ArcelorMittal falls into the red as sales slow July 29, 2009 ARCELORMITTAL, the world’s largest steelmaker, posted its third quarterly loss in a row yesterday and forecast only a gradual second-half pick-up after weak demand hit prices. The group reported a second quarter net loss of €581m (£502m), against a profit of €3.7bn a year earlier. Chief financial officer Aditya Mittal said the company had seen [...]
CITY VIEWS: SHOULD BRITISH AIRWAYS CHARGE FOR IN-FLIGHT MEALS? July 29, 2009 ABI COOPER LAING O’ROURKE“Yes, I think it will affect the number of people who fly with them. I suppose it does depend on the journey length, however, as budget airlines already charge for in-flight meals. Perhaps passengers used to short-haul flights with these airlines won’t mind.” ZAIN HIRANI STANDARD BANK“I think it’s a small thing [...]
EasyJet board bows to Stelios over growth July 29, 2009 BUDGET airline easyJet predicted a full-year pre-tax profit of £25-50m yesterday, despite the massive industry slump, but bowed to pressure from biggest shareholder Sir Stelios Haji-Ioannou and halved its future growth rate target to 7.5 per cent. Stelios had rowed with the company’s board late last year over his worries about the expansion plans of [...]
Performance flat at Brewin July 29, 2009 STOCKBROKER and fund manager Brewin Dolphin yesterday said income remained broadly flat over the third quarter despite the impact of the economic downturn. Investment management income for the three months to 28 June rose 0.1 per cent to £49.18m, while the group’s investment banking division posted a 4.8 per cent rise in revenues to £2.33m. [...]
Arbuthnot profits rise despite 1.3m investment bank loss July 29, 2009 ARBUTHNOT Banking Group, the 176-year old firm headed by Henry Angest, yesterday said that first-half pre-tax profit had risen as retail customers ditched high street banks in the wake of the banking crisis. The group said pre-tax profits rose five per cent to a “satisfactory” £702,000 in the period, despite the fact its investment banking [...]
Sanofi-Aventis agrees to snap up Merck’s stake in Merial venture July 29, 2009 FRENCH drugmaker Sanofi-Aventis is understood to have agreed to buy the stake it does not already own in the Merial animal healthcare business from its US partner Merck. The acquisition is set to be announced this week, two people familiar with the situation said. They did not disclose the price of the transaction, but analysts [...]
THE MIDAS TOUCH July 29, 2009 ANNOUSHKA Ducas and John Ayton, the husband and wife team who successfully founded Links of London and sold it as a £50m business, yesterday launched a new jeweller y firm, “Annoushka.’’ The new company is born out of the takeover and rebranding of jewellery firm Pascal which was founded in 1972 by Jacob Izbicki.
Reckitt beats forecasts due to new lines July 29, 2009 CLEANING products group Reckitt Benckiser yesterday raised its full-year targets after beating forecasts with a 29 per cent jump in second-quarter profit but investors were focused on the loss of its US licence for Suboxone, a drug used to treat opiate addiction. Reckitt shares had dipped on investor concerns that the British company will lose [...]
The City remains a great place to forge a career July 29, 2009 THANKS to the global financial meltdown it has become social suicide to let slip you work in the City – never mind admit you are a banker. Chatting to some friends recently at a party, it was refreshing to learn many are now sick to the back teeth of apologising for their choice of career. [...]
IMF chief scandalised by large bonuses at US banks July 29, 2009 THE return of large bonuses for employees of US banks is a scandal, International Monetary Fund (IMF) managing director Dominique Strauss-Kahn said yesterday. “Frankly, I’m scandalised by what I’m seeing,” he said in an interview with France 24 television when asked whether he was concerned about large bonuses. He said they encouraged risky behaviour that [...]