Commerzbank sees a profitable future August 5, 2010 COMMERZBANK hiked its outlook yesterday after beating expectations with its second-quarter results, underscoring the recovery trend among Europe’s banks. “We have always said that we will be profitable by 2011 at the latest,” said chief executive Martin Blessing. “We now assume that in a stable market environment we will conclude 2010 as a whole with [...]
End in view for BP as cement seal secured August 5, 2010 BP finished pumping cement into its ruptured oil well in the Gulf of Mexico last night to seal off the source of the world’s worst offshore spill, paving the way to permanently plug the blow-out later this month. The daylong cementing operation followed earlier injections of heavy drilling mud this week that had subdued the [...]
Warner Bros Warner Bros snaps up Shed for £100m snaps up Shed for £100m August 5, 2010 SHED MEDIA, the UKTV production company behind programmes such as Supernanny and Footballers Wives, has been bought by America’s Warner Bros for £100m. The deal, which has already received approval from 73 per cent of Shed shareholders, sees Warner Bros offer 115p for every share investors hold. Under the agreement, Warner Bros will retain a [...]
Wheat prices surge as Russia halts exports August 5, 2010 RUSSIA’S decision to ban wheat exports for the rest of the year sent prices for the grain soaring yesterday to their highest level in two years. Russia, one of the world’s biggest grain exporters, said yesterday that it was cutting off wheat exports from 15 August to 31 December because a severe drought this summer [...]
CITY VIEWS: IS FOREIGN OWNERSHIP OF ENGLISH FOOTBALL CLUBS A GOOD THING? August 5, 2010 CHRIS PRIER | CELLENSIS “It is a necessary evil, otherwise football as we know it wouldn’t exist. Foreign owners are keeping our clubs competitive. There could be a case for regulation, as long as it benefits the game here.” MARK BAILIE | LIBERTY INTERNATIONAL “Foreign owners do a lot for the game, but it should [...]
Greece passes key debt test but still nervy August 5, 2010 International inspectors yesterday applauded Greece’s efforts to exit its debt crisis, endorsing a fresh €9bn (£7.4bn) payment from an EU/IMF bailout scheme, but urged reforms in energy, banking and the public sector. In their most positive assessment so far that offered an antidote to market scepticism, IMF, ECB and European Commission officials said Athens would [...]
BoE holds both rates and QE August 5, 2010 MONETARY policy remained frozen yesterday at ultra-loose levels as the Bank of England chose to keep interest rates at their current historic low of 0.5 per cent and maintained its target to boost the money supply at £200bn. Despite strong economic growth in the second quarter and inflation well above the two per cent target, [...]
ECB says it is too early to declare victory over crisis August 5, 2010 IT IS still too early to declare victory over the financial crisis despite data pointing to a stronger recovery in the Eurozone, the European Central Bank (ECB) said yesterday. The ECB chose to hold rates at a record low of one per cent, as expected, and said it would only decide next month whether to [...]
London & Stamford stock to move to main market August 5, 2010 AIM-LISTED property investor London & Stamford is seeking shareholder approval for a switch to London’s senior stock market as part of a plan to adopt tax-efficient REIT status. The Guernsey-based company, set up by veteran real estate entrepreneurs Raymond Mould, Patrick Vaughan and Humphrey Price, was formed in October 2007 to snare discounted properties after [...]
Bellway claims housing market is back to normal and forecasts 10pc growth August 5, 2010 HOUSEBUILDER Bellway said yesterday it remains on track to increase production by 10 per cent this year, while reassuring investors that the housing market has returned to more normal conditions. The FTSE 250-listed company said it completed the sale of 4,595 homes in the year to 31 July, a rise of five per cent on [...]