Npower follows in footsteps of rivals as cuts gas prices March 9, 2010 GERMAN energy provider Npower has been forced to follow its competitors and cut household gas prices by seven per cent from March 26. This month has seen a string of gas providers reduce prices and out of the “big six” only EDF Energy and Scottish Power have yet to make the move. Eon cut its [...]
CITY MOVES | WHO’S SWITCHING JOBS March 9, 2010 RBC Wealth Management Jonathan Gold is joining the wealth management firm, part of the Royal Bank of Canada, as a director in its London-based UK onshore business. Gold was previously a vice president at Alliance Bernstein Global Wealth Management. He specialises in tax-efficient investment planning, philanthropy, cross-border issues and charities. BoA Merrill Lynch The bank [...]
BEST OF THE BROKERS March 9, 2010 PETROFAC Morgan Stanley reiterates its “underweight” rating on?Petrofac despite income for 2009 coming in eight per cent ahead of its expectations. Says the strong outlook for the firm is already priced into the shares, making its valuation pricey compared to peers. Believes investors will find better value elsewhere in the sector. BOVIS HOMES Citigroup advises [...]
Aim market crucial for SMEs March 9, 2010 London’s Alternative Investment Market (Aim) will this morning receive a ringing endorsement from the City of London Corporation, highlighting the junior market’s important role in supporting smaller businesses which it says are crucial to getting the economy back on track. A report by the corporation said Aim’s comparatively low costs for admission, fundraising and transactions [...]
Johnson Services profits rise March 9, 2010 Laundry and textile rental group Johnson Services doubled its profit in 2009, it said yesterday. Adjusted pre-tax profit rose to £12.2m for the financial year ending 31 December 2009 from £6m the year before. Revenue for the year fell to £236.4m from £252.3m a year earlier. Chairman John Talbot said textile rental fared well, with [...]
UK trade gap widens March 9, 2010 THE UK’s goods trade deficit with the rest of the world has grown to its widest since August 2008, official figures have shown. Exports in January plummeted by almost 7 per cent leaving the deficit at £7.987bn compared with £7.01bn in December. The figures were disappointing because the weak pound was expected to boost exports. [...]
Shanks pulls out of Carlyle takeover talks March 9, 2010 SHARES in waste management group Shanks slumped by as much as 20 per cent after it pulled out of takeover talks with US private equity group Carlyle. The FTSE 250 group says it is unwilling to recommend a final price of 120p cash per share, claiming the £475m offer undervalues the company and its prospects. [...]
Aer Lingus losses shoot up as cuts loom March 9, 2010 AER lingus has announced that its operating losses quadrupled to €81m (£73.5m) last year. The Irish carrier’s revenue plummeted 11 per cent to €1.2bn. It has fended off two hostile bids by low-cost rival Ryanair but is locked in a dispute with cabin staff over its cost-cutting programme. The company’s board will meet to adjust [...]
Eurotunnel profits down after weather chaos March 9, 2010 EUROTUNNEL’S profits for last year were hit by snow disruption to services, the company said. The Channel Tunnel operator posted a profit of 1.5m euros (£1.36m) for 2009, down from 44m euros in 2008. Eurostar train services timetables were badly hit in December when snow played havoc with timetables. And a fire in September 2008 [...]
City hits out at speculation ban March 8, 2010 CONTROVERSIAL proposals to impose strict curbs on speculators using credit default swaps to bet against troubled states like Greece were yesterday widely slammed by the City as misguided and unworkable. Greek Prime Minister George Papandreou will today meet with US President Barack Obama to drum up support for his campaign, after he claimed at the [...]