Head of Moody’s sovereign debt rating service to leave the firm May 18, 2010 MOODY’S Investors Service yesterday said the head of its sovereign rating group is leaving the firm, but a spokesman said the decision was not related to market events or recent criticisms of rating agencies. The decision by Pierre Cailleteau, head of the sovereign rating group, to leave was his own, the spokesman said. Cailleteau’s departure [...]
Smartphones help Vodafone double profits May 18, 2010 VODAFONE yesterday said a surge in demand for smartphones helped it to more than double its full year profit. This was despite growing despair over its key Indian unit, which was forced to take a £2.3bn impairment charge thanks to fierce competition and rapidly escalating spectrum costs. Vodafone’s overall profit soared from £4.2bn to £8.7bn. [...]
Vodafone May 18, 2010 VODAFONE is on the verge of staging a recovery. In Europe, things are finally improving, with service revenue in the UK turning positive, increasing by 1.4 per cent since the firm finally started selling Apple’s iPhone (what a shame it took so long). If the iPad is a hit in the UK, and early signs [...]
US trials curbs to stop Dow plunge repeat May 18, 2010 NEW rules to curb stock trading when markets plunge uncontrollably will go into effect in June for the largest stocks. The plan has been hastily crafted by the Securities and Exchange Commission and the major US exchanges in response to the unexplained “flash crash” on 6 May that drove the Dow Jones industrial average down [...]
Outdoor ads to come under scrutiny of OFT May 18, 2010 THE Office of Fair Trading (OFT) will launch an investigation into outdoor advertising after players in the sector raised concerns about its fairness. The OFT will now examine whether the industry offers fair value for buyers and consumers. Heather Clayton, senior director of infrastructure at the OFT said: “The cost of all forms of advertising [...]
GORMAN FOCUSES ON TRUST May 18, 2010 MORGAN STANLEY chief executive James Gorman said yesterday Wall Street must “rebuild trust” with America’s Main Street amid a growing divide between high finance and the rest of the country. Gorman, who became chief executive on 1 January, said Morgan Stanley finds itself in an “extremely fluid” environment in light of ongoing investigations and regulatory [...]
WILL PRUDENTIAL’S PROSPECTUS WIN INVESTORS ROUND TO AIA? May 18, 2010 NIC CLARKE | CHARLES STANLEY “There are clear merits in doing the deal. It would be a truly transformational deal with the enlarged group generating around 60 per cent of its profit in Asia and would give it the number one market share in the region.” PAUL MUMFORD | CAVENDISH ASSET MANAGEMENT “We have tremendous [...]
Pru reveals risks and hopes May 18, 2010 PRUDENTIAL exposed the risks and upsides of its $35.5bn (£24bn) move on AIG’s Asian network in more detail as its prospectus finally emerged yesterday. The 936-page document, which was pored over by analysts and investors, re-stated Prudential’s punchy promise to more than double its new business profit from the Far East by 2013 while returning [...]
Top fund man joins probe on banking fees May 18, 2010 WILLIAM Claxton-Smith, the well-known corporate governance expert, has been brought in to help lead an inquiry into the fees charged by investment banks for rights issues. Claxton-Smith, who has previously held senior roles at Insight Investment and Scottish Widows Investment Partnership, will work on the investigation launched by the Institutional Shareholders’ Committee (ISC) this week. [...]
Court decision on BA’s strike plan hit by delay May 18, 2010 BRITISH Airways (BA) passengers are still in the dark over the continuing threat of a cabin crew strike after the Court of Appeal delayed making a decision on Unite’s challenge of Monday’s decision. Unite launched the appeal yesterday morning after the High Court brandished the possible crew strike unlawful on the grounds that the union [...]
