CLIPPED WINGS June 9, 2009 AUSTRALIAN flag carrier Qantas expects demand for passengers to drop by five per cent next year, it said yesterday. Chief executive Alan Joyce said it would cut capacity and expected next year to be “very tough.”
BEST OF THE BROKERS June 9, 2009 LONDON STOCK EXCHANGE (LSE)Analysts at Bernstein upgraded the LSE to “outperform” with a target price of 950p, based on the potential for cost-savings, a low interest rate environment and a strong post-trade environment to drive stock outperformance. The broker believes that consensus earnings for the group are understated and forecasts four per cent above average [...]
Lloyds closes C&G outlets June 9, 2009 LLOYDS Banking Group is to withdraw its Cheltenham & Gloucester (C&G) brand from the high street in a move that will see the bank wield the axe over up to 1,660 staff as it streamlines in the wake of its takeover of HBOS. The bank said it would close all 164 branches of C&G within [...]
Summer of strikes looms at BA as job cuts look certain June 9, 2009 BRITISH AIRWAYS’ (BA) chief executive Willie Walsh sought to soft-peddle its staff’s strike threats yesterday, saying an agreement would be reached with unions. But the airline boss refused to rule out jobs losses. The news comes as the ailing airline looks to axe over 2,000 jobs, as it tries to weather the financial storm. “It’s [...]
Government housing data provides further cause for market optimism June 9, 2009 THE DEPARTMENT of Communities and Local Government (DCLG) was yesterday the latest to announce improving data for the UK housing market. Between March and April there was a rise of 1.1 per cent in the prices index of properties bought, putting the price of an average UK house at £189,215, compared to £187,193 a month [...]
WILL DITCHING CHELTENHAM & GLOUCESTER HELP LLOYDS RECOVER? June 9, 2009 ALEX POTTER COLLINS STEWART“Lloyds Banking Group was close to dominating the British high street and I’m sure that’s a concern for European anti-trust authorities, so closing these branches may be a practical move to help with that. It will also help a little with streamlining. There’s a recession on and they need to cut their [...]
Commerzbank puts Kleinwort Benson for sale June 9, 2009 ONE of the City’s most venerable private banks, Kleinwort Benson, is to be put on the market this week by its parent Commerzbank. Goldman Sachs has been appointed to manage its disposal and the group has received interest from several parties believed to be Standard Chartered, Royal Bank of Canada and Schroders. As part of [...]
Rok wins contracts worth 90m June 9, 2009 Building maintenance company Rok said yesterday it had won eight new contracts that are expected to generate revenue of £90m over the next four years. The new contracts were awarded by logistics firm Wincanton, support services provider Craegmoor Healthcare and Bracknell Forest Council, among others. The firm said the contracts brought the total anticipated value [...]
Brulines profits despite pub turmoil June 9, 2009 Beer flow monitoring systems manufacturer Brulines yesterday said profits and revenue rose over the past year as pubs concentrate on maximising efficiency amid the economic turmoil. Aim-listed Brulines posted a 19.6 per cent rise in full-year adjusted pre-tax profit, while revenue rose 11.7 per cent to £19.1m. The firm proposed a 7 per cent increase [...]
Stagecoach bucks leisure downturn June 9, 2009 Arts school company Stagecoach Theatre Arts yesterday said it expects pre-tax profit for the year to be in line with market expectations, despite opening fewer new schools due to the limited availability of bank finance. Stagecoach said increased fees from existing schools had offset the decline in new openings.