Opel trust:no need to reopen sale October 19, 2009 The German trust set up to oversee Opel said it saw no reason to re-open the carmaker’s sale despite EU concerns that Germany’s promises of state aid had skewed the bidding process. Seeking to deflate a row over €4.5bn (£4.1bn) in state aid that Berlin promised Opel should Canadian auto parts firm Magna buy the [...]
Gannett profits beat expectations October 19, 2009 Gannett, the largest US newspaper publisher, reported a lower quarterly profit that beat market forecasts yesterday thanks to cost cuts, while revenue fell because of a 28 per cent drop in publishing advertising sales. Gannett, publisher of USA Today, posted third-quarter net income of $73.8m (£45m) compared with $158.1m last year. Revenues fell by 18 [...]
Worthy equality laws can be counter productive October 19, 2009 Harriet Rubin, the author of “The Princessa: Machievelli for Women” has struck again. Her latest book, “The Mona Lisa Strategm: the Art of Women, Age and Power” popped into my mind earlier in the week, after the passing away of Bruce Wasserstein and Nichola Pease’s comments about maternity leave. “Become a great man who is [...]
Delta Lloyd IPO to net Aviva 1.1bn October 19, 2009 Life-insurer Aviva looks set to pocket €1.2bn (£1.1bn) when it floats Dutch unit Delta Lloyd in western Europe’s largest initial public offering (IPO) this year. “This step will free up capital for us to use elsewhere and give us the option of exploring further growth opportunities,” said Aviva chief executive Andrew Moss. Delta Lloyd shares [...]
NEON LIGHTS October 19, 2009 THE latest work from British artist Ron Haselden was yesterday unveiled at Land Securities’ New Street Square development. The installation, entitled Day and Night, Night and Day, took four years to complete and will fill the central walkway of the property. Visitors to the attraction will be able to enter a competition to design the [...]
Banchetti’s boutique nets 1bn October 19, 2009 RICCARDO Banchetti, the former Lehman Brothers European boss, has landed restructuring contracts worth over €1bn (£911m) for his new boutique advisory firm. Banchetti, who is suing Lehman for $26m of bonuses and share options that the investment bank failed to pay him after it collapsed spectacularly last year, has secured a slew of work within [...]
CITY MOVES WHO’S SWITCHING JOBS October 19, 2009 Charles Stanley SecuritiesThe stockbroker has appointed Nick Redfern as head of institutional sales, responsible for small and mid-cap distribution. Redfern started his career at Smith New Court before moving to Dresdner Kleinwort, where he spent six years as a managing director responsible for pan-European emerging company sales. He also worked at Arbuthnot and Oriel Securities, [...]
William Hill revenue dips on sport wins October 19, 2009 Bookmaker William Hill yesterday reported a three per cent drop in third-quarter revenues after a punter-friendly season knocked results. Football results went against the bookies this August and September – by the end of last month there had been just four draws in the Premier League. Draws normally represent 25 per cent of outcomes. Most [...]
WHAT IS YOUR VIEW OF WILLIAM HILL’S RESULTS? October 19, 2009 MATTHEW GERARD INVESTECAfter much publicised weakness in sports margins and a profit warning from Ladbrokes, this statement is much better than we had anticipated. We believe the weakness in sports margins is a temporary phenomenon and that this is a good opportunity to buy into a cash generative, strongly positioned UK leisure retailer.NICHOLAS BATRAM KBC [...]
Bunzl targets companies for takeover October 19, 2009 Distribution and outsourcing group Bunzl said yesterday it traded in line with expectations in the third quarter and is in talks with possible acquisition targets. The firm said in a trading update sales rose eight per cent in the three months to the end of September, boosted by favourable foreign exchange movements. Although core sales [...]