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The Business Matrix: Friday 20 June 2014
Under-fire Sony chief keeps job
Sony’s chief, Kazuo Hirai, has clung on to his job after a hostile annual meeting in Tokyo, despite predicting the electronics giant’s sixth loss in seven years. Sony has done well with its PlayStation 4 console and games, and its film production arm has performed well, with The Amazing Spider-Man 2 grossing $700m globally.
Fair winds inflate earnings at Infinis
Windy weather helped Infinis Energy, the renewable power group backed by Guy Hands’s private equity firm Terra Firma, to increase its underlying earnings (Ebitda) by 18 per cent as revenues rose 7 per cent. The FTSE 250 company, which floated in November, also reported strong results at its landfill-gas business.
Daily ‘silver fix’ loses its lustre
The London Bullion Market Association is to hold a seminar for market players today at which eight companies will present proposals to replace the daily silver “fix”, once the century-old global benchmark ceases in August. The World Gold Council is also planning a forum to discuss modernising the gold fix next month.
Ofcom rejects TalkTalk claims
Ofcom has rejected a complaint from BT’s rival TalkTalk that its superfast broadband was being sold in a way that abused its market dominance. The telecoms regulator was asked to investigate whether the gap between BT’s wholesale and retail pricing of superfast broadband was too narrow, making it difficult for rivals.
Charles Stanley profits slump 33%
Charles Stanley posted a 33 per cent fall in annual profits to £6.1m. The stockbroker, which bought Evercore Pan Asset Capital Management and rolled out its online business, Charles Stanley Direct over the past 12 months, said its revenues had declined by 17 per cent.
Credit Suisse and UBS ‘must improve’
The Swiss central bank has told UBS and Credit Suisse they have work to do on improving their capital strengths. The banks have made sizeable progress recently on strengthening their financial position, but the Swiss National Bank said there was still a risk.
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