Prezzo posts profits falls as yield on cash tumbles September 9, 2009 PIZZA restaurant chain Prezzo posted a marginal fall in first-half pre-tax profits yesterday, mainly due to a sharply reduced yield on cash assets, but said it was currently trading in line with expectations. The company said it completed the first restaurant opening of the year and confirmed there were several more in the pipeline. For [...]
ART WORLD HAILS ITS HEDGE FUND SAVIOUR September 9, 2009 IT’S not often City folk are presented with an opportunity to make millions and do some good for the community, so hedgie supremo Mike Platt, the boss of BlueCrest Capital Management, must be pleased as punch with the way his newest venture is going. Last year, Platt teamed up with art world expert Joe La [...]
Genting plans rights issue in Singapore September 9, 2009 CASINO operator Genting Singapore is raising $1.2bn (£725m) in a rights issue for possible acquisitions, leading a bout of fund-raising by casino companies in Asia taking advantage of rising stock markets. The Singapore firm also said yesterday its Resorts World at Sentosa casino development is on track, both in terms of project costs and timing, [...]
Expect a wave of City bankers suing for bonuses September 9, 2009 AT FIRST glance the news that a group of City workers is suing a bank for refusing to pay out guaranteed bonuses seems to have few wider implications for the Square Mile’s financial institutions. According to a claim filed yesterday, 72 former Dresdner Kleinwort employees are seeking €33m (£29m) they say they were promised as [...]
Koenigsegg inks Saab deal with BAIC September 9, 2009 LUXURY sportscar maker Koenigsegg yesterday said that China’s Beijing Automotive Industry Holding (BAIC) would take a stake in the group to help finance its purchase of Saab Automobile from General Motors. Koenigsegg said in a statement that the memorandum of understanding signed with BAIC would see the Chinese firm take a minority stake in Koenigssegg [...]
BEST OF THE BROKERS September 9, 2009 JOHN WOOD GROUPJP Morgan upgraded its rating for John Wood to “overweight” with an increased price target of 365p. The broker said that the shares are 13 per cent lower since 25 August, on concerns for Well Support’s exposure to onshore gas. It believes that these concerns are overdone and that earnings resilience is underappreciated. [...]
CITY MOVES WHO’S SWITCHING JOBS September 9, 2009 Piper JaffrayJens Rosebrock, pictured, joins the bank from Dresdner Kleinwort as head of clean technology investment banking. Peter Schuemers also joins as an analyst from Dresdner. Paul Lewington and Adrien Bommelaer join the technology team from Close Brothers and Credit Suisse. And in the European equity sales team, Bede Bruce-Lockhart joins as a managing director [...]
Large caps break 5,000 as travel gets its day in the sun September 9, 2009 THE FTSE 100 ended a week of waiting yesterday to pull itself above the 5,000 level by the close. The benchmark index rose by 1.2 per cent on the back of strong oil and bank stocks, as well as early gains on Wall Street. By the close the index was 56.96 points higher at 5,004.30, [...]
Weak dollar helps stocks on WallSt September 9, 2009 US STOCKS closed higher for a fourth straight day yesterday, sending the Standard & Poor’s 500 index to its best finish so far this year as industrial and technology companies gained from a weak dollar. The dollar’s fall to a 2009 low helped to make US products more competitive overseas. Earth-moving equipment maker Caterpillar, rose [...]
It’s the same old story for sorry England September 9, 2009 CAPTAIN Andrew Strauss bemoaned “Groundhog Day” at the Rose Bowl yesterday as England crashed to a third successive defeat in the one-day series with Australia. Strauss led the line from the front with a stylish 63 only to be let down by his batting line-up once again as England’s 228-9 was easily overturned by the [...]
