Albemarle & Bond boosted as consumers turn to pawn May 26, 2009 PAWNBROKER Albemarle & Bond said yesterday it expects full year results to be significantly ahead of expectations as out-of-pocket consumers continue to frequent its shops to exchange valuables for ready cash. Albemarle said it had upped predictions for the year to the end of June after retail sales rose in the recession. It also benefited [...]
Danone shares stumble as it announces a 3bn rights issue May 26, 2009 FOOD group Danone yesterday said that it is planning a €3bn (£2.6bn) rights issue aimed at helping it snap up smaller rivals hurt by the financial crisis and aiding its growth through the downturn. The firm said it planned to launch a sale of new shares to existing shareholders in coming days, subject to internal [...]
CARLUCCIO’S COMES OFF THE MENU May 26, 2009 CARLUCCIO’S, the Italian restaurant and delicatessen chain, yesterday said that take over talks with a potential bidder, believed to be private equity group Hutton Collins, had ended. The group said it was “no longer in an offer period”. Its shares plunged 14.4 per cent to 83.5p as the stock lost the gains achieved in the [...]
Virgin beats rival BA with rising profits May 26, 2009 AIRLINE Virgin Atlantic, controlled by Richard Branson’s Virgin Group, saw its pre-tax profit almost double to £68.4m in the year ending February – trouncing British Airways (BA), which last week announced record losses. Virgin said profits were boosted by an increase in premium travel. It is taking market share from rivals, including BA, in the [...]
WHAT DO YOU THINK OF BA COMPARED TO VIRGIN? May 26, 2009 HOWARD WHEELDON BGC PARTNERSIf Virgin Atlantic has managed to ‘steal’ customers away from other airlines such as BA and still been able to prove that it can make a half decent profit – albeit at miserably low margins – it would appear somewhat mean if I were not to offer congratulations to the airline founder [...]
Deutsche on track despite coup rumour May 26, 2009 THE SUPERVISORY board of Germany’s Deutsche Bank yesterday moved to quell rumours of an acrimonious boardroom split, denying reports that chairman Clemens Boersig had launched a failed coup to grab the chief executive role when Josef Ackermann steps down. Boersig was reported to have failed in an audacious bid to succeed Ackermann last month, after [...]
Castle in LSE listing amid liquidity hunt May 26, 2009 SWISS fund of hedge funds Castle Alternative Invest is launching a second share listing on the London Stock Exchange (LSE), in a bid to access the high levels of liquidity on the main UK stock market. The fund, run by LGT Capital Partners, is currently trading at a 27 per cent discount to its £315m [...]
Bonuses shrink for City auditors May 26, 2009 CITY audit and compliance professionals expect their bonuses to shrink by 38 per cent this year, a survey by executive search consultancy GRS has shown. The majority (64 per cent) of those polled by the firm said they thought bonuses would fall compared to last year, while over half of those do not expect to [...]
Gambling firms fight over deal May 26, 2009 ONLINE gambling firms PartyGaming and 888 are vying to submit bids to buy Cashcade, the internet bingo group that is part owned by Independent News & Media (INM). The company is expected to fetch between £70m and £100m. The deal will provide a valuable lifeline to INM, which has a 20 per cent stake in [...]
US banks lose talent to rival London firms May 26, 2009 A TRIO of investment banks are emerging as the winners from the banking crisis, as they move to hoover up some of the most talented staff in London. Deutsche Bank, Credit Suisse and Barclays Capital (BarCap) have all been active in the recruitment market since the collapse of Lehman Brothers, taking advantage of freedom from [...]