EasyJet ups forecast on higher traffic

first_img whatsapp Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap Show Comments ▼ KCS-content EASYJET’S shares, soared yesterday as the budget airline boosted its 2010 profit expectations after reporting strong September traffic figures.The airline’s senior management, including newly appointed chief executive Carolyn McCall, have increased pre-tax profit expectations for the full year, despite recent problems with the airline’s punctuality, disruption from the Icelandic volcano and an ongoing bitter dispute with founder Sir Stelios Haji-Ioannou. Anticipations are that profits before tax for the year to the end of September 2010 will come in slightly above £150m. The airline had previously estimated its profit would come in between £100m to £150m. McCall said yesterday that easyJet’s commercial performance remained robust and consequently total revenue per seat is expected to rise by six per cent during the period.“This robust financial performance in a tough trading environment is a tribute to easyJet’s unique blend of the lowest prices to the most convenient airports,” said McCall. The airline expects that the financial impact over the period it took from the closure of European airspace during the eruption of the Eyjafjallajokull volcano will come down from £65m to £60m. Last month easyJet flew 4.7m passengers, marking an eight per cent rise on September last year when 4.4m people used its services. The rise is in conjunction with annual rising passenger numbers, which the airline said grew by 7.9 per cent to 48.7m over the last 12 months. The airline also filled almost 90 per cent of available seats on its flights, marking a rise from 2009 when it filled 88.1 per cent of its flights. The good news caused its shares to rise 12 per cent to 433.30p – a two-month high. Wednesday 6 October 2010 7:54 pm Share whatsapp EasyJet ups forecast on higher traffic Tags: NULLlast_img read more

Carphone Warehouse to pay dividend

first_imgFriday 5 November 2010 3:42 am John Dunne Show Comments ▼ Share whatsapp whatsappcenter_img Carphone Warehouse to pay dividend More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com Mobile phone retailer Carphone Warehouse raised its earnings forecast and pledged to pay a dividend, saying strong US growth and demand for smartphones would offset extra investment in its UK megastores.Carphone, which owns 50 per cent of a venture with US electricals group Best Buy and a 47.5 per cent stake in Virgin Mobile France, said on Friday it now expected headline earnings per share of 13.5-14.0 pence for the year ending March 2011, up from 11.5-11.9 pence previously.Earnings surged to 5.5 pence a share in the six months to 30 September, up from 1.5 pence the year before and beating analysts’ average forecast of 3.3 pence in a company poll.The group said it now expected Best Buy Europe’s share of the Best Buy Mobile business in the United States to reach £85-95m this financial year, up from its previous forecast of £53-55m.But it also said the new chain of Best Buy megastores in Britain would make a loss before interest and tax of 50-55 million pounds this year, up from its previous guidance of 40-45 million, due to higher marketing expenses.The group plans to pay a final dividend of 4.5 pence a share.Carphone’s shares have more than doubled in value since their demerger from telecoms business TalkTalk in March. 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.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCutethedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider Tags: NULLlast_img read more

Royal Mail to cut supplier costs by 20pc

first_img KCS-content Royal Mail to cut supplier costs by 20pc ROYAL MAIL has told its suppliers to strike new deals as it looks to cut 20 per cent costs from each contract.The top 150 suppliers to the company were told in a meeting in London ten days ago the operator was looking to “radically reduce costs” ahead of plans to privatise the service, according to reports yesterday.Under the auspices of meeting new chief executive Moya Green for the first time, the companies heard in a presentation that contracts would need to be renegotiated within 30 days, with the new deals in place by 10 December.Group procurement director Kath Harmeston told contractors: “Royal Mail is in transformation and needs cash. A radical cost-out programme is required to support the transformation.”The presentation set out a scheme to “radically reduce costs and our spend baseline by the end of the financial year – a 20 per cent minimum target reduction per key supplier”.Cost-cutting plans presented by Royal Mail included looking at payment terms to suppliers, the sale of some assets and the sale and leaseback of part of its property portfolio.Royal Mail last week revealed half-year group profits had fallen to £52m, down from £184m last year, with the letter business losing £66m.The cost-cutting comes as Royal Mail faces a potential cash crisis, caused in part by the £800m a year the company pays into its pension plan, which has a £10bn deficit.One anonymous supplier told a Sunday newspaper they were “furious” following the demand for tough cuts. Royal Mail would not confirm the proposals, though told City A.M. last night: “Royal Mail is striving to get the best value for money throughout the business and we are asking our suppliers for their ideas and proposals on how we might achieve this — but we are absolutely not imposing a blanket cut on suppliers’ bills.”Government outsourcer Serco last week withdrew a letter asking for a 2.5 per cent cash rebate from suppliers after a political backlash. whatsapp Share by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity 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.comMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmcenter_img whatsapp 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 WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe 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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Sunday 7 November 2010 8:26 pmlast_img read more

O2 gains customers and aims for smartphone sales

first_img Show Comments ▼ O2 gains customers and aims for smartphone sales KCS-content Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoBlood Pressure Solution4 Worst Blood Pressure MedsBlood Pressure SolutionUndo Thursday 11 November 2010 7:47 pm whatsappcenter_img whatsapp MOBILE phone operator O2 plans to increase its investment in its network to support demand from a growing number of smartphones, it said in its quarterly results yesterday. The UK’s second-biggest phone firm, owned by Spain’s Telefonica, posted revenue for the nine months to September of €5.3bn (£4.5bn), up 5.6 per cent on last year. Its parent company enjoyed a 65.6 per cent rise in net profit to €8.835bn for the same period. Accounting adjustments, as well as growth in the UK, Germany and Latin America, were the main sources for the jump. The firm said sales of the next generation of smartphones drove the sales boom, with 352,000 new customers signing up for contracts, mostly for smartphones, in the third quarter. The firm said it plans to enhance smartphone network capabilities in the coming years. More than 22m customers now use O2, a rise of 4.8 per cent year on year. Tags: NULL More From Our Partners A 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.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgColin Kaepernick to publish book on abolishing the policethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comKansas coach fired for using N-word toward Black playerthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comMark Eaton, former NBA All-Star, dead at 64nypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comlast_img read more

Dubai considers state sell-off

first_imgSunday 28 November 2010 10:02 pm Share 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 PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter CenterUndo Dubai may sell off stakes in state-owned companies, top financial officials said yesterday, as the Gulf Arab emirate tries to dig itself out of a $100bn-plus (£64bn) debt pile. The emirate suffered a blow to its reputation a year ago when state-linked conglomerate Dubai World announced it would ask creditors for a standstill agreement on almost $25bn in debt. “Dubai World is now on a sound financial footing,” said finance chairman Sheikh Ahmed bin Saeed al-Maktoum whatsapp Show Comments ▼center_img KCS-content Dubai considers state sell-off whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking 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 Proof Tags: NULLlast_img read more

Hogg Robinson sees boost from recovery

first_img whatsapp Tags: NULL 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 Famous, Now She Works In {State}MoneyPailSerendipity 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 FarmWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoam KCS-content whatsappcenter_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking 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 Proof Tuesday 30 November 2010 8:37 pm Show Comments ▼ CORPORATE travel firm Hogg Robinson yesterday reported first-half profit more than doubled, adding its full-year outlook would see it finish ahead of market expectations. The firm said operating profit was £19.5m, up 73 per cent, from £11.3m last year, with an improving economy boosting business travel.Revenue was up nine per cent from £155.3m last year to £169.2m at the end of September. Meanwhile, pre-tax profit stood at £15.3m, more than double last year’s £7.5m. Hogg said both client spending and travel bookings were up 18 per cent in real terms in the six months to 30 September compared to a year earlier, reflecting strengthening confidence amongst many of its business travel clients. Net new client wins included Aviva, Avon and Grant Thornton. Hogg said there was now “firm evidence” of an emerging recovery in corporate travel. Passenger demand – a reflection of business and consumer confidence – was 10.1 per cent higher in October than a year earlier, and is now five per cent above pre-crisis levels, airline industry body the International Air Transport Association said last week.Hogg Robinson’s finance director Julian Steadman said: “With the strong client base behind us returning to normal, we are flagging to the market that expectations for the full-year will be slightly ahead of what they thought it would be before.” Hogg Robinson sees boost from recovery last_img read more

IMF: Act faster

first_img whatsapp KCS-content THE head of the International Monetary Fund (IMF) Dominique Strauss-Kahn yesterday criticised European countries for reacting too slowly to the debt crisis. Speaking in Brussels, where finance ministers were debating whether to enlarge the Eurozone’s temporary emergency fund and how to set up a permanent one, Strauss-Kahn said: “It is not a good approach that for every country we find a separate solution.”He added: “The institutional organs of the European system likely need some improvement so as to react more quickly. They were not created to deal with crisis, they were created for more peaceful times.” Wednesday 8 December 2010 8:51 pm IMF: Act faster Sharecenter_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 PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Tags: NULL whatsapp More From Our Partners Police 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.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼last_img read more

GE grows fourth-quarter profit by 52 per cent

first_img More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.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.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com GE grows fourth-quarter profit by 52 per cent whatsapp alison.lock Infrastructure and engineering firm GE has reported a net profit of $4.5bn (£2.8bn) in the fourth quarter of last year, up 52 per cent from $2.9bn in the same period in 2009.It saw fourth quarter earnings jump by a third to $3.9bn or $0.36 per share, up from $2.9bn and $0.27 a year earlier.The growth came despite only a slight one per cent increase in revenue to $41.3bn from $41bn a year earlier – although this was the first positive growth in more than two years.Its earnings beat analyst forecasts of $0.33 per share, while revenues were also better than the expected $39.9bn, David Buik of BGC Partners said. “What investors will like is a $300m fall in impairment charges,” he added.Earnings for the year rose to $12.6bn on the bank of three quarters of growth and a strong uptick in new orders in the final three months. Fourth-quarter orders grew 12 per cent year-on-year, the company said in a statement, with equipment up by 20 per cent and energy infrastructure by four per cent.Investment in research and development activities also increased 21 per cent over the year.“We continue to operate GE with discipline and rigor,” said GE chairman and chief executive Jeff Immelt, pointing to $4.6bn cash generated in the fourth quarter, and annual cash generation of $14.7bn.Finance provider GE Capital saw net income in the fourth quarter rise by $1bn to $1.1bn, though impairments were still $2.5bn despite the $300m reduction.But the sale of GE’s stake in US media company NBC Universal had taken longer to finalise and would bump the firm’s first-quarter 2011 tax rate “significantly higher”, he said.“We expect that GE earnings growth will continue in 2011 and 2012. We have simplified the portfolio and dramatically reduced risk,” Immelt said. Show Comments ▼ Tags: NULL Share whatsapp Friday 21 January 2011 9:19 amlast_img read more

Moody’s cuts Egypt debt rating

first_img Share whatsapp Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoLuxury SUVs | Search AdsThese Cars Are So Loaded It’s Hard to Believe They’re So CheapLuxury SUVs | Search AdsUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndoSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search AdsUndoMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndo whatsapp Tags: NULL 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 Moody’s cuts Egypt debt rating center_img John Dunne Monday 31 January 2011 5:15 am Show Comments ▼ Ratings agency Moody’s has cut its debt rating for Egypt, and changed its outlook from stable to negative.Moody’s said the cut was “prompted by the recent significant rise in political event risk and concern that the policy response could undermine Egypt’s already weak public finances”.It has downgraded the country’s debt rating one notch from Ba1 to Ba2.Thousands of Egyptian protesters have taken to the streets, calling for President Hosni Mubarak to step down. last_img read more

Credit Suisse co-cos a go-go

first_img Show Comments ▼ Monday 14 February 2011 9:55 pm whatsapp Credit Suisse co-cos a go-go KCS-content More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKansas coach fired for using N-word toward Black playerthegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMan on bail for murder arrested after pet tiger escapes Houston homethegrio.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comFort Bragg soldier accused of killing another servicewoman over exthegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comColin Kaepernick to publish book on abolishing the policethegrio.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comKiller drone ‘hunted down a human target’ without being told tonypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com CREDIT Suisse has tapped its investors for an extra SFr6bn (£3.85bn) by issuing contingent convertible bonds (co-cos), in order to get halfway towards Switzerland’s new capital requirements. The issuance could herald a new era of popularity for co-cos on the back of regulators’ enthusiasm for the instruments. The buyers in the Credit Suisse deal are state-backed investment firm Qatar Holding, which will buy $3.5bn at a 9.5 per cent interest rate, and the Olayan Group, which will buy SFr2.5bn at nine per cent.Credit Suisse was not able to say what premium it had to pay in order to issue the three-year notes, which convert into equity if the bank’s core tier one capital ratio falls below seven per cent under Basel III definitions.Co-co issuers must pay a premium because bondholders are loath to see their assets convert into non-interest-paying equity. They can also be hard to sell, because they don’t fit into traditional investment models balancing equity and bonds, but straddle the two.“There’s always been the question of who will buy these,” said Adam Farlow of law firm Baker & McKenzie .But with Basel III increasing banks’ capital requirements and narrowing down the definition of loss-absorbing capital, many institutions are turning to co-cos to meet the rules.“A lot of banks had not been keen to do it because of uncertainty under Basel III,” said Georg Schroeder a partner accountants Deloitte. A clarification of the rules on 13 January, however, saw Rabobank take the plunge, now followed by Credit Suisse.Co-co financing deals are now reportedly being shopped around the City by advisory firms, particularly by UBS and Bank of America/Merrill Lynch, both of which advised on Lloyds’ 2009 co-cos deal. whatsapp Share Tags: NULLlast_img read more