Eurozone fear hammers FTSE May 23, 2012 BRITAIN’S top shares fell sharply yesterday, wiping out their gains from the start of the week on mounting fears Greece will leave the Eurozone. The FTSE 100 slid 2.5 per cent to 5,266.41, its biggest one-day percentage drop since 21 November and its lowest close since 25 November, when markets were similarly beset with worries [...]
British Land’s asset value up as retail drags May 21, 2012 BRITISH LAND said yesterday there was little rise in its net asset value in the fourth quarter of the year after weak consumer sentiment caused the value of its retail portfolio to drop. The UK’s second largest property company posted a net asset value of 595p, up from 593p in the three months to 31 [...]
Borrows set to tighten belts at troubled 3i May 17, 2012 PRIVATE equity house 3i is expected to shake-up its global operations after naming veteran banker Simon Borrows as its new chief executive and posting a heavy loss. Borrows, who replaced Michael Queen yesterday after answering calls from some of the group’s larger shareholders to go for the top job, will cut costs as he tries [...]
Strong US trading lifts Compass Group to first half rise in profits May 16, 2012 COMPASS Group, the world’s biggest caterer, posted a 7.7 per cent rise in first half profit yesterday, as strong trading in North America and emerging markets helped dampen the impact of challenging economic conditions in Europe. The group, which provides meals for the likes of office workers, soldiers and school children, said underlying pre-tax profit [...]
US corporate results round-up May 16, 2012 Deere & Co ups oulook DEERE & Co posted higher quarterly earnings and sales that topped estimates, and raised its full-year profit outlook yesterday on rising global demand for farm equipment. The US farm sector is booming on higher worldwide food demand and as biofuels help drive up crop production. Companies like Deere are benefiting [...]
WHO’S SWITCHING JOBS May 16, 2012 Brooks Macdonald The private client investment manager has announced the appointment of Justin Woolf to its intermediary sales team. He joins as an intermediary sales manager from Zurich Intermediary Group, where he was a senior broker consultant. Woolf has over 15 years’ experience in the financial services industry. Thomas Miller Investment The investment management firm [...]
Car trade in first surplus since 1976 May 15, 2012 BRITAIN has posted its first quarterly trade surplus in cars since 1976 after cashing in on rising foreign demand for vehicles made in the UK. The value of car exports hit £6.1bn in the first quarter of the year, £561m ahead of the value of imports and up 20 per cent on the final three [...]
Dimon faces no pay revolt despite FBI probing loss May 15, 2012 JP MORGAN’S Jamie Dimon won the support of 91 per cent of shareholders for his pay package yesterday despite having presided over a $2bn (£1.25bn) trading loss from a botched hedging strategy. US regulators widened their investigation into the losses, with the FBI and Department of Justice now “looking into it”, according to the FBI, [...]
UK goods trade deficit stable May 15, 2012 Britain’s goods trade deficit stayed largely unchanged in March despite a rebound in exports to countries outside the European Union as overall import values also grew to a record level, official data showed. The Office for National Statistics said the goods trade deficit inched down to £8.56bn in March from £8.59bnin February. Economists had forecast [...]
Rusal earnings fall by 84pc as metal takes hit May 15, 2012 RUSAL, the world’s biggest aluminium producer, yesterday posted an 84 per cent drop in first-quarter net profit as metal prices fell. Net profit, which included its share of earnings in Norilsk and non-cash items, slumped to $74m (£46m) in the three months ended March from $451m a year earlier. While global aluminium consumption in the [...]