BofA in U-turn over debit fees November 1, 2011 BANK of America has scrapped plans to charge a $5 per month debit fee, handing a victory to consumers and protesters angry with big banks. The second-biggest US bank said yesterday that the move was in response to customer feedback and competition. BofA was under pressure to make the change as rivals backtracked from plans [...]
Revenues lifted at Dollar Thrifty November 1, 2011 DOLLAR Thrifty Automotive Group posted strong third-quarter results that beat estimates on higher car rental revenue yesterday, and the company forecast fourth-quarter rental revenue growth of about one to two per cent. The company posted a third-quarter net income of $66.6m (£41.8m), compared with $49.2m a year ago. Revenue rose to $451.7m from $443.5m. Vehicle [...]
WERE IMPERIAL’S FIGURES IN LINE WITH EXPECTATIONS? November 1, 2011 TINA COOK | CHARLES STANLEY Imperial Tobacco continues to demonstrate resilience with strength in emerging markets helping to offset headwinds in Spain and the UK. The main positive surprise is a continuation of shareholder friendly actions with a 13 per cent increase in the dividend on a slightly larger than expected hike in the payout [...]
Rathbones adds £307m in funds November 1, 2011 WEALTH manager Rathbone Brothers showed it had continued to pull in clients over the summer, as it said yesterday that net new funds going into the firm hit £307m in the three months to September. However, falling markets meant funds under management were £15.1bn, a 3.2 per cent drop over the period. “We expect markets [...]
Reuters beats results forecast November 1, 2011 MEDIA group Thomson Reuters yesterday posted results ahead of forecast as its professional information business offset sluggish growth in its markets division. Sales to legal, tax and accounting professionals jumped 10 per cent, buoyed by strong sales of its WestlawNext software. But growth was subdued in the unit that caters to banks and other financial [...]
House prices edge up in a soft market November 1, 2011 HOUSE prices nudged up last month, beating expectations for no change, driven by sales in more affluent areas, data from mortgage lender Nationwide showed yesterday. House prices rose 0.4 per cent in October having risen 0.1 per cent in September, pushing them 0.8 per cent higher than a year ago, the first time annual house [...]
Kuwaitis to buy up Hammerson asset November 1, 2011 KUWAITI property firm St Martins Corporation is close to buying 60 Threadneedle Street at the heart of the City from Hammerson in a deal said to be worth more than £175m. The offices, which were completed in 2009, are 99 per cent let, producing £8.8m of rent a year from tenants including Talbot Underwriting and [...]
DTZ says City offices resilient November 1, 2011 OFFICES in London’s Square Mile offer one of the best defensive plays for property investors seeking to safeguard total returns if the pan-European sector is dragged into a second recession by the Eurozone debt crisis, research by DTZ claims. The property consultancy carried out research based on a worst-case scenario, with the 20 per cent [...]
H&M swoops on Carnaby St November 1, 2011 SWEDISH Fashion retailer H&M yesterday signed for the first UK stand-alone stores for its Monki and Cheap brands on London’s Carnaby Street. West End property company Shaftesbury has let its two newly-built stores for a ten year term, which will produce a total rental income of £965,000 per year. Last month H&M took full control [...]
A strong US performance boosts Aegis November 1, 2011 Advertising giant Aegis yesterday outperformed the industry, smashing analyst growth forecasts. The UK firm was buoyed by a strong performance in the US, where rivals including WPP have struggled in the last three months. It posted organic revenue growth of 11.2 per cent, compared with analyst forecasts of 7.5 per cent. Aegis said it expects [...]
