BEST OF THE BROKERS August 9, 2009 ROLLS-ROYCEGoldmach Sachs downgraded the civil aerospace company to Sell after a strong outperformance against its peers. It added that it expected the sector’s downturn to be less severe than investors anticipated, and that Rolls-Royce would benefit from this. It downgraded the company because its shares trade at a premium to rivals.FRANCE TELECOMJP Morgan upgraded France [...]
Land Rover wins debt lifeline August 9, 2009 Jaguar Land Rover (JLR) has secured a £75m finance lifeline by mortgaging its stock of Land Rover parts.Burdale Financial, Bank of Ireland’s finance division, has granted a three-year debt facility of up to £75m to the carmaker, which is owned by Tata Motors, of India.The loan is secured on the inventory of Land Rover’s parts [...]
Razorfish bought by Publicis for $530m August 9, 2009 FRENCH advertising group Publicis yesterday agreed to buy Razorfish advertising agency from technology giant Microsoft for $530m (£317m) in cash and stock. Publicis beat off around eight interested companies for Microsoft’s unit, including the UK’s WPP plc and Japanese firm Dentsu. The Paris-based group’s chief executive Maurice Levy said the price paid was the result [...]
Immigration rulers should welcome City talent August 9, 2009 Immigration has hit the news again with word that the Government is considering extending the points-based immigration system, introduced last year for work permit applications, to applications for British citizenship. It is an emotive subject, but getting immigration policy right is important for the success of the City of London and the government needs to [...]
Xstrata looks to sell its Chilean mine August 9, 2009 MINER Xstrata, the group tied up in a merger battle with rival Anglo American, is in talks to sell off its key stake in a South American mine for an estimated $700m (£420m). “Xstrata Copper has received expressions of interest that may result in the introduction of an additional partner into the El Morro copper-gold [...]
CITY MOVES WHO’S SWITCHING JOBS August 9, 2009 Spencer-Churchill Miller PrivateThe high net worth (HNW) wealth management boutique has hired Lady Emily Compton, the former social editor of Tatler magazine. Compton will be responsible for introducing HNW individuals to the business, as well as working alongside founders Alexander Spencer-Churchill and Gina Miller on a new business venture. She has also previously worked as [...]
Traffic numbers go up in July August 9, 2009 Airport owner BAA is set to reveal travel figures today showing that the number of passengers travelling through Heathrow airport in July went up for the first time in three years. And total passenger numbers across the group’s airports are expected to show a slump in the rate of decline. The airport owner’s figures come [...]
Ex-AIG execs to pay $16.5m August 6, 2009 THE FORMER chief executive of AIG, Maurice “Hank” Greenberg has agreed to pay $15m (£9m) to settle government allegations that he cooked the books to inflate the stricken insurer’s earnings. AIG’s former chief financial officer Howard Smith has also agreed to pay $1.5m to settle Securities and Exchange Commission (SEC) charges relating to his and [...]
Royal Bank of Scotland to return to profit despite new writedowns August 6, 2009 ROYAL Bank of Scotland (RBS) is expected to return to profit today, as it reveals first half profit figures. The bank, which recorded a UK record loss of more than £24bn for 2008, is predicted to reveal first-half pre-tax earnings of £1.2bn, despite impairment charges expected to total £7.9bn. Chief executive Stephen Hester is also [...]
BRUNSWICK CAUSES A STIR WITH PUBLIC AFFAIRS ROLE IN BRUSSELS August 6, 2009 A COUP for City PR outfit Brunswick, which is on the cusp of a lucrative new contract to advise HSBC on its public policy over in Brussels. Brunswick boss Alan Parker has long been chummy with HSBC chairman Stephen Green, so the tie-up shouldn’t come as too much of a surprise. But though some in [...]