TIMELINE | CABLE & WIRELESS April 23, 2012 1860s Sir John Pender founds a number of British telegraph companies. 1928 Various radio and telegraph companies throughout the British Empire merge into Imperial & International Communications Limited, which becomes Cable and Wireless Limited in 1934. 1947 The Labour government nationalises Cable & Wireless. All its UK assets are integrated with those of the Post Office. [...]
BEST of the BROKERS April 11, 2012 BT GROUP JP Morgan Cazenove has downgraded the telecoms group from “overweight” to “neutral” following a strong share price performance that has seen it rise by 20 per cent over six months, compared to a drop of five per cent across the European telecoms sector. The broker sees revenue risk in both the full year [...]
Banks lead FTSE to a rebound in spite of jitters over the Eurozone April 11, 2012 BRITAIN’S top share index rebounded from a three-session slide yesterday as a rise in banking stocks following a positive broker comment and gains in mining shares boosted the index. The FTSE 100 index closed up 39.19 points, or 0.7 per cent at 5,634.74, reversing a downward spiral when the index surrendered almost all its remaining [...]
FTSE steadied by banks and miners April 11, 2012 The FTSE 100 steadied this morning but fears over world growth and in particular the continuing Eurozone debt crisis cast a shadow over markets. Having fallen back to its weakest point this year the blue chip index was given a boost by miners and banks but the market was effectively flat. The sector had been [...]
Daniels leaves BT directorship April 4, 2012 ERIC Daniels, the chief executive of Lloyds Banking Group during its doomed takeover of HBOS, has stepped down from a non-executive directorship at BT. The telecoms group said Daniels will step down on 13 June after four years on its board. Chairman Sir Mike Rake said in a statement: “Eric has been a great asset [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2012 FINANCIAL TIMES BRAZIL’S BTG BANK TO CEMENT RAPID RISE WITH $15BN FLOAT BTG Pactual is set to float later this month in a deal that will value the rapidly growing Brazilian investment bank’s equity at up to $15bn and the shareholdings of a swathe of executives at more than $150m each. BSE HEAD APPOINTED TO [...]
BEST OF THE BROKERS March 26, 2012 BT GROUP UBS rates the telecoms group as “neutral” but raises its target price from 210p to 230p after BT announced on Friday that it will halve its pension deficit by end of March 2012 and said the current deficit stood at £4.1bn – below the expected £6bn. UBS now expects the company’s dividend to [...]
Energy stocks lift FTSE March 26, 2012 Energy stocks gave the FTSE 100 index renewed impetus in early trading but gains were limited by weaker miners and banks. Fears over China’s growth are still casting a shadow over commodity stocks while banks are still struggling to maintain upward momentum. Aberdeen Asset Management was the top riser, up 2.4 per cent as the [...]
FTSE edges up despite retail fears March 23, 2012 The FTSE 100 bounced back in early trading after falls mainly triggered by miners who are fearful of a slowdown of growth in China. However, gains were minimal with the tough climate for UK retailers being laid bare by data from Nationwide today showing that consumer morale is weakening. Blue chip retailer Kingfisher, which owns [...]
BT to pay off pension deficit faster than expected March 23, 2012 British telecoms group BT said it would pay down its £4.1bn pension deficit more quickly than previously planned, removing uncertainty over the scheme and raising hopes it will pay a higher dividend in future. Shares in the former telecoms monopoly leapt to a four-year high on Friday after it announced a lump sum payment into [...]