Johnston sees signs of ad revenue declines easing November 11, 2009 Regional newspaper publisher Johnston Press said yesterday that the slide in advertising revenue hadslowed, and that it was on track to meet profit expectations for the year. The Edinburgh-based firm said that advertising revenue in the first 18 weeks of the second half had fallen 22 per cent, an improvement on the 33 per cent [...]
Another boss to step down from TNK-BP November 11, 2009 BILLIONAIRE Mikhail Fridman yesterday said that he is likely to step down as acting chief executive of BP’s Russian joint venture TNK-BP, which will appoint a new permanent chief. The void at the helm of TNK-BP is the result of a row over strategy and control that erupted last year between BP and the four [...]
BEST OF THE BROKERS November 11, 2009 ALLIANZNomura upgraded Allianz to “neutral” for two reasons: first, the end of the deterioration in property and casualty underwriting as shown in the firm’s third-quarter results and, second, the broker’s reduced concern over Allianz’s exposure to litigation in its US life business. But the stock is still not one of Nomura’s top picks as it [...]
CITY MOVES WHO’S SWITCHING JOBS November 11, 2009 Saxo BankThe bank has officially appointed Tom Hougaard as a market commentator for its financial spreads division. Hougaard, who also regularly hosts educational market trading seminars throughout the UK, previously worked as chief market strategist for City Index for eight years. He will be based in Saxo Bank’s London office and will provide twice-daily market [...]
Crossed wires at 3 and Orange November 11, 2009 Mobile operator 3 has written to the Advertising Standards Authority accusing rival operator Orange of misleading customers in its recent ad campaign. With network reach and strength the most important differentiator in the mobile telecoms market, Orange has launched a campaign claiming to have the UK’s largest 3G network, covering 93 per cent of the [...]
Menzies in bullish outlook November 11, 2009 Newspaper distribution and aviation services firm John Menzies said yesterday that its full year results would be well above current expectations following strong trading and cost cutting initiatives. It said analysts should raise forecasts for operating profit by about £4m, to £14m for distribution and £27m for aviation. Both Numis and Brewin Dolphin both hiked [...]
ITVputs Carlton Screen to rest November 11, 2009 ITV and financial services firm Grant Thornton have confirmed that the commercial broadcaster has put its remaining interests in Carlton Screen Advertising (CSA) into creditors voluntary liquidation. ITV has sold the majority of the cinema advertising business off over the past two years, and it is not known exactly which parts it still owns. The [...]
Governments to retain bank stakes for up to seven years November 11, 2009 GOVERNMENTS around the world will hold on to their stakes in bailed-out banks for an average of five to seven years in order to achieve a profitable exit, a new report has shown. The report, compiled by accountancy firm PricewaterhouseCoopers, said the complexity of individual banks’ situations, difficult market conditions and an unattractive disposal environment [...]
JARDINE ON RIGHT PATH November 11, 2009 INSURANCE broker Jardine Lloyd Thompson said yesterday its performance in the three months to the end of September was in line with its expectations, and that it remains on track to hit its targets and make further progress in 2009. The firm said: “Despite the challenging insurance market conditions, our risk and insurance business overall [...]
D&D to open London hotel November 11, 2009 D&D London, the company formerly known as Conran Restaurants, is marking its return to the hotel business with a new £50m boutique hotel in Moorgate. D&D, which is still 51 per cent owned by Sir Terence Conran, will work with property developer Frogmore to create a luxury 80-room hotel, which it hopes will receive planning [...]