BEST OF THE BROKERS January 20, 2010 CABLE & WIRELESS Citigroup upgrades Cable & Wireless (C&W) to “buy” saying the shares, which underperformed in 2009, are due to be re-rated this year. It expects confidence to improve post the March demerger, which it believes will reveal “hidden value”. “Structural and macro recovery in 2010 should raise confidence that consensus is now at [...]
BEST OF THE BROKERS January 28, 2010 PUNCH Merrill Lynch selects Punch as one of its top pub picks for 2010. It notes that peer Enterprise, its other top pick, recently posted a much improved trading update, and expects Punch to follow suit in early March. Reiterates its “buy” rating, adding that valuations across the sector look “attractive”. HSBC UBS reiterates its [...]
Great progress on the deficit – but far too many unnecessary tax hikes June 22, 2010 WE?were told to expect a tough Budget, with lots of pain, and that was exactly what we got. Many of the policies announced were necessary; others, however, are clearly misguided. On balance, however, this Budget will leave Britain in a stronger position –?not something that could usually be said of the previous government’s efforts. George [...]
Great progress on the deficit – but far too many unnecessary tax hikes June 22, 2010 WE?were told to expect a tough Budget, with lots of pain, and that was exactly what we got. Many of the policies announced were necessary; others, however, are clearly misguided. On balance, however, this Budget will leave Britain in a stronger position –?not something that could usually be said of the previous government’s efforts. George [...]
JLT: We have outperformed our US rivals March 2, 2010 JARDINE Lloyd Thompson (JLT) has seen double-digit growth in 2009 revenue and profits as the Lloyd’s of London listed insurer said it will avoid making any large acquisitions. Revenue for the group climbed to £612.9m, marking a 14 per cent increase on 2008 when income came in at £536.1m. Likewise, profits before tax reached £102m [...]
Pru told to list its Asian unit June 2, 2010 PRUDENTIAL is facing calls to realise the value of its Asian business through a stockmarket listing after its $35.5bn (£25bn) play for AIA lay in tatters yesterday. Chief executive Tidjane Thiam and chairman Harvey McGrath, who are fighting for their professional lives along with the rest of the board, will come under pressure to provide [...]
Gains in banking shares lead the FTSE to a six-week high March 2, 2010 BRITAIN’S top share index hit a six-week closing high yesterday and rose for a third straight session, led by banks with HSBC firmer after the previous session’s post results sell-off. The FTSE 100 closed up 78.12 points, or 1.45 per cent, at 5,484.06, its highest closing level since January 19, after climbing 1 per cent [...]
RBS boss Hester to waive £1.6m bonus February 22, 2010 ROYAL Bank of Scotland chief executive Stephen Hester has decided to waive the bumper £1.6m bonus to which he is contractually entitled for this year, amid a fierce torrent of populist anger over remuneration in the banking sector. The news comes after Barclays chief executive John Varley and president Bob Diamond set the bar for [...]
HSBC returns lost 8.55m August 11, 2009 HSBC has reunited more than 5,000 customers with £8.55m in lost deposits since September last year, the bank said yesterday. The bank launched the campaign in 2008 in a bid to return more than £38.8m in 40,000 accounts that had lain untouched for 15 years. Under government regulations coming into force later this year, money [...]
Employees reap a $4.9bn pay day March 3, 2010 STANDARD Chartered dished out a $4.9bn compensation package for its employees as it announced record profits. Its remuneration ratio is 32 per cent of its $15.2bn revenue – slightly down from the 34 per cent handed out the year before. It works out at $64,000 for each of its 77,000 staff. The amount given in [...]