Russia to buy Lebedev out of carrier Aeroflot January 27, 2010 RUSSIA is planning to tighten its grip on flagship airline Aeroflot by taking control of a 25.8 per cent stake owned by tycoon Alexander Lebedev for $400m (£247m) – owner of London’s Evening Standard newspaper – ridding the carrier of a major independent shareholder. Aeroflot yesterday said it may strike a deal with Lebedev to [...]
CITY VIEWS: IS FLYING FIRST CLASS WORTH THE ADDITIONAL MONEY? January 27, 2010 JOHN RYAN | LEGAL & GENERAL “I’d love to fly First but I wouldn’t dream of paying that price tag. I would rather put up with a relatively uncomfortable journey and put the money to better use. Premium economy seats would be a great idea for long haul flights.” JOHN MARTIN | STANDARD CHARTERED “The [...]
Bad property loans make a dent at BBVA January 27, 2010 BBVA, Spain’s second- largest bank, said bad loans were nearing a peak after a sharp rise in provisions for doubtful debt in Spain, the US and Mexico hit its 2009 net profit. The bank, which has made significant loans to struggling property developers, said yesterday it has set aside €6.6bn (£5.72bn) in provisions, mostly for [...]
Boeing profits take off again January 27, 2010 US PLANEMAKER Boeing posted higher profits despite the global downturn in air travel, but was cautious about prospects in 2010. The Chicago-based group yesterday reported fourth quarter net income of $1.27bn (£784m), up from a loss of $86m in the same period a year ago caused partly by industrial action. Sales rose 42 per cent to [...]
JP Morgan heads for a re-run at broadcaster ITV January 27, 2010 JP MORGAN Cazenove is back as a financial adviser to ITV, the television group, replacing UBS as one of the group’s joint advisers after an absence of five years. JP Morgan’s appointment comes shortly after Archie Norman became the group’s new chairman. JP Morgan, whose team will be led by Hugo Baring, will work alongside Credit Suisse. [...]
Unions ask for job safety from Kraft January 27, 2010 BRITISH union Unite and its global counterpart, the International Union of Food Workers, have written to US conglomerate Kraft requesting urgent meetings following its £11.5bn recommended offer for Cadbury. Unite wants assurances that none of Cadbury’s 4,500 UK employees will have their working arrangements changed for at least two years. The IUF is concerned about [...]
Charles Stanley posts a jump in funds under management after market rally January 27, 2010 STOCKBROKER Charles Stanley yesterday reported a surge in revenue and funds under management over the third quarter of its financial year, despite the continuing tough trading conditions for the sector. Revenue for the three months to end of December rose 5.2 per cent to £28.4m, from £27m the year before, driven by a stronger performance [...]
Plus Markets holds steady over a tough trading year January 27, 2010 STOCK market group Plus Markets said yesterday it had seen an exceptionally difficult year in 2009, though levels of new admissions and corporate activity held relatively steady. Thirty companies applied to join the market over the year, of which 18 had been admitted by the end of December. Plus said the number of fundraisings on [...]
BULLISH FED FUELS HOPE ON ECONOMY January 27, 2010 THE US Federal Reserve signalled yesterday that the economic recovery was gathering strength as it kept interest rates near zero. The Federal Open Market Committee adopted a generally more positive tone in its policy statement than in December, noting that economic activity “has continued to strengthen” and that the deterioration in the labour market is [...]
Infineon rows with investors over chairman January 27, 2010 GERMAN chipmaker Infineon tried to appease hostile investors yesterday by saying chairman-designate Klaus Wucherer would serve only one year of his five-year term if elected, while searching for a better candidate to take over the role permanently. The announcement came as opposition rose to Infineon’s choice of Wucherer to head its supervisory board. US investor [...]