Law firms hit out at EU super-regulator December 3, 2009 BRITISH law firms slammed the decision taken by EU finance ministers to create a new pan-European system of market regulation yesterday. “The government has allowed these reforms to be rushed through without having engaged in the debate, argued for the right reforms or indeed understood the impact of the proposals on the City,” said Ash [...]
ARE YOU IMPRESSED BY KINGFISHER’S RESULTS? December 3, 2009 DAVID JEARY INVESTEC“While Kingfisher’s impressive earnings momentum looks to have been sustained with the third-quarter results, we believe the market has largely priced in most of the self-help measures, particularly ahead of economic and demand uncertainties in 2010 and much tougher weather-related like-for-like trading comparatives from next Easter. We expect full year consensus pre-tax profit [...]
Food sales at Marston’s lift December 3, 2009 BREWER and pub operator Marston’s yesterday said that profits had continued to fall despite a surge in demand for cask ales and pub food. Marston’s, which owns 2,200 UK pubs including the Pitcher & Piano chain, reported pre-tax profits of £70.3m for the year ended 3 October 2009, down 13.5 per cent on the year [...]
A Google property site is bad news for Rightmove December 3, 2009 BACK in March, I came into the office to find my colleagues huddled around a single computer, clearly enthralled. I assumed from the looks on their faces, and the collective “oohs” and “ahs”, that someone had sent baby photos in. Instead, they were captivated by Google’s Street View mapping service that allows users to see [...]
CITY MOVES WHO’S SWITCHING JOBS December 3, 2009 AvivaAviva, the insurance group, announced yesterday that Mary Francis CBE had been appointed as a member of the board’s nomination committee, and took the role on with effect from 2 December this year. Francis is also a senior independent director of Centrica, and a non-executive director at Cable & Wireless. She formerly held senior positions [...]
Ryanair defies the downturn while BA’s passengers slump December 3, 2009 BRITISH Airways (BA) said yesterday the number of passengers flying with the airline had fallen yet again last month, as holiday-goers and business travellers continue to opt for budget travel. The number of passengers carried fell 3.4 per cent to 2.3m, the airline said, while passenger capacity fell 6.2 per cent through the reduction in [...]
BEST OF THE BROKERS December 3, 2009 SPEEDY HIREPanmure Gordon yesterday said it forecasts a loss for the year for Speedy Hire, despite a reduction in debt resulting from cost-cutting measures. It reiterated its target price of 24p and reported that the company’s outlook remains difficult, as there is little reason for investors to expect Speedy Hire to perform in the short-term. [...]
Ailing airport arm sold off at Go-Ahead December 3, 2009 GO-AHEAD, the bus and train group, said yesterday it had finally ditched its loss-making aviation arm, selling the airports handling business off in two separate deals. French rival Servisair is paying a nominal fee to extend its UK network to over 24 airports, and will also run Gatwick’s passenger lounge and Stansted’s cargo operations. Meanwhile, [...]
Max Property braces for bumps December 3, 2009 Property mogul Nick Leslau’s Max Property group yesterday said it sees a “corrugated recovery” in the non-prime property market over two to three years. Max said though the worst was over, recovery in the non-prime property market, comprising industrial properties, would gather momentum only when banks start lending more. Max Property reported a 7.3 per [...]
Mittal daughter buys Escada UK December 3, 2009 The UK subsidiary of German womenswear brand Escada was yesterday bought by Subco Limited, the wholly-owned subsidiary of the Mittal Trust. KPMG was appointed administrator of Escada UK and immediately sold it to the Mittal Trust. Escada the parent company was sold to Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal last month. The sale [...]
