Pound hits 5-month high versus dollar May 19, 2009 STERLING yesterday jumped to its highest level against the dollar so far this year, as optimism grew the UK may have seen the worst of its financial crisis. Sterling climbed as high as $1.5438 yesterday, touching its strongest level since mid-December. Traders said the dollar was suffering yesterday as US investors exited the currency to [...]
Daimler snaps up Tesla stake May 19, 2009 German carmaker Daimler is buying a 10 per cent stake in US electric car firm Tesla Motors. The group, known for its luxury Mercedes-Benz cars, currently offers environmentally-friendly Smart cars but is keen to boost its green focus. Tesla in January agreed to build lithium-ion batteries for a new generation of Daimler electric smart cars.
Thales names Vigneron as CEO May 19, 2009 Luc Vigneron took over as head of French defence electronics giant Thales yesterday. Vigneron, who for eight years has run state-owned Nexter, maker of France’s Leclerc battle tank, stepped in as chairman and chief executive following the ousting of Denis Ranque by Thales’s new main industrial shareholder, Dassault Aviation.
Japanese carmakers rebound May 19, 2009 Japanese carmakers Nissan and Honda revealed sales boosts yesterday, after the government slashed taxes on low-emission cars to boost the sector. Nissan said orders rose by 30 per cent so far in May compared to a year earlier. Honda said its orders rose by about 20 per cent to mid-May. Toyota on Monday revealed a [...]
Vodafone to accelerate cost cutting May 19, 2009 VODAFONE said yesterday that it plans to accelerate its £1bn cost cutting programme after the phone giant’s full year profits were hit by writedowns of £5.9bn. “Our £1bn cost-cutting reduction programme is ahead of plan and we continue to explore further ways to reduce costs,” said chief executive Vittoria Colao, adding that the company now [...]
Great Portland in 175m fund raising May 19, 2009 THE West-end focused property group Great Portland Estates yesterday launched a £175m rights issue in order to take advantage of depressed values in the central London property market. The rights shares, which will be underwritten by Credit Suisse and JP Morgan Cazenove, are being issued at 133p each, at a 53.4 per cent discount to Monday [...]
Evolution joins rival Collins Stewart in early season profit May 19, 2009 STOCKBROKER Collins Stewart said yesterday that it had enjoyed a profitable May after four consecutive months of breaking even, while rival Evolution also announced that it had stayed in the black. Collins Stewart’s revenue reached £57m for the first four months of the year, roughly unchanged on the previous year, as favourable exchange rates helped it [...]
Bank of Ireland chief quits as profits plunge May 19, 2009 BANK of Ireland governor Richard Burrows announced his resignation yesterday, after the bank reported a 96 per cent plunge in full year net profit due to restructuring and impairment loan charges. Net profit for the year ending March 31 fell to €59m (£52m) from €1.69bn a year ago, beating forecasts but reflecting the bank’s exposure to Ireland’s [...]
Bay Trading salvaged by sale to Rinku Group May 19, 2009 FASHION chain Bay Trading has been rescued by a last-ditch sale to clothing wholesaler and retailer Rinku Group, administrator Deloitte said yesterday. Rinku, which owns the Tigi-Wear, Viz-a-Viz and iZ clothing brands, has bought 45 of Bay Trading’s stores and 85 concessions. The chain’s remaining 125 outlets will be wound up and returned to landlords [...]
CHEQUERED FORTUNES May 19, 2009 LUXURY retailer Burberry, known for its distinctive beige plaid, warned yesterday trading will remain tough, as it revealed profit for the year fell 12.5 per cent, resulting in a £ 5.1m loss after it heavily discounted products, wrote down the value of Spanish stores and bore the cost of moving its London and New York [...]