BEST OF THE BROKERS July 29, 2009 CadburyCharles Stanley upgraded Cadbury to “Accumulate” status. The launch of Fair Trade-certified Dairy Milk in the UK and Ireland could result in further share gains which would be a significant hurdle for competitors, it said. The broker also believes Cadbury can achieve its anticipated revenue growth and hit margin targets. LancashireExecution Research continues to support [...]
AmEx redeems Tarp warrants July 29, 2009 American Express has paid the US Treasury $340m (£208m) to redeem warrants given to the government as part of the Troubled Asset Relief Programme (Tarp). The credit card firm bought back $3.39bn in preferred shares issued to the government under Tarp last month. It said the cost of buying back warrants to purchase 24.3m shares, [...]
THE MIDAS TOUCH July 29, 2009 ANNOUSHKA Ducas and John Ayton, the husband and wife team who successfully founded Links of London and sold it as a £50m business, yesterday launched a new jeweller y firm, “Annoushka.’’ The new company is born out of the takeover and rebranding of jewellery firm Pascal which was founded in 1972 by Jacob Izbicki.
The City remains a great place to forge a career July 29, 2009 THANKS to the global financial meltdown it has become social suicide to let slip you work in the City – never mind admit you are a banker. Chatting to some friends recently at a party, it was refreshing to learn many are now sick to the back teeth of apologising for their choice of career. [...]
TAXI SALES STALL July 29, 2009 LONDON black cab maker Manganese Bronze slumped into the red over the first half of the year as taxi sales slid despite a boost from the government’s car scrappage scheme. The group reported a pre-tax loss of £600,000 against a profit of £1.5m last year, while vehicle sales fell 11 per cent. Chief executive John [...]
Losses triple at BAA as its traffic drops July 29, 2009 AIRPORT operator BAA yesterday said losses at its London airports had more than tripled to £545.7m in the first half of the year. Exceptional items pushed the company into the red, but BAA said its underlying earnings were up 28 per cent to £469.9m. The airport operator took a hit from finance costs linked to [...]
Halfords sales lift in sunshine July 29, 2009 CAR parts and bike retailer Halfords yesterday cheered investors as good weather and the government’s Cycle2Work fitness promotion boosted sales during the quarter. The group said total sales rose 1.3 per cent during the 13 weeks to 3 July, compared to the same period a year ago, as commuters rushed to buy bikes and camping [...]
Reed share placing to be unveiled July 29, 2009 BUSINESS and scientific magazine publisher Reed Elsevier is today expected to announce plans for a huge rights issue, as it attempts to reduce its $8.3bn (£5.1bn) debt-pile. The Anglo-Dutch company’s new chief executive, Ian Smith, will unveil plans to raise up to 10 per cent of its value through a share placing, as he announces [...]
Strength of Abbey helps Santander to a half-year profit July 29, 2009 SPANISH bank Santander is reaping the benefits from its acquisitions, as the first half attributable profit at its UK operations rose nearly 63 per cent to £790m, from £485m last year. Santander-owned Abbey, including recent purchases Alliance & Leicester and the savings book of Bradford & Bingley, saw a 20 per cent rise in revenues [...]
Cadbury gets a sweet boost from UK sales July 29, 2009 BRITISH consumers tucking into chocolate for comfort and returning to nostalgic favourites during the recession have boosted sales at confectionery giant Cadbury. Total revenues rose 12 per cent in Britain and Ireland during the first half of 2009 with chocolate revenues jumping 13 per cent, outperforming the rest of the market. Chief executive Todd Stitzer [...]