Peugeot sales fall slows on boost from scrappage October 21, 2009 French carmaker Peugeot Citroen yesterday said third-quarter revenues slowed less sharply than in previous quarters as it boosted market share in Europe, where governments launched car buying incentives. The revenues fell short of analyst expectations which had been buoyed by forecast-beating earnings from German rival Daimler on Monday. European car makers have cut production and [...]
BEST OF THE BROKERS October 21, 2009 AUTONOMYNoble said that Autonomy’s third quarter was solid with strong underlying cash conversion and substantial improvement in its disclosure. However, the broker said the earnings boost was primarily due to higher research and development capitalisation and downgraded the stock to “neutral”. INCHCAPEUBS increased its price target for Inchcape from 30p to 38p, on the back [...]
Bank united on decision to hold QE, rates October 21, 2009 MINUTES from the Bank of England’s October Monetary Policy Committee (MPC) meeting showed that the nine-member body was unanimous in its decision to keep both the cost of borrowing and quantitative easing (QE) on hold. The MPC also said it believed that the asset purchase programme had had a positive impact on financial markets, through [...]
HOW THE MPC HAS VOTED IN THE PAST YEAR October 21, 2009 WHAT IS THE MPC?The Bank of England’s Monetary Policy Committee (MPC) is nine-strong and it meets each month to decide interest rates. What are the aims of the MPC?The MPC is tasked with delivering price stability – that is, targeting an inflation rate of two per cent. Because of the time it takes for policy [...]
HOMEBASE BOOSTS HOME RETAIL? October 21, 2009 HOME Retail Group’s yesterday said its first half-profits rose one per cent to £123m meeting analyst expectations. Total sales rose by three per cent to £2.8bn due to a boost from DIY enthusiasts lifting sales at Homebase by three per cent – offsetting a two per cent decline in sales at Argos
eBay forecasts for fourth quarter fail to impress October 21, 2009 EBAY yesterday forecast fourth-quarter profit and revenue at the low end of analysts’ estimates, disappointing investors’ hopes of a substantial turnaround at its main marketplaces division during the crucial holiday season. The global e-commerce site, which also owns online payments service PayPal and Web telephone company Skype, said net profit in its third quarter was [...]
Gala agrees debt restructure deal October 21, 2009 THE private equity owners of Britain’s biggest bingo company, Gala Coral, have agreed on a debt restructuring deal with the company’s mezzanine lenders. Junior-ranked lenders, led by Intermediate Capital Group and Park Square, and Gala’s private equity owners, Candover, Cinven and Permira, have cut a deal that will see the two sides share control of [...]
Galleon sinks as Rajaratnam shuts up shop October 21, 2009 GALLEON Group, the $3.7bn (£2.2bn) hedge fund firm, is liquidating its funds after its billionaire founder Raj Rajaratnam was charged last week with running one of the biggest insider-trading schemes in history. Rajaratnam, who is on $100m bail after being arrested last week, said he is considering a sale of the firm to a rival [...]
INSURER’S RUGBY DEAL KICKS OFF October 21, 2009 AGIANT rugby ball installation on Lime Street surprised City workers turning up for work yesterday. Unveiled to mark the arrival of a new Guinness Premiership sponsor, the four-metre high ball celebrates business insurer QBE’s involvement in the sport. The deal, which begins immediately, runs to the end of July 2012 and will see QBE’s logo [...]
CITY MOVES WHO’S SWITCHING JOBS October 21, 2009 HeartwoodThe wealth manager has appointed Kirsty MacArthur as a relationship director for new clients, a role based in London. MacArthur joins from UBS, where she was responsible for advising ultra high net worth clients across the sport, media and private equity sectors. Prior to that, she worked at Coutts & Co, where she was an [...]