Ex-Goldman banker tipped for HSBC

first_img whatsapp whatsapp Tuesday 7 September 2010 11:23 pm Show Comments ▼ More From Our Partners Killer 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.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA 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.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPuffer fish snaps a selfie with lucky divernypost.comWhy people are finding dryer sheets in their mailboxesnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Sharecenter_img Ex-Goldman banker tipped for HSBC 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 The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity 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.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Tags: NULL FORMER Goldman Sachs investment banker John Thornton was yesterday touted as the most likely candidate to step into Stephen Green’s shoes, after the HSBC chairman accepted the role of trade and investment minister in the coalition government.Green is due to step down before the year is out to fill the last remaining vacancy in the cabinet.Thornton, a non-executive director at HSBC, joined the board two years ago. A hardened industry veteran with very strong links to China – HSBC’s core market – he previously spent 23 years at Goldman, where he was right hand man to then-chief executive Hank Paulson.However, HSBC insiders said a move over to the chairmanship for current chief executive Michael Geoghegan “should not be ruled out”. Geoghegan took over responsibility for the bank’s strategy from Green earlier this year when he relocated to Hong Kong, leaving the chairman free to play more of an ambassadorial role.Green’s appointment to Westminster marks the culmination of an arduous search process for Cameron, who has struggled to fill the trade minister position since failing to persuade ex-Standard Chartered boss Lord Davies to continue in the role after the election.Green, also an ordained Anglican priest, leaves HSBC after 28 years. He will also step down from his positions as chairman of the British Bankers’ Association and deputy president of the CBI.BOB DIAMONDBECOMES CHIEF EXECUTIVE, BARCLAYSBOB DIAMOND is known as a thrusting dealmaker but his appointment is a reward for remarkable patience.Having started his career as a business lecturer at the University of Connecticut, Diamond spent 13 years at Morgan Stanley and four years at Credit Suisse before joining Barclays in 1996. He has waited 14 years to take the top spot at the UK bank.Although the 59-year-old consistently denied an aspiration to succeed John Varley, declaring last year that his existing role of president “sounds like a great title to me”, Diamond has occasionally hinted at the depth of his ambition. In a 2009 interview he said: “I recall my dad saying about me once that the only time he’d ever heard me say ‘never’ was when I was asked if I’d had enough.”RICH RICCIBECOMES CO-CHIEF EXECUTIVE, BARCAPRICH RICCI and Jerry del Missier, Bob Diamond’s trusted lieutenants, will become co-chief executives of Barclays Capital next month.Ricci started at Barclays in 1994 following stints at the Bank of Boston and the Bank of New England. A finance graduate of Creighton University, Ricci is known as a details man who has been integral to BarCap’s rapid growth in recent years.He left the limelight to his boss but Ricci was at Diamond’s side through the purchase of Lehman Brothers’ US brokerage in 2008. He became temporary chief executive to oversee the integration of the American bank. Ricci’s pay has not come under the same scrutiny as Diamond’s, but he has earned decent sums in recent years even by Wall Street standards.JERRY DEL MISSIERBECOMES CO-CHIEF EXECUTIVE, BARCAPCANADIAN-BORN Jerry del Missier has been Bob Diamond’s chosen heir for at least two years.Naming del Missier as president of Barclays Capital in 2008, Diamond told analysts the investment banking unit was “the machine that Jerry built”. Del Missier was handed control of BarCap’s important credit products in September 2007 before being given full deputy status the January after.Educated at Queen’s University in Ontario, del Missier started his career at the Bank of Nova Scotia before moving to Bankers Trust in Toronto. He joined Barclays in 1997 from Bankers Trust in London.Alongside Rich Ricci, del Missier won his spurs working on the Lehman Brothers transaction at the height of the financial crisis. The two men worked through the night on the deal. KCS-content last_img read more

Brit recommends CVC and Apollo bid

first_img 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 ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity 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.com whatsapp KCS-content BRIT Insurance has recommended shareholders accept an £850m offer after buyout firm CVC Capital Partners on Friday agreed to link up with original bidder Apollo Management.Lloyd’s of London insurers, which offer cover against large-scale risks such as natural disasters, have emerged as potential takeover targets because cyclically low insurance prices have weighed heavily on their shares.Brit Insurance agreed to open its books to Apollo in July after the US private equity company raised its offer to £10.75 a share having had two bids knocked back. A Brit Insurance spokesman told Reuters CVC came on board during Apollo’s due diligence.“During the course of the due diligence that Apollo had been undertaking it became apparent that Apollo wouldn’t be able to do this on their own. CVC approached the board of Brit at that time and the board of Brit worked quite hard to get Apollo and CVC in a place where they could work together on this,” the spokesman said.Brit Insurance said the offer from the Apollo, CVC consortium also valued the business at 10.75p per share, but included a provision through which shareholders would receive a further 25p per share should Brit’s net tangible asset value be more than £11 per share at the end of 2010.The offer would be adjusted on a linear sliding scale should the NTA be between £10.75 and £11.00 per share, it said.Shares in Brit Insurance closed unchanged at 989p per share, valuing the business at £782m. Share Sunday 19 September 2010 9:54 pm Show Comments ▼center_img Brit recommends CVC and Apollo bid whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 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.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Tags: NULLlast_img read more

Economic freedom in freefall

first_img Economic freedom in freefall Monday 20 September 2010 9:32 pm 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 ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity 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.com The UK ranks 10th in a new poll measuring how much economic freedom countries have, according to the Fraser Institute and the Institute of Economic Affairs. The survey says economic freedom in the UK has been on retreat since 2000 and Britain’s score fell again in this year. This follows a general downward trend, with economic freedom experiencing its first global downturn in a quarter of a century. Hong Kong ranked number one, followed by Singapore and New Zealand. Zimbabwe has the lowest level of economic freedom among the 141 jurisdictions included in the study. whatsapp whatsappcenter_img Share KCS-content 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 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 Tags: NULLlast_img read more

IMF warns banks still pose threat as currency war looms

first_img IMF warns banks still pose threat as currency war looms whatsapp whatsapp More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼ SOVEREIGN debt risk in Europe and continued real estate woes in the United States have dealt a setback to global financial stability in the past six months, the International Monetary Fund said yesterday.The IMF said risks to the financial sector could be reduced if legacy problem assets were cleaned up, if governments improved their fiscal positions and if more clarity were provided on global financial regulation.“The global financial system is still in a period of significant uncertainty and remains the Achilles’ heel of the economic recovery,” the IMF said in its twice-yearly Global Financial Stability Report.“The recent turmoil in sovereign debt markets in Europe highlighted increased vulnerabilities of bank and sovereign balance sheets arising from the crisis,” the fund said.The IMF said it trimmed its estimate of total global bank write-downs related to the financial crisis between 2007 and 2010 to $2.2 trillion (£1.38 trillion) from its April estimate of $2.3 trillion. Separately, the head of the International Monetary Fund warned yesterday that countries risked undermining the global economic recovery if they sought to use their currencies to boost domestic growth.“There is clearly the idea beginning to circulate that currencies can be used as a policy weapon,” Dominique Strauss-Kahn told the Financial Times. “Translated into action, such an idea would represent a very serious risk to the global recovery.” Tuesday 5 October 2010 8:09 pm KCS-content Share Tags: NULLlast_img read more

Jobless count set to rise as austerity hits

first_img UNEMPLOYMENT data published on Wednesday is expected to confirm the gloomy outlook for the UK jobs market and to show that more Britons joined the dole queue last month, intensifying fears of an austerity-induced second wave of job losses.A consensus of City economists predicts that 2,700 additional people will have been claiming Job Seeker’s Allowance (JSA) in September. This increase follows a 2,300 rise in August. The wider International Labour Organisation (ILO) unemployment measure is also forecast to rise slightly by 2,000 in the three months to August to 2.47m – an unemployment rate of 7.8 per cent. While more people are expected to have entered employment, economists expect this to be mainly due to an increase in the number of part-time workers. Next week’s Comprehensive Spending Review, which will see the axe fall on many public sector jobs, adds to the pessimism. IHS Global Insight’s Howard Archer thinks that unemployment will continue to rise and only peak in the first half of 2012 at around 2.85m, a jobless rate of nine per cent. “Major job losses are on the way in the public sector as the government slashes spending, and we doubt that the private sector will be able to fully compensate for this,” he said.“Indeed, we suspect that firms will become increasingly cautious in their employment plans, reflecting slowing growth and their concerns that the intensified fiscal squeeze will hold back expansion over the long term – and recent surveys suggest this is indeed the case.”There have been modest improvements in private sector firms’ hiring intentions but analysts agree it will be insufficient to offset the public sector cull. Investec’s Philip Shaw said: “I suspect that many firms currently have a large degree of slack in their workforces and do not need to hire.” A more flexible labour market meant that job losses were less severe in this recession than they had been in either the early 1990s or the 1980s. However, firms will not increase staff headcounts as quickly in the recovery period.After a brighter first half of 2010 for the job market – with annual average weekly earnings (total pay) growth expected to have risen by 1.7 per cent in the three months to August – few are expecting the upbeat employment news to continue. KCS-content Jobless count set to rise as austerity hits whatsapp Show Comments ▼ whatsapp Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe 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.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times Sunday 10 October 2010 11:12 pmlast_img read more

CITY VIEWS: IS THE GOVERNMENT DOING ENOUGH TO HELP BUSINESSES

first_img whatsapp CITY VIEWS: IS THE GOVERNMENT DOING ENOUGH TO HELP BUSINESSES Monday 25 October 2010 7:37 pm Share KCS-content 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 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap whatsappcenter_img Tags: NULL Show Comments ▼ 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 PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com MARTIN MENZIES | LLOYDS OF LONDON“Yes and no, it depends on the situation. They’ve probably not done enough for small business which could do with a bit more money in terms of capital lending. They could probably also do with a reduction in taxation on business accounts to be fair.”PAUL CHADHA | WINE DEPOT“We employ five people and the government is not doing enough for us. But they probably have more help in mind for small businesses with 50 to 100 staff. There’s not enough for new start-ups. There is Business Link but in practice it’s difficult to get anything done.”CHRIS BOSHIER | LLOYDS OF LONDON“They’ve done a lot more than Labour but they need to encourage small business. They could do that with a reduction in corporation tax for small businesses. But the banks should still pay this. We need to encourage industry in the UK, but we need to incentivise that.” last_img read more

Shell boosted by higher oil and gas prices

first_img whatsapp KCS-content Thursday 28 October 2010 9:13 pm Share whatsapp Royal Dutch Shell beat all analyst forecasts by reporting an 18 per cent jump in third-quarter profits yesterdy thanks to higher oil and gas prices, setting a trend for the sector.Europe’s largest oil company by market value said current cost of supply (CCS) net income was $3.52bn (£2.2bn) in the period.Stripping out non-cash charges and one-off items, the result soared 88 per cent to $4.93bn, well ahead of an average forecast of $4.29bn.Shell was helped by a 12 per cent rise in crude prices compared to the third quarter of 2009, while US natural gas prices were 29 per cent higher and UK gas prices doubled. Average global refining margins also rose.Shell also contributed to its rebound, with a five per cent rise in oil and gas production in the quarter compared to the same period of 2009, to 3.1m barrels of oil equivalent per day (boepd), just ahead of forecasts. However, the main outperformance versus expectations was in Shell’s refining unit, where underlying profits were around 50 per cent higher than analysts predicted. Shell boosted by higher oil and gas prices Show Comments ▼ Tags: NULL 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 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wraplast_img read more

The Beatles score 31 tracks in top 200

first_img Show Comments ▼ KCS-content Share whatsapp Tags: NULL The Beatles score 31 tracks in top 200 Monday 22 November 2010 5:18 am 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 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 Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe 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 THE Beatles managed to land 31 tracks in the iTunes top 200 chart after their first weekend on sale.Last Thursday saw the Beatles songs become available for download for the first time after years of fruitless negotiations between Apple founder Steve Jobs, Beatles management company Apple Corps and the Beatles label EMI.Analysts predicted they could topple top selling albums by Michael Jackson and Black Eyed Peas.However, only The Beatles 1967-1970 managed to scrape into the top ten best selling albums by last night.And, although 31 tracks were in the top 200, the highest placed single was Hey Jude at number 30.Now some analysts believe The Beatles may have missed the “golden age” of downloads, with sales slowing this year as the market reaches maturity.Troubled EMI will be hoping sales will provide it with a cash boost. whatsapp last_img read more

Google delays its TV sets

first_img Show Comments ▼ 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.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.com Google delays its TV sets whatsapp GOOGLE has asked manufacturers to delay the launch of TV sets based on the internet company’s software.Google sent out word to some hardware makers last week asking them not to announce additional products yet, saying the delay may allow the company to improve its software.However, Samsung Electronics will go ahead with its launch of Google TV products at the Consumer Electronics Show in Las Vegas in early January.Google did not immediately reply to an email seeking comment.TVs with Google’s software let viewers surf the Web directly from TV sets. Apple has a competing device, Apple TV, which allows users to watch their iTunes collection on TV. The initial Google TV devices are offered by Sony and Logitech. Monday 20 December 2010 7:41 pm KCS-content whatsapp Share Tags: NULL last_img read more

McDonald’s earnings fail to impress markets

first_img Tags: NULL alison.lock whatsapp Show Comments ▼ FAST food giant McDonald’s served “slightly disappointing” fourth-quarter earnings after weaker-than-expected December sales in the US and Europe because of poor weather.Investors and analysts were unimpressed despite the restaurant chain reporting profit in line with expectations. The outlook for the chain was also clouded by its warning that it expects food costs to be up to 4.5 per cent higher in 2011 in its key markets of Europe and north America. Net income in the fourth quarter rose to $1.24bn, or $1.16 a share, compared with $1.22bn, or $1.11 a share, in the same period a year earlier. Total revenue, including sales from company-owned restaurants plus royalties from franchisees and other fees, rose four per cent to $6.21bn, above the $6.20bn analysts had expected.But the company’s share price fell 0.35 per cent, or 0.26 points, to $74.75 in morning trading. “Earnings for McDonalds were slightly disappointing, coming in at $1.16 a share for Q4 which were pretty much in line with forecasts,” said Michael Hewson, market analyst at CMC Markets. McDonald’s’ “grocery bill” – the amount it pays for the ten different commodities that account for about 75 per cent of its food preparation costs – is expected to rise two to 2.5 per cent in the US and 3.5-4.5 per cent in Europe this year.Executives last year signalled that McDonald’s could boost menu prices to offset higher food costs, and several analysts expect those to hit in 2011.All restaurant operators will be under pressure to raise prices, and analysts said McDonald’s size could work to its advantage.McDonald’s had a banner year in 2010, with new menu items including espresso drinks and specialty beverages — frappes and smoothies — that boosted sales. However, last year’s strong results have raised the bar for 2011 and some analysts worry that earnings-per-share growth could slow. Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily 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 ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp McDonald’s earnings fail to impress markets Share Monday 24 January 2011 11:57 amlast_img read more