BAA to sell two airports after losing court ruling October 13, 2010 AIRPORT operator BAA is set to take its battle with the Competition Commission to the Supreme Court, after the regulator won a High Court ruling forcing it to sell off two more airports to satisfy competition concerns in the industry. BAA’s Spanish owner Ferrovial will now have to sell off Stansted and either Glasgow or [...]
Tourism boosts Burberry October 13, 2010 luxury group Burberry expects full-year profit to reach the top half of analysts’ forecasts, after a 21 per cent rise in first-half revenue boosted by strong sales of coats and leather goods in China and Europe. The 154-year-old maker of raincoats and handbags, shortlisted in this year’s CityA.M’s inaugural awards, said its expansion in stronger [...]
ANALYST VIEWS: WHAT DO YOU MAKE OF BURBERRY’S UPDATE? October 13, 2010 MANOJ LADWA | ETX CAPITAL Burberry reported a sparkling set of second quarter figures as demand for its goods continues to buck the general trend. Its decision to take control of its franchised stores in China could stand it in good stead going forward, as it seeks to capitalise in this area. KATHARINE WYNNE | [...]
Crossrail facing delays October 13, 2010 LONDON’S flagship Crossrail scheme could be delayed by a year in the face of government pressure to cut costs on the £15.9bn project. The new rail link across the capital was due to open in 2017, but could now be delayed to 2018, it emerged yesterday. It is understood that officials have told engineers to [...]
Decorator is back in black October 13, 2010 UPMARKET decorating firm Walker Greenbank’s first-half pre-tax profit has more than quadrupled, driven by the strong sales of its mid-market wallpaper and fabrics, the company said yesterday. The company declared its first interim dividend payment in 13 years, of 0.15p a share. Walker Greenbank said it was confident of delivering a strong full-year performance as [...]
Record gold and silver output at Fresnillo October 13, 2010 A RECORD boom in gold and silver output at miner Fresnillo caused investors to rush to buy the stock yesterday. The Mexico-focused miner said production will be slightly above its full-year targets thanks to a record third quarter. Gold output jumped 44.4 per cent on the year-earlier quarter to nearly 92,000 ounces in the three [...]
Overhaul for Crest Nicholson October 13, 2010 TROUBLED housebuilder Crest Nicholson faces another financial restructuring as new majority shareholder Varde examines the company’s finances, people close to the business said yesterday. US-based Varde is working with advisers Lazard and Bingham McCutchen on the options for Crest, which became 90 per cent owned by its lenders following a £648m debt for equity swap [...]
Terry Smith stands aside to focus on fund business October 13, 2010 City veteran Terry Smith is retiring as a director and deputy chairman of stockbroker Collins Stewart to focus on his new asset management venture Fundsmith. Smith, one of the UK’s best-known investment bankers who led the management buyout of Collins Stewart after becoming chief executive in 2000, will remain chief executive of inter-dealer broker Tullett [...]
Profit jump lifts shares in Bodycote October 13, 2010 SHARES in Bodycote shot up more than nine per cent yesterday after the engineer revealed that full-year profit would come in at the top of analysts’ expectations. Bodycote said renewed demand from heavy truck customers such as Scania and Volvo has helped push revenue in the nine months to 30 September up 13 per cent. [...]
Lloyds slashes 4,500 posts from IT team October 13, 2010 LLOYDS Banking Group yesterday announced it will shed 4,500 jobs from its IT team as part of an ongoing integration plan. The bank said it will lose 1,600 permanent staff across the UK, 1,150 temporary UK workers and 1,750 offshore contractors. The redundancies will be made by 2012. Mark Fisher, director of group operations at [...]