BEST OF THE BROKERS October 14, 2009 ITVInvestec moved ITV from “hold” to “sell” and raised its price target to 46p. The broker believes material management and structural challenges remain and that the valuation already discounts an earnings recovery on a long-term view. But it has a positive macro-view and notes that TV ad spend is improving. AMLINCredit Suisse upgraded Amlin to [...]
Kentz wins double contract October 14, 2009 Kentz, the engineering and construction group, has won two contracts with a combined value of about A$109m (£52m) in Western Australia. Kentz said it won these contracts through its Australian joint venture operating company Thiess Kentz. The value attributable to Kentz is 50 per cent of the joint venture, it added.
Ford in drive for vehicle recall October 14, 2009 Ford has widened the US car industry’s -biggest-ever recall by 4.5m vehicles due to a faulty cruise-control switch linked to hundreds of fires. So far 14.3m vehicles have been recalled.
Maybe ITV would do better without a chief exec October 14, 2009 CRISIS? What crisis? That was the line that Michael Grade, the outgoing executive chairman of ITV, took when being questioned by a House of Lords committee yesterday. Hitting out at media coverage of the broadcaster’s bungled attempts to find a replacement chairman and chief executive, he said ITVwas a business in fine fettle. In a [...]
Rio raises its iron forecast despite slump October 14, 2009 MINING giant Rio Tinto put up its production outlook for iron ore yesterday, and upped its full year guidance on the commodity thanks to strong demand from steelmakers. Rio, the second-largest miner of the ore – which is used to make steel – said it had seen early signs of recovery in key markets, with [...]
FLYING LOW October 14, 2009 AIR PARTNER, the private aviation services group, said yesterday its pre-tax profits for the full-year had slumped 90 per cent, thanks to weak market conditions. David Savile, chief executive of the firm that provides planes to governments and the super rich, said trading had now stabilised at the weaker levels experienced in the second half. [...]
CITY MOVES WHO’S SWITCHING JOBS October 14, 2009 Ambrian PartnersThe stockbroking firm has appointed Philip Dorgan, one of the most respected retail analysts in the market, to its research team. Dorgan has been a retail analyst at rival broker Panmure Gordon for the past 13 years, latterly as head of research. He was also head of European retail at Goldman Sachs between 1988 [...]
N Brown posts record results October 14, 2009 Home shopping company N Brown yesterday smashed analysts’ forecasts, reporting a 13 per cent jump in pre-tax profits. The group said profits rose to £41.8m in the 26 weeks to August, ahead of analysts’ £38.1m expectations. Chief executive Alan White yesterday said the group could enter the potentially lucrative United States market next year. The [...]
Leisure & Gaming profits jump October 14, 2009 Aim-listed online betting group Leisure & Gaming yesterday said third quarter gross profit rose to €1.0m (£0.9m) from €0.9m. Amounts wagered rose to €27m for the quarter ended 30 September 2009 from €13.3m in 2008. Net win increased to €4.6m from €3.2m while earnings came in at €0.1m compared with nothing the year before. Commenting [...]
E.ON wins two power plant bids October 14, 2009 E.ON, the German utility firm, yesterday won permission from the European Commission to acquire two power plants and certain drawing rights from Belgium’s Electrabel. The Commission – which is the administrative arm of the European Union (EU) – said in a statement that the transaction would not impede effective competition in the European common market. [...]