Vodafone to reveal surge from iPhone May 16, 2010 VODAFONE is expected to announce strong results tomorrow off the back of strong smartphone sales. The soaring popularity of products including Apple’s iPhone will lead to a spike in revenue of around seven per cent, according to analysts. This would bring the full-year revenue for the telecoms giant to around £44bn. Its profit before tax [...]
Trafigura mulls a £1bn UK flotation May 16, 2010 TRAFIGURA, the Switzerland-based oil trader, has not ruled out the possibility of a £1bn flotation of its industrial assets. A flotation in the UK would represent a change of direction for the commodities company, which never publishes financial details except to bondholders and other interested parties. Trafigura will spin off its industrial assets but will [...]
UBS may face lawsuits in US May 16, 2010 UBS could face lawsuits in the United States if the Swiss parliament fails to agree to a deal passing data on the bank’s US clients to US tax authorities, Switzerland’s finance minister said. Hans-Rudolf Merz told the newspaper SonntagsBlick he hoped parliament, which will vote on the measure in June, would approve the agreement, though [...]
Investor pay rebellion rises May 16, 2010 THREE more of the UK’s biggest companies are preparing to face shareholder wrath over generous executive pay schemes, according to the Association of British Insurers (ABI). The ABI has issued “amber top” alerts over remuneration at HSBC, engineer Tomkins and electronic chipmaker Wolfson Microelectronics, indicating a “considerable” level of concern. HSBC investors have signalled anger [...]
KPMG and PwC consider move into credit rating May 16, 2010 ACCOUNTANTS KPMG and PricewaterhouseCoopers have considered entering the credit rating business as the established players come under fire for failing to pre-empt the financial crisis. In the aftermath of the recession, which saw high-profile companies such as retail investor Baugur go bankrupt, KPMG said auditors should provide forward-looking assessments of a business’ risks as well [...]
Battle for RBS branches heats up May 16, 2010 Santander, the frontrunner to buy £1.5bn of bank branches put up for sale by Royal Bank of Scotland, faces increased competition. National Australia Bank and BBVA, who are also in the running for the assets, are understood to have held talks about teaming up for a bid through a joint venture. Santander sees the RBS [...]
Australians firm on mining tax May 16, 2010 Australian Treasurer Wayne Swan vowed yesterday to stand firm on a planned new tax on mining profits, to be set at 40 per cent, despite widespread criticism from the country’s booming resources sector. Swan promised “generous transitional provisions for existing projects” but said the government would not bend on plans to legislate the tax in [...]
Peacocks ready to sell after bumper Christmas May 16, 2010 FASHION retailer Peacocks may cash in on its storming run of form with a sale that could value the business at £600m. The budget store has seen sales rocket as customers flocked to it during the recession. Now shareholders are understood to be keen on a quick sale, with the private equity arm of Goldman [...]
Liberty sale under dispute May 16, 2010 A BITTER spat has broken out over the sale of department store Liberty. The changing of hands of the iconic brand appeared to be a done deal when the Liberty board recommended shareholders accept a bid of 186p a share from private equity vehicle BlueGem. But rival bidder Pyrrho, which had a 185p a share [...]
New government, new attitude to the City May 16, 2010 After five days of painstaking negotiations involving politicians from right across the political spectrum, we finally have a new Government – a formal coalition between the Conservative Party and the Liberal Democrats. We now know the composition of the new Cabinet and have a clearer idea of the legislative agenda the Government will be pursuing [...]
