Sacked Olympus chief: It is unsafe for me to go to Japan November 2, 2011 THE EX-CHIEF of Japan’s Olympus said yesterday he wanted to meet investigators appointed to probe the scandal engulfing the firm, but said it would be unsafe for him to travel to Japan. Michael Woodford, whose sacking and revelations about irregular deals and payments exposed the scandal, said he would meet the company-appointed panel of investigators [...]
HARRY POTTER HELPS TIME WARNER PROFITS November 2, 2011 TIME Warner’s film division has had its best quarter ever, with revenues growing by 19 per cent and profits improving by a whopping 153 per cent, largely due to the success of Harry Potter and the Deathly Hallows Part 2. Overall, Time Warner reported $822m (£515m) in profits, up from $522m last year, and $7.1bn [...]
AOL stock jumps despite a six per cent decline in its revenues November 2, 2011 AOL’s third-quarter revenue dropped six per cent because of its dwindling dial-up internet access business but still beat analyst expectations, sending its stock soaring. The company posted revenue of $531.7m (£333m), with advertising sales up eight per cent to $317.7m. However, its share of display advertising – the eye-catching ads found on websites – has [...]
Inmarsat in boost from its US partner November 2, 2011 Satellite communications firm Inmarsat bounced back from a tricky summer as its spectrum sharing deal with US partner LightSquared began to pay off. A $56m (£35.05m) boost to its top line from LightSquared offset a continued decline in its maritime satellite revenue as the trend towards less expensive data rather than premium voice calls continued. [...]
Sony says it will fall to its fourth consecutive loss November 2, 2011 SONY yesterday said it would fall to its fourth consecutive annual loss, with its TV unit alone expected to haemorrhage $2.2bn (£1.38bn). The struggling electronics giant was forced to cut its sales forecast for TVs, cameras and DVD players and said it is now on track to post losses of $1.1bn for the full year. [...]
William Hill abandons Probability November 2, 2011 Shares in mobile gambling specialist Probability dropped 16 per cent after William Hill’s takeover bid collapsed. It is understood Playtech, which has a 21 per cent stake in Hill’s online arm, felt a deal with Probability could have hurt its interests. The company, Britain’s biggest bookmaker, was required to decide whether it wanted to make [...]
Logica cuts full-year growth November 2, 2011 IT services provider Logica yesterday cut its full-year growth forecasts as it posted third-quarter results still hampered by weakness in the Benelux region. The Anglo-Dutch company, which competes with Capgemini and Atos Origin, said the group had improved in Britain and its outsourcing division continued to perform strongly. But the weakness in the Benelux region [...]
Cable boosts Comcast November 2, 2011 Comcast’s profits rose five per cent after healthy results from its cable business, calming recent worries that the industry was succumbing to pressures from a faltering economy and poor housing market. The US firm relied on its cable business to offset a weak quarter from two of its newer media properties, the NBC television network [...]
Construction growth set to fall into 2012 November 2, 2011 CONSTRUCTION in the UK hit a five-month high in October, figures released yesterday from Markit revealed, though output fell over the year and the industry fears worse is to come. The purchasing managers index (PMI) for the sector rose sharply to 53.9, strongly up from the nine-month low of 50.1 recorded in September. Any figure [...]
FPC’s Jenkins in call for longer-term bankers’ pay November 2, 2011 BASING bankers’ rewards on return on equity (RoE) encourages short-term thinking and is in part to blame for the financial crisis, Robert Jenkins from the Bank of England’s financial policy committee (FPC) told a conference in Paris yesterday. “RoE is a convenient target,” he said, but it has made “many bankers rich and loyal shareholders [...]
