| Hogg Robinson underlying profit down
LONDON (SHARECAST) - Travel group Hogg Robinson said underlying profit fell for the half-year, due to restructuring costs and last year�s figures being helped by World Cup 2006. EBITA, for the six months to September 2007, fell 12.6% to �13.2m from the same period last year. Net finance costs decreased by �10.9m compared with last time due to a change in capital structure following the IPO in October 2007. As a result, pre-tax profit for the period rose to �4.93m versus �325,000 profit last year on revenue that rose to �154.4m from �149.2m before. �We have seen recently in some countries signs of softening in demand relating particularly to SME and Events,� said the group. �These form a minority of our overall business and we have, where appropriate, taken action to mitigate any effect on the group.
Sumitomo Trust, Aozora Bank to form broad business tie-up
Sumitomo Trust & Banking Co. and Aozora Bank announced Tuesday they will form a comprehensive business tie-up in the three fields of real estate, trust and asset management. The two banks made the decision to survive intensifying competition from megabanks, but they stressed they will not form a capital tie-up. By offering services and financial products to each other's customers, the two banks plan to strengthen their foundation for higher profitability. The two banks said they will first set up a "tie-up promotion committee" consisting of senior officials of both banks. The committee will decide on the details of the tie-up by March next year, including a possible expansion of the alliance beyond the three fields. According to the agreement between the two banks, an Aozora group company with strength in collecting debts will support the rehabilitation of Sumitomo Trust's debt-ridden client companies using their real estate.
Breeden to replace Ernst as chairman
H&R Block Inc. said Tuesday that Mark Ernst had resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the company's board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement to take the CEO role. H&R Block shares closed Tuesday at $19.32, up 25 cents, on the New York Stock Exchange. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business.
SEBI Chairman: Foreign Funds Want To Invest Directly In India
MUMBAI -(Dow Jones)- India's capital markets regulator Wednesday said there is evidence that large foreign investors want to invest directly in the country's capital markets. "There is no evidence of people walking away from India. They want to buy into the India growth story," Securities and Exchange Board of India Chairman M. Damodaran said at a seminar on capital markets. In October, the SEBI banned further issuance of participatory notes by sub- accounts of foreign institutional investors with immediate effect, and said their existing positions will have to be wound up within 18 months. Participatory notes are used by investors, including hedge funds, that aren't registered with SEBI, to invest in Indian stocks. Damodaran also said the regulations for the trading of securitized debt instruments will be issued by December.
Head of Hand Block tenders resignation
KANSAS CITY, Mo. – H&R Block Inc. said Tuesday that Mark Ernst has resigned as chairman, president and chief executive of the tax preparation and accounting services company. He is being replaced as chairman by former Securities and Exchange Commission boss Richard Breeden, who led a dissident shareholder group that won three seats on the board. Former Aetna Inc. executive Alan Bennett was named interim CEO while H&R Block looks for a permanent replacement. H&R Block shares slipped 10 cents to $18.97 in morning trading. Breeden has criticized the company's diversification into mortgage lending, investment advising and banking, saying it had robbed momentum from the company's core tax preparation and accounting services business. H&R Block has been restructuring in an effort to survive the collapse of the mortgage markets caused by rising interest rates and falling home prices.
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