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BAE plans ?1bn share buyback as profit stalls

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CATHY ADAMS

DEFENCE and aerospace firm BAE Systems yesterday launched an ambitious ?1bn share buyback programme, as evidence of the “robust performance” of the FTSE firm.

Chief executive Ian King said he could see “green shoots” in the company, which gave it the confidence to unveil the buyback, although full implementation still hinges on discussions with Saudi Arabia over pricing of a key contract.

Despite its optimism, BAE yesterday posted a six per cent fall in profit,, and sales over the year fell seven per cent.

Full-year underlying earnings before interest, tax and amortisation fell to ?1.9bn, hurt by unresolved discussions over pricing of the Saudi Arabian contract to supply the Gulf state with Typhoon aircraft.

BAE warned that its key UK and US markets would be “constrained” this year.

It has come under pressure from shrinking military budgets in the US and the UK, as governments try to reel in large budget deficits.

The UK government pledged in 2010 to slash its defence spending by eight per cent by 2014 while the US – from which BAE derives around 40 per cent of its income – already has plans in place to cut $487bn (?320bn) from its defence budget for the next decade.

BAE – whose proposed merger with European peer EADS collapsed in October as Germany refused to give it the green light – is “absolutely not” in discussions to revive the tie-up, King said yesterday.

Meanwhile, BAE yesterday inked a longevity swap with L&G to safeguard it against the risk that its 31,000 pensioners live longer than current estimates.

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St Patrick''s International College

Miles: Print ?175bn more

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TIM WALLACE

BANK?of?England policymaker David?Miles yesterday called for at least an additional ?175bn of quantitative easing (QE), arguing it is the best way to help boost the economy.

Miles believes there is a large output gap in the UK currently which could be reduced by printing more money, boosting demand and encouraging firms to invest more, increasing output capacity in the longer term.

Sir Mervyn King and Paul Fisher joined Miles in voting for another ?25bn QE this month, a change from his recent lone call for more easing.

     
     
  St Patrick''s International College  
 

ADDRESS: 24 Great Chapel Street

CITY: London

COUNTY:

POST CODE: W1F 8FS

TELEPHONE NUMBER: 020 74390116

CATEGORY: Schools & Colleges - Further Education

 

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FTSE rebound led by mining shares

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CATHY ADAMS

The leading share index staged a rebound this morning, led by mining shares.

In early deals, the FTSE rose 0.6 per cent after suffering its sharpest one-day fall yesterday since July on concerns that the US Federal Reserve could wind up stimulus programme sooner than expected.

Headline miners made up the top five FTSE risers this morning – as metal prices rallied – with Kazakhmys leading the pack, up 2.74 per cent.

Russian precious metals miner Polymetal and steelmaker Evraz were both up 2.2 per cent.

Outside of the miners, luxury retailer Burberry was up 2.2 per cent, and industrial buyout specialist Melrose rose 2.1 per cent.

Mid-cap miners and oil shares were also doing well, with Finnish miner Talvivaara up 7.2 per cent and Fortune Oil rising 4.6 per cent.

A mixed bunch of shares made up the FTSE fallers this morning. G4S topped the blue chip loser board, shedding 1.4 per cent.

Education group Pearson, which also owns the Financial Times, sank 0.8 per cent.

Brewer SAB Miller fell 0.4 per cent in early trading. Yesterday Morgan Stanley initiated its coverage of the stock with an “equal-weight” rating and a target price of 3300p.

On the wider index, Indonesian coal miner Bumi fell 4.2 per cent, as the majority of board overhaul proposals from company co-founder Nat Rothschild were rejected at the company’s EGM yesterday.

UK banking shares were mainly in positive territory this morning. HSBC rose 0.56 per cent, Barclays was up 1.17 per cent and Lloyds Banking Group rallied 0.89 per cent. Only RBS fell, shedding 0.39 per cent.

In Asia, the Nikkei closed up 0.68 per cent and in the US, the Dow Jones closed down 0.34 per cent.

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