Securitas launches cost-cutting plan following European slump October 17, 2012 SWEDISH security services group Securitas yesterday announced plans to cut costs and merge two divisions after posting seven straight quarterly earnings drops. The company, the world’s second largest security firm after British-Danish G4S has suffered from weakness in Europe during the sovereign debt crisis, which has affected key contracts. Profitability in the US market has been [...]
Japan Residential mulls offer October 17, 2012 Japan Residential Investment Company, the Aim-listed fund invested in Japanese homes, yesterday said it was mulling selling fund assets after being approached by a listed buyer. The company, which has a portfolio of 2,200 homes in Tokyo, Osaka, Nagoya, said it had been approached by a firm to buy assets and was reviewing the proposal. [...]
Vertu Motors profits zoom ahead October 17, 2012 Car dealer Vertu Motors yesterday posted a 26.8 per cent increase in profits to £5.2m on the back of strong revenue growth for the half year. The revenue increase – up 14.8 per cent to £628.1m versus £547m last year – boosted the firms profits from £4.1m last year. However, a more normalised tax rate [...]
City Moves | Who’s switching jobs October 17, 2012 RBS Invoice Finance James Shaw has been appointed head of portfolio, corporate at the invoice finance division of RBS. He joins from GE Capital, where he worked for 12 years. Shaw will be responsible for delivering audit and risk management to the firm’s corporate client base. Nomura Kaan Basaran has been appointed head of origination [...]
Best of the Brokers October 17, 2012 PEARSON Nomura has upped Pearson’s target price to 1,250p from 1,200p, while maintaining its “reduce” rating after the publisher said yesterday it is to purchase Embanet Compass for £406m. DIRECT LINE Numis has moved Direct Line from “buy” to “add” to reflect reduced upside following the eight per cent price uplift since its flotation last [...]
Bullish expectations over Chinese GDP send FTSE over the 5,900 level October 17, 2012 BRITAIN’S top shares hit their highest level in more than a month yesterday, propelled by strength in risk-sensitive commodity stocks ahead of economic growth data from top consumer China. Gains by miners and energy stocks accounted for nearly all the FTSE 100 index’s gains – adding 21 points and 16 points respectively – on expectations [...]
Housing starts increase sees S&P gain again October 17, 2012 THE S&P 500 rose for the third consecutive day yesterday after housing starts hit a four-year high, but the Dow was weighed down by IBM after it posted weak revenue. Homebuilders’ shares led gains after the Commerce Department said groundbreaking on new homes jumped 15 per cent in September, the quickest pace since July 2008. [...]
Greece must stop hitting snooze and wake up to economic reform October 17, 2012 WHEN the International Monetary Fund (IMF) and European finance ministers meet today at the European Union (EU) summit, they are bound to butt heads over the decision to release Greece’s next €31.5bn bailout installment. The prospect of default may be a possibility once again. European leaders and international lenders will likely come to an eleventh-hour [...]
Obama has reopened the campaign by denying Romney a knock-out blow October 17, 2012 TUESDAY night’s presidential debate between Barack Obama and Mitt Romney may have had the occasional spark, but it lacked fireworks. Rather than a dazzling spectacle, it was noteworthy for two – or perhaps three – lacklustre performances. Having been overwhelmingly trounced by Romney in the first debate, this was the President’s chance to stop the [...]
Banks will protect your reputation in the online market October 17, 2012 PEOPLE are becoming increasingly empowered in their interactions with companies. But this is only the beginning. Soon, people will be using the assets of their reputations to make all their dealings with businesses easier. And banks are well placed to be the custodians of this data. For example, buying a car is currently a headache. [...]
