ITV search nears an end November 4, 2009 ITV HAS narrowed its search for a new chairman to three candidates, giving hope that the calamitous hunt to replace Michael Grade could be nearing an end. A source close to the commercial broadcaster said yesterday that three candidates remain in the race, though they were unable to confirm the identities of the individuals. Betting [...]
‘Teflon Terry’ to take the reins as C4 chairman November 4, 2009 ABBEY National chairman Sir Terry Burns is expected to be the new chairman of state-owned Channel 4, with Ofcom set to make an announcement imminently. The former permanent secretary to the Treasury is understood to be the watchdog’s choice to replace Luke Johnson, who steps down in January. Burns is also said to be Whitehall’s [...]
Aviva talks up outlook as sales slide in third quarter November 4, 2009 AVIVA became the second insurer in as many days to talk up the profit outlook despite revealing a sharp slide in sales in the third quarter, led by a 25 per cent dive in UK life and pensions. The slump in the UK, where sales fell to £6.66bn from £8.84bn in the third quarter, weighed [...]
SHOULD AVIVA BE CONCERNED BY FALLING SALES OR CONTINUE TO FOCUS ON INCREASING PROFIT MARGINS? November 4, 2009 DUNCAN HALL FINNCAP“Pursuing profit margins over growth in volume is the right strategy at this moment when it’s all about good management and tight cost control. In the current environment there probably isn’t that much volume out there, so why try to chase it?” BARRIE CORNES PANMURE GORDON“Although new business sales were shy of expectations, [...]
Liberty International hit by troubled shop tenants November 4, 2009 LIBERTY International yesterday said its earnings power remained under pressure after last year’s tenant failures and despite welcome signs of relief in Britain’s recession-hit property market. Britain’s biggest shopping centre owner, which owns much of Covent Garden Market and Lakeside shopping centre, blamed lower income from short-term relettings of space vacated by struggling occupiers and [...]
FSA wins second insider trading prosecution case November 4, 2009 A COURT has found a former corporate broker intern and his father guilty of insider trading that netted them about £110,000. Southwark Crown Court found Matthew Uberoi and his father Neel Uberoi guilty of 12 counts of insider dealing in the second such criminal case brought by the Financial Services Authority (FSA). Neel Uberoi made [...]
Wimpey set to hike house prices in 2010 November 4, 2009 HOUSEBUILDER Taylor Wimpey is set to hike its house prices next year after yesterday reporting it had sold all the homes it targeted for 2009. The group said the average selling price for private homes has already jumped nine per cent higher in the 12 weeks to 4 November than the £177,670 it reported in [...]
Redrow reports 47 per cent jump in home reservations as stability returns November 4, 2009 HOUSEBUILDER Redrow yesterday reported a 47 per cent surge in home reservations on the year before and said home sales have been “remarkably stable”. The group yesterday said that for the first 18 weeks of the financial year, net private reservations have averaged 45 per week – a return to “historic norms” after the devastating [...]
BARRATT BEATS THE BLUES November 4, 2009 HOUSEBUILDER Barratt yesterday said there had been a 92.3 per cent shareholder take-up of its £720m rights issue, strengthening signs of appetite returning to the housing sector. Barratt follows in the footsteps of rivals Redrow, Taylor Wimpey, Berkeley Group and Bellway which have all launched cash calls in the slump.
SIR STUART UNVEILS A CELEBRITY CRUSH AND A HOT ‘N’ SPICY FETISH November 4, 2009 SIR Stuart Rose was on fire yesterday as he churned out Marks & Spencer’s (M&S) half-year figures in his customary staccato tones, pausing only to dwell upon his favourite subjects. The presentation, you see, included the unveiling of the retailer’s latest Christmas advertising campaign, which will this year feature regulars singer Myleene Klass and model [...]