Shore Capital boosts profits August 19, 2009 BOUTIQUE investment bank Shore Capital signalled a cautious return to the good times yesterday, posting a 13.4 per cent rise in first half profit and adding it was on the lookout for acquisitions. Shore reported a pre-tax profit of £2.3m for the six months to end of June. Sales also rose 13 per cent to [...]
Aer Lingus set to streamline August 19, 2009 Irish flag carrier Aer Lingus is bracing itself for a cost-cutting drive under incoming chief executive Christoph Mueller, the company warned yesterday, as it seeks to streamline in anticipation of a third hostile takeover bid from budget rival Ryanair. Details of the cost cutting will be outlined in the carrier’s half-year results on 27 August. [...]
BATS to launch special tariff August 19, 2009 BATS Europe, the multi-lateral trading platform, said yesterday it will launch a special tariff in September, with the aim of grabbing market share from the London Stock Exchange. BAT plans to offer inverted pricing, whereby the rebate for adding liquidity is higher that the cost of removing it.
Ofcom hunts for C4 chairman August 19, 2009 Ofcom has appointed headhunter Zygos Partnership to search for a successor to Channel 4 chairman Luke Johnson, whose tenure ends in January 2010 after six years. An ad for the job will be placed next month, and the watchdog hopes to have someone in place in time for Johnson’s departure. State-owned Channel 4 is still [...]
INM in further standstill talks August 19, 2009 Independent News & Media (INM) is in the process of negotiating a fourth extension to its financial standstill with investors regarding the repayment of a €200m (£178m) bond. The current agreement is due to expire on 27 August, a day before the publisher reports its interim results.
C&G future uncertain as Lloyds stalls August 19, 2009 LLOYDS Banking Group said yesterday it was reviewing a decision to close all branches of its Cheltenham & Gloucester (C&G) unit, surprising employees and investors. Lloyds Banking Group, 43 per cent owned by the government, had said in June that the 164-branch network of C&G, which specialises in mortgages and savings, would be closed in [...]
Retail banking is struggling to get off the canvas August 19, 2009 AS Britain’s retail banking sector fractures and polarises, it is beginning to resemble a boxing match: two heavyweight contenders are preparing to slug it out in the main event with the prize nothing less than commercial success. In the red corner are the grizzled veterans – the traditional banking groups HSBC, RBS, Lloyds and Barclays. [...]
CITY VIEWS: ARE RETAIL BANKS DOING ENOUGH TO DELIVER A VALUABLE SERVICE AND RESTORE CONFIDENCE? August 19, 2009 WAYNE HARRISON THE KSA GROUP“I feel that they are doing what they can but the underlying problem is with the perceptions concerning bankers’ pay. The fact that the money that has been pumped into the system by the Treasury is being retained by the banks does not help.” ALISTAIR GREY BROOKFIELD“I just got a new [...]
Profit up at Lookers as sales grow August 19, 2009 CAR dealership Lookers reported a 13.5 per cent rise in first-half profit, the group said yesterday, as sales in its used car and parts units rocketed. Lookers said its used car sales rose 8.5 per cent in the first half thanks to a strong recovery in prices since the end of 2008, and added its [...]
CAN LOOKERS KEEP UP THESE STELLAR RESULTS ONCE THE SCRAP SCHEME ENDS? August 19, 2009 JOHN STEVENSON KBC PEEL HUNTYes. The aftersales arm of Lookers – its servicing facility – is the bedrock of profitability at the company. There’s also been a stunning recovery in the used car market. The footfall generated by interest in the scrappage scheme has boosted sales in general. Lookers can keep up its performance without [...]