereal Trillium’s chief executive, said: “We are very grateful [...]
ALPHA MALE November 18, 2009 JUPITER Asset Management yesterday said Guy de Blonay, who it poached last month from Henderson, will join its star fund manager Philip Gibbs on the £1.4bn Financial Opportunities Fund next summer. Gibbs’ fund turned heads last year after it returned seven per cent despite markedly hostile market conditions.
Ex-Deutsche chief faces fraud charges November 18, 2009 THE former chief executive of Deutsche Bank has been charged with attempted fraud in the course of a long-running court feud with an ageing media entrepreneur. Prosecutors in Munich allege Rolf Breuer, who stepped down from Deutsche’s board seven years ago, lied to judges to avoid a conviction in a civil suit brought by TV [...]
UTV to meet forecasts but stays cautious November 18, 2009 Northern Irish broadcaster UTV Media said it expects 2009 operating profits to be in line with market estimates, helped by cost cuts, but was cautious about trading in 2010. UTV, which operates the ITV franchise in Northern Ireland, said revenue declined eight per cent for the 10 months ended 31 October, compared to a year [...]
New ITV boss meets with City approval November 18, 2009 Troubled broadcaster ITV saw its shares lift by 3.5 per cent yesterday after it announced the appointment of City high-flier and former Tory MP Archie Norman as its chairman. After months of speculation, analysts applauded the selection of a big-hitting turnaround specialist, with strong links to the Tories, to guide ITV’s strategy moving forward. Norman [...]
Eurozone building dips November 18, 2009 CONSTRUCTION output in the 16-nation eurozone fell by 1.1 per cent in September compared with the previous month, according to official statistics released yesterday. In August, production in the sector rose by 0.1 percent in the eurozone, Eurostat, the official European statistics agency said. Compared with a year ago, construction output dropped by eight per [...]
Gloomy US homes data November 18, 2009 CONSTRUCTION of new homes in the United States hit a six month low in October, providing more evidence of the economy’s sluggish recovery, while a surge in the cost of new and used vehicles lifted consumer prices. The Commerce Department said housing starts dropped 10.6 per cent to an annual rate of 529,000 units, the [...]
CBI: industrial output will grow by next year November 18, 2009 UK FACTORY orders fell at their slowest pace in November for almost a year, while export demand was the strongest since April, the CBI’s monthly industrial trends survey showed yesterday. The CBI survey’s total order book balance rose to an 11-month high -45 per cent this month, up from -51 per cent in October, slightly [...]
