Ladbrokes profits leap as online woes are offset by high street August 2, 2012 BETTING machines in Ladbrokes’ high street outlets helped the bookie to improve profits in the first half of the year despite its online revenues plummeting. Ladbrokes said pre-tax profit rose 49 per cent on the same period last year to £106.9m, with revenue up eight per cent to £529m. This was almost entirely driven by [...]
Cuts pay off for Trinity Mirror as shares leap after difficult year August 2, 2012 NEWSPAPER publisher Trinity Mirror saw shares rise 20 per cent yesterday as the company posted better than expected profits thanks to a cost-cutting operation, although it did warn of drops in advertising revenue at its national papers. Advertising sales fell 10.5 per cent in the first half of the year and circulation revenue fell slightly [...]
Sony forced to trim forecasts as demand for its devices plunges August 2, 2012 SONY yesterday slashed its forecast for 2012/13 operating profit and lowered its sales expectations for key products including its handheld PSP and PS Vita devices as new boss Kazuo Hirai battles to revive the fortunes of the electronics giant. Sony reported yesterday that operating profit for April to June fell a much steeper-than-expected 77 per [...]
WPP’s latest acquisition makes digital agency chief his fortune August 2, 2012 ADVERTISING giant WPP has bought a majority stake in British online marketing firm Fortune Cookie, the latest acquisition for Sir Martin Sorrell’s firm as it aims to expand its digital reach. The deal, estimated at up to £30m, will net Fortune Cookie’s founder and chief executive Justin Cooke a hefty sum as he becomes head [...]
Time Out goes free in London as buyers fall August 2, 2012 TIME OUT has become the latest title to reinvent itself as a free publication, with its London edition set to launch across transport networks in the capital in the coming weeks. The weekly magazine has seen fewer casual buyers in recent years, and says the move is part of a new strategy following increased traffic [...]
Sharp to slash 5,000 jobs for first time since end of World War II August 2, 2012 SHARP yesterday announced a 94bn yen operating loss for the June quarter and revealed plans for its first job cuts in more than 60 years as Japan’s electronics industry scrambles to keep up with foreign competitors. Sharp said it would cut 5,000 jobs – around 10 per cent of its workforce – as it attempts [...]
CITY MOVES | WHO’S SWITCHING JOBS August 2, 2012 Carmignac Gestion The asset management firm has appointed Cora Pfab as sales manager for southern Germany and Austria. She joins from F&C Thames River and relocates from London to Carmignac Gestion’s German office. Pfab has extensive experience in financial services, and has also worked at ABN Amro Asset Management. Duff & Phelps The financial advisory [...]
BEST of the BROKERS August 2, 2012 ANTOFAGASTA UBS has edged up its target price on the miner to 870p from 850p formerly – “a quality premium is justified by the strength of its balance sheet, low cost operations and transparency”, the banks said yesterday. However, it leaves its “sell” recommendation on the stock unchanged. RIGHTMOVE N+1 Brewin has ramped up the [...]
FTSE retreats from 3-month high as ECB’s failure to act disappoints August 2, 2012 BRITAIN’S leading FTSE share index fell yesterday, retreating from a three-month high after the European Central Bank (ECB) failed to deliver widely expected stimulus measures to help tackle the Eurozone debt crisis. ECB president Mario Draghi said the bank would draw up a mechanism in coming weeks to make outright debt purchases to stabilise peripheral [...]
Shares drop for fourth straight day on Wall St August 2, 2012 US stocks fell for a fourth day yesterday after European Central Bank President Mario Draghi disappointed investors hoping for immediate action to contain the Eurozone debt crisis. One of Wall Street’s top market makers, Knight Capital Group, was fighting for its survival after a trading glitch that roiled markets on Wednesday wiped out $440m the [...]
