London-Biz.co.uk
 
 
New records

BAE plans ?1bn share buyback as profit stalls

0000-00-00

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.

HOME  arrow  London  arrow  Builders  arrow  Brynmar Ltd.

Brynmar Ltd.

Miles: Print ?175bn more

0000-00-00

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.

     
     
  Brynmar Ltd.  
 

ADDRESS: 163 Forest Road

CITY: London

COUNTY: London

POST CODE: E17 6HE

TELEPHONE NUMBER: 020-8503-3375

CATEGORY: Builders

 

Brynmar Ltd. has extensive experience in the Builders and a long history. Due to this, the company has extensive experience in the industry. The company's products have the best quality. Good management helps in development. Although the company was hit hard by the crisis, now it has almost reached the pre-crisis level of production.

Good reviews indicate good quality of products and success stories. You can read comments to learn more detail information about this company. Additional reviews can be found more text. They can be called a comprehensive overview of the company. This greatly helps in collecting information about the company.

Additional information, the fine details of the company Brynmar Ltd. may be contained in comments. Our editors regularly review comments and clean them from meaningless messages. With this, you can quickly see the information you need in the comments. To contact the company, use the following contact information: 020-8503-3375. Well, if the manager does not want to tell you the office address of the company - here it is: 163 Forest Road. Check out new information on the company, please write a comment or review on our site.

Call Brynmar Ltd.: 020-8503-3375

 
     
 

Competition body slams audit firms

0000-00-00

MARION DAKERS

THE COMPETITION Commission will this morning find that the Big Four accountancy firms have too much control over the industry, and call for measures to encourage Britain’s largest companies to change auditor regularly to boost competition.

In its long-awaited provisional report, the commission is expected to find no evidence of collusion, but will raise concerns that PwC, KPMG, Deloitte and Ernst & Young have an unfair grip on the books of big UK companies.

Many blue-chip firms have “Big Four-only” rules in place, and the commission is set to propose a ban on such measures, according to Sky News.

But it is expected to be less forthright about imposing mandatory rotation, in a move likely to upset mid-sized accountancy firms attempting to crack the FTSE audit market.

The Competition Commission will also urge investors to become more vocal about a firm’s choice of auditor.

All but a handful of the FTSE 100 use one of the Big Four to audit their accounts, and a firm will keep their auditor for an average of 48 years, according to a House of Lords report in 2011.

At least four blue-chip companies are believed to have put their audit contract out to tender in 2012, but only two – asset manager Schroders and oil explorer BG Group – decided to switch. Both continue to use the Big Four.

The Competition Commission declined to comment last night.

TOP IN London TOP IN Builders