Toyota third-quarter profit falls almost 50 per cent February 8, 2011 Japanese carmaker Toyota has reported a 47.6 per cent drop in quarterly profit, hit by slumping Japanese car sales and a firm yen that underlined its exposure to loss-making exports. But the company has raised its 2011 outlook to slightly above the market consensus expectations as cost cuts take effect. Toyota’s October-December operating profit was [...]
Lord Myners takes fresh job in the City February 7, 2011 EX-CITY minister Lord Myners this week added a second non-executive role to his portfolio, with his appointment as a partner and chairman of Autonomous Research, the independent research firm. And he is thought to have a third on the way as chairman of billionaire Nicolas Berggruen’s new acquisition vehicle which is seeking to raise around [...]
Asia gives profit boost to Suzuki but competition in India freezes forecasts February 7, 2011 SUZUKI Motors, Japan’s No4 automaker, posted a 31 per cent rise in quarterly profit yesterday on brisk sales in Asia, and stuck to its conservative forecasts as competition intensifies in the key Indian market. Suzuki has enjoyed robust earnings growth compared with most domestic rivals thanks to its limited exposure to the stronger yen and [...]
Mergers drive US despite light volume February 7, 2011 MERGER activity drove the Dow and S&P to two-and-a-half-year highs yesterday in the latest in a series of mileposts that point to more gains ahead. Buying accelerated after the S&P 500 broke through the 1,313 mark, taking the index further into levels that prevailed before the financial crisis. More than two stocks rose for every [...]
The City’s top headhunter on why firms still need to recruit the best February 6, 2011 PERHAPS not surprisingly, Odgers Berndtson’s boss was in an upbeat mood when City A.M. visited him recently in his large office overlooking Hanover Square in the West End. Last year’s preliminary revenues had just come in: they are an improvement on the year before, always welcome news in the present environment. Richard Boggis-Rolfe, the privately-held [...]
A Foreign and Colonial coup February 3, 2011 An activist investor’s audacious bid to topple the chairman of one of Britain’s best-known fund managers was backed by shareholders yesterday. F&C Asset Management investors confirmed the board’s worst fears as they ousted chairman Nick MacAndrew and brought rebel investor Sherborne onto the board. Voters overwhelmingly approved five resolutions to replace MacAndrew and long-standing director [...]
Refinery fears overshadow Shell’s results February 3, 2011 ROYAL Dutch Shell disappointed markets yesterday despite posting fourth-quarter earnings of $5.7bn (£3.5bn). The firm made $18.6bn during 2010, an increase of 90 per cent on last year when the effects of inventory changes are stripped out. But Shell’s UK-listed shares closed down three per cent to £22 in trading yesterday, with analysts expressing concern [...]
Chief reformer Witty stays down to earth February 3, 2011 WHEN chief executive Andrew Witty took the helm at the world’s third largest pharmaceutical company in May 2008, GlaxoSmithKline was looking for change. After eight years with Jean-Pierre Garnier at the top – during which the Frenchman improved the company’s fortunes while attracting controversy for refusing to provide discount HIV drugs to Africa – Witty [...]
JD in talks to buy troubled retailer JJB February 2, 2011 JD Sports is in talks to buy troubled retailer JJB Sports, sending shares in the Wigan-based firm soaring 17 per cent. The news comes as JJB confirmed it will raise £31.5m from shareholders through the placement of 630m new shares, with sources close to the firm warning it may need further help within weeks. The [...]
Shock drop for German retailing January 31, 2011 German retail sales posted a surprise fall in December. Economists had expected a strong rise in retail sales of two per cent, yet the federal statistics office posted a fall of 0.3 per cent compared to November. On an annual basis, sales declined by 1.3 per cent against expectations for a 1.1 per cent increase. [...]