Bank must restore its credibility

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first_imgTuesday 10 August 2010 8:57 pm Tags: NULL Share Bank must restore its credibility KCS-content whatsappcenter_img whatsapp Show Comments ▼ OF all the people who regulated (or failed to regulate) the financial services industry throughout the banking crisis, Bank of England governor Mervyn King has emerged as the man whose authority has perhaps been most enhanced. Going into the crisis with an institution that sets monetary policy and general supervision, he will emerge, thanks to chancellor George Osborne, from a major shake-up of the tripartite system with power over the regulation of the City following the takeover of the Financial Services Authority. But King, who presents the Bank of England’s quarterly inflation report today, is currently coming under fire in the City for the one thing his charges should really excel at: economic forecasting.In May last year, the Bank’s official forecasts expected inflation in the second quarter of this year to come in at below one per cent. In the event it registered well above the Bank’s set target of two per cent at 3.4 per cent. To make matters worse, the Bank at the time estimated there was only a seven per cent probability of inflation topping three per cent.Equally forecasts on economic growth have often proved too optimistic, with the Bank since 1997 on average predicting growth to be 0.9 per cent too high. So way off beam have the Bank’s forecasts been that some economists are beginning to give them a wide berth. Says Simon Ward of Henderson Global Investors: “I’m not sure we should be giving the Bank’s forecasts much credibility given they’ve been shown to be very poor over the last few years.”None of Ward’s cynicism will prevent today’s event being widely watched by the financial markets. They will look for signs of whether the Bank is more anxious about faltering growth or creeping inflation. Signs of a slowdown in the housing market and a downturn in consumer confidence are increasing anxiety on growth, whereas rising petrol and food prices have raised fears of inflation.The Bank needs to do better at predicting the future. It will surely get its policy response wrong if it cannot get its forecasts right. RING RINGWHEN Metro Bank recently launched it made a big deal out of the fact that it would be dog friendly and that customers’ dogs would be welcomed with bowls of water. Not being a dog owner this amused me but did not stand a chance of encouraging me to change my bank, which I have had (like many) since college days.But one thing stuck in my mind after reading my colleague Roger Baird’s interview with Metro’s Craig Donaldson the other day; the pledge from the bank’s chief executive that calls to the bank would be picked up after no more than three rings.That really would interest me. When I last called to add some televison channels to my VirginMedia package, I was put through to a series of voicemails. The last of these admitted that I would likely be held for some time and asked me to choose from a number of music genres, including Indie and Urban, to make my wait more enjoyable.Sorry to sound old-fashioned, but there really is no substitute for answering that phone. If Metro Bank can actually do that, it might go far. [email protected] Allister Heath is away last_img read more

BT has signed up as few as 60,000 to its sports package, say insiders

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first_img BT has signed up as few as 60,000 to its sports package, say insiders Sunday 15 August 2010 10:39 pm whatsapp whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot Show Comments ▼center_img BT’S offering of Sky Sports 1 and 2 was hailed as a lynch-pin of the firm’s transformation into a big player in the pay-TV market.But industry insiders estimate that it has only signed up around 60,000 sports customers, despite spending tens of millions promoting the service.BT Vision has struggled to compete with the might of Sky, with just 481,000 subscribers compared to Sky’s 9.8m. BT hopes its sports package, which allows customers to watch Premier League games for as little as £6.99 a month, will help it redress the balance.Sky was forced to wholesale its sports channels to rivals at a regulated price by industry watchdog Ofcom. The price is fixed to the level Sky charges its own customers.But in an audacious move, Sky wrongfooted BT on the eve of its sports launch by raising its consumer prices, meaning the former state telecoms provider will make a loss on every customer who signs up to the service.However, analyst Ian Watt from Enders Analysis says the figures are not a disaster for BT. He told City A.M.: “We never expected them to sign up droves of new customers.“The package has only been available for a month so this is perfectly respectable.“This is first and foremost a defensive move. It is shoring up its position, making sure it doesn’t keep losing customers to Sky. I don’t think it realistically expected to take many of Sky’s existing subscribers.“BT still isn’t in a position to compete with Sky. HD is the main reason at the moment, a massive selling point for Sky. And 3D looks like it will become much more mainstream soon.” by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeCrowdy FanShe Didn’t Know Why Everyone Was Staring At Her Hilarious T-ShirtCrowdy FanTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comNinjaJournalist25 Cute Baby Animals That Will Melt Your HeartNinjaJournalistSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity Timesthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.com KCS-content Share Tags: NULLlast_img read more

Cineworld hit by World Cup but given boost from the 3D film revolution

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first_img More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comConnecticut man dies after crashing Harley into live bearnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Thursday 19 August 2010 8:39 pm Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeBetterBe20 Stunning Female AthletesBetterBeUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoinvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoWorld LifestyleCouple Has No Idea Why Photo Goes Viral, Then They Notice This In The CornerWorld LifestyleUndozenherald.comMeghan Markle Changed This Major Detail On Archies Birth Certificatezenherald.comUndoDaily FunnyFemale Athlete Fails You Can’t Look Away FromDaily FunnyUndo Cineworld hit by World Cup but given boost from the 3D film revolution CINEWORLD saw a fall off in the number of filmgoers in the first half of the year because of the World Cup but said the popularity of 3D films was helping to boost the business. Despite the drop in admissions, the company recorded pre-tax profits of £11.8m in the first half of the year up from £11.6m in the first-half last year.Chief executive Stephen Wiener said: “We are pleased to announce good growth in first half revenues and ebitda despite the impact of the World Cup which, as anticipated, resulted in a quiet June.”He added: “The second half of the financial year has started strongly for the Group, with an excellent range of blockbusters and 3D films.” The firm said the fourth quarter looks equally strong and brings an exciting line up of releases with titles such as “Wall Street: Money Never Sleeps” and “Little Fockers.” More than 20 per cent of its box-office revenues were from 3D movies. whatsappcenter_img KCS-content whatsapp Tags: NULL Show Comments ▼ Sharelast_img read more

A rare good news story about UK Plc

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first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com Share Tags: NULL Wednesday 8 September 2010 8:29 pm More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org FOR a country supposedly poised for a double-dip recession, we are doing surprisingly well. Take the factory figures released yesterday: manufacturing output rose strongly in July and is now up by 4.9 per cent over the past year, the fastest growth since 1994. The recovery in manufacturing is mainly reflecting higher demand for capital goods rather than consumer goods or intermediate goods, suggesting that the consumer slowdown is going hand in hand with a return of business investment. It also confirms that the UK is successfully moving its much-reduced manufacturing base towards high value added capital goods and away from regular consumer goods, which are cheaper to make in China. Production of capital goods rose 8.7 per cent year on year during the past three months, while that of consumer durables was flat. Recent growth rates for capital goods output are the highest since data began in 1995, an analysis from Citigroup reveals. Investment spending collapsed during the crisis, as firms slashed outlays to boost liquidity and repay debts. With capex picking up globally, the weaker pound is helping UK?exporters. That is why I would urge the Bank of England to push through a symbolic, quarter point hike in interest rates: this would send a strong signal that the economy is normalising, that the Bank is serious about fighting inflation and that it realises ultra-loose money cannot go on for ever. Before I am inundated by emails from people dismissing me as a crazed optimist, let me point out that I’m no such thing. Growth will be weak this year and next; the UK’s ability to expand sustainably has been hugely reduced. We are in for years of mediocre, often hesitant growth; and the coming months won’t be as good as the first couple of quarters. But that doesn’t mean we should ignore whatever positive news we do get. BP’S WOES (CONT.)Some companies cannot win. At the start of BP’s crisis, the firm was criticised for failing to admit that the spill was entirely its fault. Then when the media realised that the situation was far more complex, and that Barack Obama was deliberately downplaying the role of US contractors, the media slammed BP for not defending itself more competently. And now that the beleaguered oil firm has finally published its take on what really happened, it is being attacked for trying to shift the blame. The real problem is that while the report actually makes interesting reading (see summary below), it is unlikely to convince US lawyers and legislators still baying for the firm’s blood. Shareholders should brace for more turbulence ahead.OBAMA’S NON-STIMULUSAnother month, another stimulus plan from Barack Obama, whose Democratic party is trailing disastrously in the opinion polls ahead of November’s mid-term elections. The wheeze won’t work: America has many problems, but insufficient government spending isn’t one of them. Whenever I speak to US executives, I am struck by a much more important issue: they feel they are up against the most anti-business administration since Jimmy Carter’s appalling presidency. They worry that they could be hit at any time with higher taxes, new regulations and – in some cases – even outright nationalisation. No wonder US firms are holding back on investing or creating [email protected] center_img whatsapp A rare good news story about UK Plc whatsapp Show Comments ▼ KCS-content last_img read more

Nick Clegg: No merger with Tories

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first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Sunday 19 September 2010 11:06 pm Show Comments ▼ whatsapp Share NICK CLEGG will today tell Lib Dem members that his party will field candidates in all constituencies in the 2015 general election. He will deny rumours of a full electoral pact or even merger between the two parties.Speaking at his party’s annual conference in Liverpool yesterday, Clegg also backed calls for a review of the coalition’s immigration cap after concerns from the City that it is harming the economy. He said he agreed with Vince Cable’s dissent on the policy.The government will launch a crackdown on offshore and online tax dodgers and smugglers in a bid to save £7bn a year by 2015, it was also announced. Ministers are to earmark £900m to fund a new team of investigators to probe offshore tax evasion. They will also use the cash to create cyber tax crime teams and to better detect alcohol and tobacco smuggling.Tax evasion costs the UK about £7bn a year, avoidance costs a similar amount and attacks on the tax system by organised criminals cost about £5bn. The measures are expected to form part of HM Revenue & Customs’ settlement in the government’s spending review, which it will announce on 20 October.Liberal Democrat chief secretary to the Treasury Danny Alexander said: “Tax avoidance and evasion are unacceptable at the best of times but in today’s circumstances, it is morally indefensible.” center_img Nick Clegg: No merger with Tories whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com KCS-content Tags: NULLlast_img read more

WHAT CHALLENGES DOES THE UK LABOUR MARKET FACE?

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first_img Show Comments ▼ KCS-content Share MICHAEL SAUNDERS | CITI“Last week’s BCC survey implied that there is less labour market slack than would be expected given the surge in the jobless rate. The share of firms reporting recruitment difficulties also rose slightly. It is possible that the shift towards export-oriented manufacturing is exacerbating skill mismatches.”IAN JERMIN | MERCHANT SECURITIES“The recovery in demand for staff during 2010 has been stronger than expected. But there is little correlation between GDP growth and demand for staff. More important is the general level of confidence, both corporate and consumer, and this has been deteriorating over recent months.”HOWARD ARCHER | IHS GLOBAL INSIGHT“There are likely to be significant job losses in private firms supplying services or goods to the public sector. Many will try to meet any increase in business through greater use of existing workers or use of part-time staff. They are likely to be reluctant to take on any more permanent staff unless they are convinced of a sustained improvement.” Sunday 17 October 2010 11:03 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsapp whatsapp Tags: NULL WHAT CHALLENGES DOES THE UK LABOUR MARKET FACE? last_img read more

Osborne scraps compulsory annuities in pension shake-up

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first_img Osborne scraps compulsory annuities in pension shake-up Tags: NULL whatsapp Share KCS-content Thursday 9 December 2010 9:02 pm Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Show Comments ▼ whatsapp INVESTORS will be able to spend their pension pots before retirement under new rules unveiled yesterday, as part of a relaxation of pension rules. Employees with defined contribution pension schemes will no longer be forced to buy annuities before the age of 75, and will be allowed to take out up to a years’ worth of funds before retirement. For those who can prove a secure pension income of at least £20,000 a year, there will be no limit on the amount that they can withdraw early. The Association of British Insurers welcomed the changes, adding: “The majority of people have quite small pension pots on retirement and this safety net will mean that in practice they are still likely to buy an annuity to make sure they have an income through retirement.”The Treasury estimates that around 12,000 people a year will be eligible to use the flexible pension draw-down rules. Tax on pension funds left unspent at death has also been cut to 55 per cent from 82 per cent.The rules will go through Parliament as part of the 2011 budget, and are set to come into force from April 2011. last_img read more

Peel helps CSC in Simon fight

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first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Monday 13 December 2010 9:24 pm whatsapp SIMON Property’s efforts to influence Capital Shopping Centres’ £1.6bn purchase of the Trafford Centre crumbled further yesterday after seller Peel Holdings threw its weight behind CSC. Peel said yesterday it “has no intention of selling the Trafford Centre for cash and this has never been an aim of the group – in spite of the fact that … a cash sale would achieve a higher price”. Its support comes after a flurry of strongly-worded statements between the firms over the weekend.Simon, the world’s biggest shopping centre owner, offered to underwrite a 400p-per-share placing for CSC to help fund the transaction, providing Peel gave up its claim to a 20 per cent stake in the enlarged company and took cash instead. CSC rejected the offer on Sunday. Simon, which currently holds a 5.6 per cent stake in CSC and hopes to delay the Trafford Centre sale in order to make a takeover offer, will face the firm at an emergency general meeting set for 20 December. “The Simon Group takeover moves from unlikely to seemingly impossible,” said Evolution Securities analyst John Cahill in a note. However, others believed Simon could strike again before CSC shareholders can approve the Trafford Centre deal next week. “We do not believe Simon has exhausted all its options,” analysts at JPMorgan Cazenove said in a note. “An indicative offer for CSC still has a high chance, but so has an offer including Trafford Centre or the arrival of a third party.”Simon claims it already has the support of some CSC shareholders. Shares in CSC closed up 0.9 per cent at 393.5p yesterday. whatsapp Peel helps CSC in Simon fight Share Show Comments ▼ KCS-content Tags: NULLlast_img read more

Fiat raises Chrysler stake as US carmaker plans IPO

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first_imgTuesday 11 January 2011 7:17 pm More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comConnecticut man dies after crashing Harley into live bearnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com Fiat raises Chrysler stake as US carmaker plans IPO Tags: NULL whatsapp Share ITALY’S Fiat has lifted its stake in Chrysler to 25 per cent as chief executive Sergio Marchionne prepares for an upcoming round of meetings to refinance Chrysler’s debt and ready an initial public offering (IPO).Fiat said in a statement yesterday that it had raised its ownership in Chrysler to 25 per cent from 20 per cent at no financial cost under the terms of a deal that was negotiated with the US Treasury as part of Chrysler’s bailout.The announcement came as Chrysler showed off new and revamped vehicles at the Detroit auto show, including an all-new Chrysler 300 sedan and a remodelled version of the much-criticised Jeep Compass.The success of the new Chrysler line-up is critical to improving both consumer and investor perceptions of the US carmaker, which filed for a US government-funded bankruptcy in 2009 and is planning an IPO.“We’ve attacked the bulk of the product portfolio,” said Marchionne. “What we’ve got now is a commercially viable set of products in the marketplace.” whatsapp KCS-content Show Comments ▼last_img read more

Autonomy stock soars after record sales and profits

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first_imgTuesday 1 February 2011 8:58 pm Autonomy stock soars after record sales and profits Share whatsapp Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof center_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsBetterBe20 Stunning Female AthletesBetterBeBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm SOFTWARE specialist Autonomy’s shares gained more than six per cent to close at 1,590p yesterday after it reported record profits and revenues for 2010.Double-digit sales rises for its key servers and cloud computing systems generated an 18 per cent growth in revenue to $870m (£547m), from $740m in 2009.Full-year pre-tax profits of $379m were 17 per cent higher than the $323m recorded in 2009.The results beat analysts’ forecasts after brokers downgraded their profit expectations from 21 per cent to 17 per cent last year in anticipation of poor fourth-quarter trading.“There were a number of analysts who expected a profit warning prior to the results coming out so the headline numbers are reassuring,” said Singer Capital analyst Tintin Stormont.Earnings per share rose 24 per cent on 2009’s level to $1.20, helped by a lower tax rate, while net cash generation also rose to $363m from $287m in 2009.Autonomy chief executive Mike Lynch said 2010 was “a year of transition for us,” as customers moved to cloud computing systems faster than expected.He also marked an end to the deferrals and delays in customer orders that caused it to issue a profit warning last October.“In the third quarter of 2010, we also saw volatility in customer assessment of the macro environment, which now seems to have reduced,” he said. KCS-content Tags: NULLlast_img read more