IEA warns on rising oil prices November 12, 2009 OIL demand has started to grow after a year-and-a-half of decline, the International Energy Agency said yesterday, in the latest sign that the pick-up in Asia is boosting energy consumption. But the body warned that the recent rise in oil prices could derail recovery if it continues, and demand for the commodity itself will rebound [...]
Aegon slides as earnings miss forecast November 12, 2009 DISAPPOINTED market makers sold shares in Aegon yesterday after its third quarter pre-tax earnings missed consensus expectations. Despite bouncing back into the black with a net profit of €145m (£130.4m) compared to last year’s loss of €329m, the insurer saw its shares fall 6.4 per cent to close at €5.1. Pre-tax earnings fell year-on-year to [...]
Google is trying to make mobile phone ads pay November 12, 2009 COMPANIES have spent years trying to work out how to make advertising on the mobile phone work. In many ways, it should be a no-brainer: unlike the PC, we’ve always seen our phones as something to spend cash on – whether we’re buying calls, texts, ringtones or data services. They are an unashamedly commercial device [...]
CITY MOVES WHO’S SWITCHING JOBS November 12, 2009 Daiwa SecuritiesThe investment banking group has appointed Masami Tada as its new chairman and chief executive for Europe and the Middle East. Tada joined the group in 1978 and has held a number of prominent roles in both Japan and Europe, most recently at the financial consulting and investment advisory arm, Daiwa Fund Consulting. The [...]
Starbuck admits McCafe impact November 12, 2009 Starbucks chief executive Howard Schultz said yesterday that McDonald’s McCafe launch earlier this year made the cafe chain better. Starbucks executives have repeatedly said that the world’s largest hamburger chain’s entry into the market for espresso-based drinks had no impact on Starbucks.
London Mining drills deep November 12, 2009 London Mining, the steel-feed specialist that listed on AIM last week, said yesterday that it has made “significant headway” on its three key projects – in Sierra Leone, Saudi Arabia and Greenland – in the third quarter of the year, and that it is planning to start drilling a further 22,000m to expand its existing [...]
Irish bad bank gets approval November 12, 2009 Ireland’s parliament yesterday approved a €54bn (£48.4bn) bad bank plan to remove banks’ problem loans arising from a property market bust and help move Ireland out of recession. Dublin has pumped €11bn of capital into its banks, nationalised Anglo Irish Bank and introduced a blanket guarantee for bank liabilities, and now hopes the National Asset [...]
East Coast Line handed to state November 12, 2009 The Department for Transport (DfT) will today take over the running of National Express’s East Coast Main Line, after the transport group failed to find the £1.3bn it needed to pay in premiums for the lifetime of the franchise. The rail unions are urging the DfT to keep the major London to Scotland route in [...]
BEST OF THE BROKERS November 12, 2009 DAIRY CRESTKBC Peel Hunt upped its target price for Dairy Crest from 360p to 400p following the firm’s interim results, which were in line with expectations. The broker said that the news in the numbers was a significant reduction in net debt and an increase in the pension fund. It increased its pre-tax profit forecasts [...]
O2 tops rivals and grows in third quarter November 12, 2009 Mobile operator O2 said yesterday that it was the only UK network to grow its revenues in the third quarter, as it benefited from its since-expired deal to be the exclusive seller of Apple’s iPhone. The UK arm of Spain’s Telefonica said that it saw demand for its mobile data services – customers accessing the [...]
