Activists get green light to form groups August 19, 2009 CITY watchdog the Financial Services Authority (FSA) yesterday threw its weight behind shareholder activism, saying investors can form groups to oust a company’s board or force it to revamp its strategy without breaching regulations. The FSA has said the push for activist alliances proposed in Sir David Walker’s recent banking review, designed to encourage stronger [...]
BEST OF THE BROKERS August 19, 2009 BHP BILLITONBHP Billiton’s full-year results emphasised its balance sheet derived resilience, according to Evolution Securities, which was also impressed by the margin performance that the group extracted from its oil and gas divisions. The broker also said that revenues came in ahead of expectation. It upgraded its target price from 1,025p to 1,200p but retained [...]
MGM removes chief executive August 19, 2009 Debt-ridden movie studio Metro-Goldwyn-Mayer (MGM) yesterday announced that it had removed chief executive Harry Sloan from the board and replaced him with a three-member team that includes Stephen Cooper, best known for his role in restructuring collapsed US energy trader Enron.
Hewlett Packard profit slips August 19, 2009 Computer maker Hewlett-Packard yesterday report a 19 per cent fall in quarterly profit due to weak demand. The world’s top PC maker said that net profit totalled $1.64bn (£1bn) in the three months ended 31 July, down from $2.03bn in the same quarter a year ago. It cautioned it expects revenue to decline between four [...]
Sony cuts price of Playstation3 August 19, 2009 Sony yesterday said it is slashing the price of its PlayStation3 games console. Analysts said the move will boost sales without exacerbating the group’s losses. The Japanese firm has launched a revamped thinner model of its existing model, for the cheaper price of £249.99 in the uk market, compared to the current £299.99 price tag.
Germany may sweeten Opel bid August 19, 2009 Germany could provide ¤4.5bn euros (£3.9bn) in state aid for carmaker Opel if General Motors chooses Canada’s Magna, Berlin’s favoured suitor, as the buyer, a minister said. The last-ditch offer would see the federal government and German states with Opel plants split the initial aid bill without waiting for other European countries that have GM [...]
HEATHROW TOP DOGS READY FOR A GRILLING August 18, 2009 YESTERDAY marked the first working day at Heathrow’s Terminal 5 for philosopher Alain de Botton, who’s spending a week as “writer-in-residence” at the airport while scouting for fuel for a new book. The tome, “A Week At The Airport: A Heathrow Diary”, is due to be published in September and will feature conversations with passengers, [...]
CITY EYE August 18, 2009 THE imposing ceiling of the Grand Hall at the Old Bailey, featuring murals by Victorian painter Gerald Moira. Run by the City of London Corporation, the court opened in 1907 on the site of the notorious Newgate Jail and has witnessed the trials of Dr Crippen, the Krays, Ruth Ellis and the Yorkshire Ripper.
LCG’s profits fall but client numbers rise August 18, 2009 SPREAD betting firm London Capital Group (LCG) yesterday reported its first drop in profits since it listed in 2005, as lower interest income, higher costs and tough trading conditions took their toll. For the six months to the end of June its pre-tax profit fell 37 per cent to £3.8m from a year ago on [...]
Knight Frank sees upturn in property August 18, 2009 THE property downturn has now reached the bottom, according to Knight Frank derivatives head Richard White. Property derivatives are investments that allow investors to speculate on rising or falling values without having to purchase the asset. The UK commercial property market has fallen by 44 per cent since its peak in Summer 2007 to July [...]