Shore Capital returns to profitability March 9, 2010 BOUTIQUE investment bank Shore Capital Group swung strongly back into the black over 2009, boosted by a revival in trading activity on the markets. Shore’s adjusted pre-tax profit came in at £14.6m for the year to December, compared to a loss of £1.3m in 2008. Revenue almost doubled to £39m. The group said its equity [...]
BA extends talks over strikes March 9, 2010 Unions have agreed to extend a deadline for talks aimed at averting a British Airways cabin crew strike. Unite union and BA will continue talks until noon today. Union members have voted twice for strike action in a row over pay and working practices. The extension to the TUC-chaired discussions has raised hopes that a [...]
Hallmark’s revenues fell in 2009 March 9, 2010 Hallmark Cards’s revenue fell roughly seven per cent to $4bn (£2.67bn) last year, the greeting cards maker has revealed. Sales dropped amid poor economic conditions and the new trend of shopping for birthday and holiday greetings on the internet. Consolidated revenue was down from just over £4.3bn in 2008. The company axed around 1,000 jobs [...]
UK coal shares rise on merger approach March 9, 2010 BRITAIN’S largest coal mining company UK Coal said yesterday it was assessing a merger approach which would reduce its exposure to “the volatile performance of its deep mines”. The coal miner emphasised that it hadn’t received a cash offer from its major shareholder or any other party. It denied reports that John Whittaker’s Peel Holdings [...]
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. [...]