London office rents hit bottom July 28, 2009 London has experienced a year-on-year fall in prime office rents of 32 per cent and has now reached the peak of rental decline, according to Jones Lang LaSalle’s second quarter European Office Clock Report out today. Prime office rents declined by 4.6 per cent over the quarter, and now stand on average 15.4 per cent [...]
Wind turbine staff slam Mandy July 28, 2009 The UK’s only wind turbine factory, Vestas, yesterday criticised business secretary Peter Mandelson for “rank hypocrisy” after seeking to evict workers, while announcing £150m worth of funding to invest in the UK’s low-carbon industrial future. Energy union RMT said yesterday: “If the government are serious about proving their green industrial credentials they should save Vestas.”
ITN attacks BBC sharing plan July 28, 2009 A BBC deal to share video news content with four national newspapers could “pull the rug” from under commercial broadcasters, said ITN chief John Hardie. The BBC’s new scheme will see politics, science health and business clips appearing on the websites of the Daily Mail, The Guardian, The Daily Telegraph and The Independent.
Investec opts for share placing to buy back debt July 28, 2009 SOUTH African and British investment bank Investec said yesterday it had raised £85.5m via the placing of 22m new shares, to fund the repurchase of debt at a discount and improve its tier one capital ratio. The company said the placing would improve its capital ratio in accordance with the company’s aim of maintaining capital [...]
WHAT DO BP’S RESULTS INDICATE FOR THE REST OF THE OIL MAJORS? July 28, 2009 GORDON GRAY COLLINS STEWART“While second quarter results showed further evidence of the considerable progress BP has made in its operational recovery, we feel this is largely discounted in valuations, with the stock now back to within six per cent of its 12-month high in sterling terms.” TONY SHEPARD CHARLES STANLEY“BP has some momentum in terms [...]
Bank of America is shrinking July 28, 2009 BANK of America plans to shrink its 6,109-branch United States network after years of expansion. America’s largest bank has denied claims it will shed 10 per cent of its branches – a move that would cost thousands of jobs – but admits there will have to be cuts because more of its customers are using [...]
Segro wins support for its take over fund raising July 28, 2009 PROPERTY group Segro yesterday said it has received 86.53 per cent take-up for its share placing and open offer to raise £250m. The group, which is raising money to secure the takeover of its rival Brixton, said it had received valid acceptances in respect of 51.5m shares. The remaining 13.47 per cent that has not [...]
Private deals gain traction July 28, 2009 APPETITE for private equity backed deals increased during the second quarter, with a 38 per cent increase in the value of deals compared to the first quarter. According to the Candover Unquote Private Equity Barometer, published yesterday, the number of European private equity transactions rose to €4.8bn (£4.1bn) in the period, compared to €3.5bn in [...]
PZ Cussons profits lather up as swine flu epidemic fuels hygiene awareness July 28, 2009 IMPERIAL Leather soap maker PZ Cussons yesterday said it was cleaning up in the swine flu epidemic, reporting a 16 per cent jump in annual pre-tax profits. The group yesterday reported its Carex range of waterless antibacterial hand gels were “performing particularly well” in “a climate where there is additional consumer focus on hand hygiene”. [...]
BEST OF THE BROKERS July 28, 2009 PEARSONGoldman Sachs upgraded Pearson to “Neutral” from “Sell” after seeing some recovery from the publisher’s recent underperformance, and upped the price target by six per cent to 766p. Pearson said that the firm has seen solid first half results and that valuation had dropped more in line with peers. This has resulted in more positive [...]