De La Rue to take £35m hit from note slip

first_img De La Rue to take £35m hit from note slip KCS-content whatsapp 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.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.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 Share Show Comments ▼center_img CURRENCY printer De La Rue faces a hit of at least £35m to first-half profit and a possible fraud investigation following the falsification of banknote quality certificates by staff.Updating on its investigation into production errors at its banknote plant in southern England the firm said yesterday the behaviour of some of its staff was “totally unacceptable”.De La Rue has reported its findings to the relevant law enforcement agencies and taken “appropriate disciplinary action”.A company spokesman declined to say if any employees had been dismissed but said the managing director of the currency division had left.A spokesman for the Serious Fraud Office said the agency had been contacted by the company.“The company has reported some concerns to us. We’ve noted those concerns, we are alert to them and we will have further discussions with the company,” he said.Banknote paper specifications have a large number of detailed parameters and the company’s investigation found in certain cases that a small number of them failed to meet the required standard.The spokesman for De La Rue, which is involved in the production of over 150 national currencies, declined to name the customers involved, say how many staff were implicated or comment on their motives.The £35m hit relates to stock write-offs, professional fees, rectification and production trial costs, and some slippage of currency volumes into the second half. De La Rue said it was too early to assess the financial impact for the full year and future years. Tuesday 7 September 2010 11:05 pm whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com Tags: NULLlast_img read more

Ocado sales surge but investors wary

first_imgTuesday 7 September 2010 11:01 pm Share Show Comments ▼ whatsapp ONLINE retailer Ocado yesterday said its sales had surged by almost 30 per cent – but investors remained unconvinced and the announcement was greeted with a dip in its share price.The company, which recently completed a controversial flotation, hasn’t made an annual operating profit since it launched ten years ago, but hopes to go into the black next year.Ocado said gross sales in the 12 weeks to 8 August rose 29.5 per cent to £126.5m from £97.7m in the same period last year, supported by higher take-up of its pre-ordered fish and meat “service counter” offer.Ocado, which mainly sells Waitrose products, began listing its shares in July, but a lack of interest among investors forced the company to cut the asking price for the float to 180p from an initial figure of 200p-275p. It has been trading below that since the float.Its shares yesterday closed seven per cent lower at 146p valuing the company at around £825m.Chief executive Tim Steiner said he was “disappointed” for shareholders that the price was not higher but that the company was looking to the medium to long term to reap the rewards of hard work done now. “We are delighted with the (sales) performance. We hope that 2011 will be the year when people can stop calling us the loss-making online retailer”. Average order size during the quarter was £113.59, marginally down on the £114.73 recorded a year earlier. Ocado said gross profit margins were stable while earnings were rising in line with trend in the first half.“The group has to engage in material capital investment to sustain its sales growth and has yet to demonstrate profitability on an already considerable sales base, we continue to harbour reservations about the valuation of Ocado,” said Shore Capital analyst Clive Black. 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.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.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.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org Ocado sales surge but investors wary whatsapp Tags: NULL KCS-content last_img read more

BP delays results in wake of oil spill crisis

first_img Tags: NULL Share Friday 10 September 2010 4:31 am BP delays results in wake of oil spill crisis BP said it would delay the release of its third quarter results by a week because of added complexities in its accounts due to costs associated with the Gulf of Mexico oil spill.BP said in a statement that its third quarter results, normally reported on the last Tuesday of the month after the end of a calendar quarter, would now be released on 2 November, rather than 26 October.A spokesman said the decision followed the company finding the preparation of its previous quarterly results challenging to complete within the normal timeline, and denied it was related to the discovery of any new liabilities.On Wednesday, BP produced an internal investigation into the explosion on the Deepwater Horizon drilling rig, which exploded on 20 April, and sunk, leading to the United States’ worst ever oil spill.The spokesman said the team compiling the report, which laid most of the blame on the companies BP hired to drill the well, had been supported by internal and external lawyers.However, he said the lawyers had been “ring-fenced” from the rest of BP and denied their role was to frame the report – much criticised by the contractors and US politicians – so as to help BP fend off lawsuits.“Their role was to make sure everything in the report was legally watertight,” spokesman Andrew Gowers said. whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com Show Comments ▼ John Dunne whatsapplast_img read more

THE PEOPLE’S SUPERMARKET

first_img Share THE PEOPLE’S SUPERMARKET whatsapp whatsapp TESCO chief executive Sir Terry Leahy was on hand at the Economist Emerging Markets Summit in London yesterday to hear his designated successor Philip Clarke predict China will become profitable for the retailer during his tenure. The supermarket giant is planning to invest around £2bn into developing shopping malls in the People’s Republic. Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo More From Our Partners Matt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.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.comcenter_img Show Comments ▼ Tags: NULL Wednesday 15 September 2010 8:40 pm KCS-content last_img read more

Cable U-Turn over uni fees

first_imgTuesday 12 October 2010 9:15 pm Cable U-Turn over uni fees More From Our Partners Astounding 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.comKiller 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.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ 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 whatsappcenter_img VINCE Cable, the business secretary, yesterday completed a remarkable volte-face on university tuition fees and threw his weight behind Lord Browne’s report, which has recommended a massive rise in student contributions. Cable also dropped his long-time support for a graduate tax, insisting that it was simply “not feasible” given the parlous state of the country’s public finances. In the run up to the general election, the Liberal Democrats made much of the fact they were the only major political party to oppose any rise in tuition fees. “We will resist, vote against, campaign against, a rise in tuition fees,” Lib?Dem leader Nick Clegg said at the time. But yesterday Cable insisted the Browne report was “on the right lines”. Browne, a former chief executive of BP, has recommended that the £3,290 cap on tuition fees should be lifted, effectively allowing universities to charge as much as they like. However a tapered levy on universities that charge more than £6,000 is expected to stop fees spiralling out of control. If a university charges £12,000 instead of £11,000, it would only keep £250 of the extra revenue, whereas moving from £6,000 to £7,000 would net the institution an extra £600. Proceeds for the levy are expected to help the government underwrite the cost of much higher student loans.But there is likely to be dissent within the Lib Dem ranks. Deputy leader Simon Hughes, a standard bearer for disaffected MPs, yesterday said the report would “not be the last word on policy for funding higher education”.“All the Liberal Democrat MPs are very conscious of the positions we have taken on higher education and the policies we campaigned for at the last election,” he said in a thinly-veiled warning to the party’s leaders. whatsapp Share KCS-content Tags: NULLlast_img read more

Reckitt fined £10m for restricting competition

first_img Reckitt fined £10m for restricting competition whatsapp John Dunne Show Comments ▼ Share HOUSEHOLD products giant Reckitt Benckiser has agreed to pay a fine of £10.2m after admitting to abusing its market position for the supply of heartburn drug Gaviscon.The Office of Fair Trading (OFT) had launched a probe into allegations that the company had restricted competition in the supply of heartburn medicines to the NHS.The fine was reduced from around £12m to reflect Reckitt’s admission and early co-operation with the OFT. whatsapp Friday 15 October 2010 3:08 am More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Tags: NULLlast_img read more

Post Office to serve banks’ customers

first_img whatsapp KCS-content Royal Bank of Scotland (RBS) and NatWest customers will be able to access current and business accounts at Britain’s 12,000 post offices after the government ditched plans for a state-backed Post Office bank.The agreement means post offices will provide services for 80 per cent of current accounts in Britain, postal affairs minister Edward Davey said.“Setting up and capitalising a bank would be time-consuming and extremely expensive,” Davey said in a statement. “At a time when public finances are under huge strain … funding is better spent modernising and maintaining the network.”An RBS spokesman said no start date had been set because the two sides were still finalising details of the agreement, but they were aiming to launch it as quickly as possible.HSBC and Santander will be the only banks in Britain that do not enable all their current account holders to use post offices, and the government is encouraging them to join their peers, a Department for Business spokesman said. The government is also eager for the Post Office to branch into other financial services, the department said. It said the Post Office would offer new products through its relationship with Bank of Ireland and look into ways it and credit unions could work more closely together.The government also wants branches to become its “front office” and a pilot project had been agreed for the Post Office to print government forms on demand, the department said.Last month the government said it would provide £1.3bn of extra funding to the Post Office. Tuesday 9 November 2010 7:40 pm 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 Timesmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorythedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure Solution Show Comments ▼ Post Office to serve banks’ customers center_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 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 Share Tags: NULL whatsapp last_img read more

United chief may quit with £4m pay-out

first_img THE boss of former state-owned water group United Utilities may quit later this month with a golden goodbye payout worth more than £4m, it emerged yesterday.It is understood group chief executive Philip Green could announce his resignation from the water and waste services supplier in north-west England as early as November 24.Green is thought likely to receive stock and share options worth more than £4m should he resign. No-one from the company was yesterday available to comment.The company serves nearly 7m people, 3.2m households and business premises and more than 400 industrial and commercial enterprises.Green joined the company in 2005 with the task of returning it to a pure water and waste services company after the previous management had expanded it to include electricity and support services.The group has since sold most of its non-regulated operations and is expected to discontinue its “contract solutions” infrastructure management business.The announcement about Green’s departure may come in the company’s first half results on Wednesday, in which it is tipped to post pre-tax profits of about £173m, against £268m a year ago.Water regulator Ofwat forced United to cut its bills by four per cent at the start of April, one of the toughest initial reductions imposed on the listed water stocks, although Deutsche Bank expects growth thereafter as the company moves through the five year regulatory period.FAST FACTS | UNITED UTILITIESUnited Utilities has: 184 reservoirs; * over 42,000 km of water mains; * over 43,000 km of sewers; * 100 water treatment works. * 575 wastewater treatment works KCS-content Tags: NULL 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 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 ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centercenter_img whatsapp Share Monday 22 November 2010 6:18 am United chief may quit with £4m pay-out last_img read more

State Street to post quarterly loss after selling $11bn securities

first_img More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.com whatsapp Share 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 The Dream Girl In The 90s, This Is Her NowMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULL STATE Street, one of the world’s biggest institutional investors, said yesterday that it would post a fourth-quarter loss after it sold $11bn (£7bn) in securities to meet new regulatory requirements.The sales are the latest move by a new chief executive to refocus State Street on core operations such as custodial services, after the company was hard hit by the financial crisis.State Street said it would post a net loss of $350m for the fourth quarter, but operating earnings are still expected to top its results from a year earlier.The bank, which manages $2 trillion and has about $20 trillion in assets under custody, sold the mortgage-backed and asset-backed securities after regulators agreed on rules that will require large banks to have a bigger cushion of reserves in order to prevent another financial crisis.State Street said the sales will increase its balance sheet flexibility in deploying its capital, shore up its capital ratios under evolving regulatory capital standards, and reduce its exposure to certain asset classes.Since the financial crisis, State Street has tried to return to its historically more conservative roots. It cut costs through heavy layoffs and slashing the dividend. Earlier this year it appointed a new chief executive, Joseph Hooley, and recently it surprised analysts by announcing still more layoffs – another 1,400 positions are expected to go.In an interview, RBC Capital Markets analyst Gerard Cassidy said he would cut his estimate for State Street’s 2011 earnings by about 20 cents a share – from the current $3.90 – because the securities sales will mean lower income on State Street’s bond portfolio.Still, Cassidy said the sales were a good move because they make the bank less dependent on riskier assets.State Street’s shares closed one per cent lower yesterday at $45.74. KCS-content center_img whatsapp Show Comments ▼ Thursday 9 December 2010 7:35 pm State Street to post quarterly loss after selling $11bn securities last_img read more

De La Rue vulnerable to takeover if new CEO fails

first_img DE LA RUE’S newly won freedom from bid talk could only be a temporary reprieve if its new chief executive, Tim Cobbold, is unable to turn the firm around, says a source familiar with the matter.De La Rue was only able to fend off a bid by its rival, Oberthur Technologies, last week by persuading shareholders that the firm’s new management would be able to push its value back up to levels seen before a contract with its major client, the Reserve Bank of India (RBI), was suspended in July. Oberthur dropped its bid last Monday after its revised offer of 935p per share was rejected. The withdrawal followed an aggressive campaign to persuade shareholders that the likely loss of the RBI contract made Oberthur’s offer the best exit available.After the contract’s suspension was announced in July, De La Rue’s share price plummeted 27 per cent from a norm of 900p to around 650p. Analysts say that new chief executive Cobbold now has a maximum of two years to revive the firm’s value, with both shareholders and Oberthur likely to keep a keen eye on its results in May.Oberthur has mulled bids for its rival several times over the last six years. Shareholders could look to the firm to step back into the fray if their concerns are not addressed. whatsapp De La Rue vulnerable to takeover if new CEO fails by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal 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 ItBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStorySenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search Ads Show Comments ▼ Sharecenter_img Tags: NULL Sunday 30 January 2011 11:11 pm KCS-content 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 ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapplast_img read more