ITV in profit as worst over March 3, 2010 ITV bosses were straight-faced yesterday despite the beleaguered station swinging back to profit last year. It crept back into the black with a £25m profit, reversing a bumper £2.7bn loss in 2008. But new chairman Archie Norman says the figures should not be measured against last year, which was spectacularly bad for the entire industry. [...]
Adam Crozier still has serious problems to sort March 3, 2010 ITV was in a bullish mood yesterday, reporting a return to the black and predicting a revival in the advertising market. Hot shot chief executive-elect Adam Crozier will join from Royal Mail at the end of April, when he will launch a strategic review that will solve the free-to-air broadcaster’s troubles. The worst is over. [...]
Bridgepoint snaps up health and social care firm Care UK for £281m in cash March 3, 2010 PRIVATE equity group Bridgepoint Capital yesterday unveiled a recommended cash bid for elderly and health care provider Care UK, valuing the company at £281m. Bridgepoint, which launched the bid through newly-created vehicle Warwick Bidco, is offering 450p for each Care UK share, a 9.2 per cent premium to the share price at the close of [...]
Air France-KLM to up capacity March 3, 2010 Air France-KLM said it would raise capacity on its long-haul flights by 0.8 per cent this summer as it sees “tentative signs of recovery.” Airlines globally have slashed the number of seats on offer during the economic crisis in order to shore up the load factor, or the proportion of seats sold on each flight. [...]
Brake issue causes Nissan recall March 3, 2010 Nissan, Japan’s third-biggest car maker, will recall about 540,000 vehicles worldwide due to potential defects in brake pedal pins and fuel-gauge components, mostly in the US. Nissan said five different 2008-2010 models, including the Titan truck and Armada SUV, would be recalled due to the risk of the brake pedal pins partially disengaging, causing a [...]
Shadow MPC votes for hold March 3, 2010 A MAJORITY of City A.M.’s Shadow Monetary Policy Committee (MPC) think that interest rates and quantitative easing (QE) should remain unchanged this month, ahead of the Bank of England’s decision scheduled for midday today. Eight members voted for a pause with many believing that now is the time for the MPC to take stock after [...]
CITY A.M. | SHADOW MPC March 3, 2010 ALLISTER HEATH | CITY A.M. “The Bank should keep interest rates on hold and make no further changes to quantitative easing [QE]. The economy is growing again – the services sector PMI data was especially encouraging yesterday.” SIMON WARD | HENDERSON “Raise 25 basis points. The recovery is gaining momentum and emergency policy is no [...]
CITY MOVES | WHO’S SWITCHING JOBS March 3, 2010 LaSalle Investment Management The investment manager has appointed Susan Lloyd-Hurwitz as managing director for Europe and a member of its nine-strong global management committee. Lloyd-Hurwitz will also be a director of LaSalle’s parent company, Jones Lang LaSalle. She has over 20 years of experience in the real estate and asset management industry, most recently as [...]
Disappointing Eurozone retail sales and services data hit recovery hopes March 3, 2010 EUROZONE retail sales fell again in January after briefly rising month-on-month in December, underlining the continued fragility of household demand as unemployment grows and boding ill for the economy. Retail sales in the 16-country currency area dropped 0.3 per cent against December and dipped 1.3 per cent year-on-year, the European Union statistics office, Eurostat, said [...]
Taylor Wimpey upbeat despite losses March 3, 2010 HOUSEBUILDER Taylor Wimpey has suggested that its prospects are improving despite posting sizeable full-year losses for 2009. The FTSE 250 company posted full-year losses of 640.6m, following on from a deficit of £1.97bn the previous year and saw its revenue slip to £2,595m from £3,467m in 2008, but said “improving conditions” had led to a [...]