Shard duo set to build tallest tower on earth February 22, 2013 THE LONDON-based construction duo behind the iconic Shard tower yesterday revealed their next building project – constructing the biggest tower on earth. Mace and EC Harris, who helped lead the construction of the imposing Renzo Piano-designed Shard, have been appointed to project manage the construction of the Kingdom Tower project in Jeddah, Saudi Arabia. The [...]
BAE plans £1bn share buyback as profit stalls February 22, 2013 DEFENCE and aerospace firm BAE Systems yesterday launched an ambitious £1bn share buyback programme, as evidence of the “robust performance” of the FTSE firm. Chief executive Ian King said he could see “green shoots” in the company, which gave it the confidence to unveil the buyback, although full implementation still hinges on discussions with Saudi [...]
Looming cuts in America cast a shadow over defence spending February 22, 2013 INVESTORS were certainly not gunning for BAE yesterday, as its announcement of a share buyback and less-bad-than-expected annual numbers saw a bump in its share price, even as the wider index fell. However, the positive sentiment might be short-lived. The elephant in the room for BAE remains the current uncertainty in the US over defence [...]
Earnings drop 28pc at Carlyle February 22, 2013 US ASSET manager Carlyle Group yesterday pinned a 28 per cent drop in fourth quarter earnings on exiting investments, as it relied more on company dividends to return cash to shareholders. Carlyle said economic net income, a measure of profitability that takes into account the mark-to-market valuation of its assets, came in at $182m (£119.2m). [...]
AIG punctured by hurricane February 22, 2013 INSURER AIG yesterday revealed a $4bn (£2.6bn) fourth quarter net loss led by costs from Superstorm Sandy, but better than expected earnings cheered investors. The group, which last year repaid bailout money given by the US government, booked a $1.3bn after-tax loss from the storm, the second largest US catastrophe ever to hit AIG. However, [...]
Top insurers allay fears of dividend cut February 22, 2013 MAJOR European insurers yesterday hiked their year-end dividend, reassuring investors who feared the industry may cut returns in the face of low bond yields. Axa and Swiss Re both raised their payout as they announced bumper full-year results for 2012, while Germany’s Allianz maintained its healthy return to shareholders. Insurance investors were spooked on Wednesday when [...]
Dexia reports more losses February 22, 2013 TROUBLED Franco-Belgian lender Dexia reported losses in 2012 yesterday, and forecast more to come through 2013. The state-backed bank lost €2.9bn (£2.5bn) in the year, compared with €11.6bn in 2011. It lost money on the sale of Turkish, French and Luxembourger units, as well as paying €743m in government fees for guarantees on borrowing. Dexia [...]
Record growth for Yorkshire February 22, 2013 THE YORKSHIRE Building Society saw profits, savings deposits and lending volumes all increase in 2012 as customers switched away from banks, the mutual reported yesterday. And the building society launched a £160m investment programme to set up new branchesand extend its mobile and online offerings. Pre-tax profits came in at £157.1m, up 21 per cent [...]
HP scuppered by notebooks February 22, 2013 HEWLETT-PACKARD, the largest PC maker in the world, saw its first quarter sales drop six per cent after a sharp fall in consumer notebook sales, the company said last night. Revenue from personal notebooks was down 16 per cent on the year and ten per cent on the quarter, dragging total revenues down to $28.4bn [...]
Banks to learn which assets count as liquid February 22, 2013 THE EUROPEAN Banking Authority (EBA), headed by Andrea Enria, yesterday launched a consultation to define “highly liquid” assets. It should give banks certainty on what they must hold in their liquidity buffers, allowing them to build the required level of protection.
