First Group wins an extension to its Great Western rail franchise October 3, 2013 FIRST Group has won 23 more months of running the Great Western rail route between London and the south west. The franchise was due to expire this month, and will need to be renewed again before the government awards the long-term contract to start in 2016. Many of Britain’s rail operators have been handed extensions [...]
Gulf of Mexico energy producers shut down ahead of hurricane October 3, 2013 ENERGY companies in the Gulf of Mexico started shutting in production yesterday and were evacuating some workers as Tropical Storm Karen headed toward a crucial part of the basin, which overall provides nearly a fifth of daily US oil output. The National Hurricane Center said the storm was expected to be at or near hurricane strength [...]
Student housing group Unite taps the bond market for £90m October 3, 2013 STUDENT housing provider Unite yesterday followed in the steps of its property peers and launched a £90m bond offering to help fund future projects. The company, said the offering, together with £51.2m raised through a share placing in June, will help fund its regional development pipeline and replace short-term debt maturities. The unsecured convertible bonds, [...]
Profit upgrade from low-cost airline EasyJet October 3, 2013 LOW-COST airline EasyJet has lifted its annual profit forecasts even further after revenues per seat over the summer rose more than hoped. EasyJet said it now expects to report pre-tax profits of £470m to £480m for the year to the end of September, at the top end of its predictions in July, which had already [...]
Bottom Line: Mid-air collision over hub’s future October 3, 2013 HOW CAN you put a price on the country’s only hub airport? And whatever value the authorities land on, how do they manage to convince Heathrow that it’s enough? Europe’s biggest airport by passenger traffic has long insisted that it needs to charge airlines higher fees to pay for its fifth terminal and, it hopes, [...]
HR Owen says sales are racing ahead of Berjaya takeover deal October 3, 2013 HR OWEN, the luxury car dealership that is on the verge of being taken private, said yesterday that trading has raced ahead of management expectations in the past three months. The firm said used cars were selling particularly well, with volumes up a third on last year with improving margins. A range of new upmarket [...]
Scorecards ready as D-day arrives October 3, 2013 IT’s just like waiting for Christmas, only possibly more exciting… the 2013 City A.M. awards are getting closer. Yesterday our panel of eminent judges descended on City A.M. headquarters to discuss the shortlist of winners. Fuelled by coffee and that City breakfast staple, the good ole bacon sarnie, our panel made its final decision on [...]
Russian credit card firm plans London listing October 3, 2013 RUSSIAN credit card supplier TCS Group yesterday became the latest overseas company to tap London’s burgeoning initial public offering (IPO) market with plans to raise up to $750m (£464m) in a float. TCS, which owns top three Russian credit card issuer Tinkoff Credit Systems, said it will use the cash to help boost its expanding [...]
John Laing Infrastructure raises £242m for hospital investment October 3, 2013 JOHN Laing Infrastructure Fund (JLIF), the FTSE 250-listed investment fund, yesterday raised a record £242m from investors to help fund a hospital spending spree. The company said the share offering at 111p was oversubscribed. It will use £103m of the proceeds to take stakes in two medical facilities – North Staffordshire Hospital and Kelowna and [...]
Microsoft gets second chance to win patent row against Google October 3, 2013 A FEDERAL appeals court last night instructed the US International Trade Commission to reconsider a ruling that gave Google a victory over Microsoft in a patent dispute. Acting on an appeal by Microsoft, the US Court of Appeals for the Federal Circuit found that the ITC erred in its reasoning when it found that the [...]