Conflicting signals halt winning streak November 10, 2009 US stocks closed mostly lower yesterday as differing views on whether the market can build on recent gains stalled the S&P 500’s six-day winning streak. The Dow industrials eked out a small gain to set a fresh 13-month high as cautious statements on the economic outlook from several Fed officials underscored the belief that easy [...]
Miners and Vodafone drag but banks offer some cheer November 10, 2009 BRITAIN’S leading share index ticked down 0.1 per cent yesterday, ending a four-day winning run, as weakness in miners and Vodafone offset strength in banks, underpinned by a strong update from HSBC. The FTSE 100 closed 4.63 points lower at 5,230.55, after hitting a two-week high earlier in the session. “After last week’s slew of [...]
Golden days for Harrods November 10, 2009 LUXURY department store Harrods has sold hundreds of thousands of pounds worth of gold bullion since it began offering coins and bars “off the shelf” a month ago. The Knightsbridge retailer, owned by Mohamed al Fayed, said it had seen a steady flow of sales to high street shoppers but hinted it wanted to stimulate [...]
Schroders slows profits slide as client cash inflows recover November 10, 2009 RISING inflows of cash, particularly from institutional investors, allowed fund manager Schroders to slow its profit slide in the third quarter. Schroders yesterday reported surprisingly strong interest from investors in the second half of the year, with net inflows of £7bn in the three months to 30 September. While £3.7bn was raised from retail investors, [...]
Julius Baer bank hit by crackdown on tax havens November 10, 2009 SWISS private banking group Julius Baer has been hit by the Europe-wide crackdown on tax havens and secret banking. The Zurich-based bank said the inflow of money from rich clients had slowed since mid-year due to the tax crusade by other nations. Switzerland has relaxed some of its secrecy to comply with international rules, leading [...]
Rangold back in black for Q3 but shares fall November 10, 2009 GOLD miner Randgold Resources swung into third quarter profit yesterday, propelled by soaring bullion prices. The company reported a $13.6m (£8.2m) profit compared with a loss of $684,000 a year ago as rising sales outweighed higher production costs. Chief executive Mark Bristow used the figures as a springboard to announce he would fast-track the company’s [...]
Vodafone to step up cost cutting plans November 10, 2009 Telecoms giant Vodafone yesterday posted a 73 per cent jump in first-half pre-tax profit and doubled its cost-cutting target to £2bn. The world’s largest mobile operator, which saw revenues increase on sales of data services, had already said it would reach its £1bn cost cutting target by March 2010, a year ahead of schedule. But [...]
SHOULD THE MARKET BE ENCOURAGED BY VODAFONE’S RESULTS? November 10, 2009 JONATHAN GROOCOCK INVESTECNarrowing declines in Europe margins may indicate some stabilisation, and free cash flow is marginally stronger than forecast. Guidance looks conservative, and we expect to upgrade earnings per share forecasts by around three to five per cent. Vodafone is clearly on-track to deliver.MORTEN SINGLETON COLLINS STEWARTThere was headline operational weakness, but the £4bn [...]
Imps lights up with new boss November 10, 2009 IMPERIAL Tobacco yesterday posted a 52 per cent jump in annual pre-tax profits and announced that its chief executive Gareth Davis, who has served the company for 37 years, is set to retire. He named chief operating officer Alison Cooper as his successor. Chairman Iain Napier said 59-year-old Davis had transformed Imperial from a business [...]
Yell moves refinancing on with 660m fundraising November 10, 2009 Struggling publisher Yell Group embarked on the last stage of a protracted refinancing yesterday when it announced a £660m share issue, lifting its shares three per cent. Yell plans to issue 1.6bn shares at 42p a-piece, a 12.5 per cent discount to Monday’s closing price. Half will be sold through a placing to agreed buyers [...]
