HMV acquires 7digital stake in 7.7m deal September 3, 2009 ENTERTAINMENT retailer HMV yesterday snapped up a 50 per cent stake in online music store 7digital in a £7.7m deal. The digital media firm, founded by James Kane and Ben Drury, will now host HMV’s digital operations, including a new e-books store for its Waterstone’s brand. HMV yesterday said 10 per cent of its sales [...]
ANALYST VIEWS: WHAT DID YOU MAKE OF YESTERDAY’S TRADING UPDATE FROM HMV? September 3, 2009 DAVID JEARY INVESTECThe acquisition of a 50 per cent stake in 7digital looks a good complementary strategic acquisition to increase the group’s digital profile and footprint. Trading in the core HMV UK division was slightly ahead of our expectations, offsetting a weaker than forecast international part. TONY SHIRET CREDIT SUISSEThe debate is whether after a [...]
Gloves are off in Moulton’s last letter September 3, 2009 Dear Investor, With Profound Regret Alchemy is not what it was. We have lost investment capacity from £400m pa a few short years back to a likely £100m pa within the next year. This loss reflects a number of factors – one is simply the general market where our Plan represents a readily reduced commitment in [...]
M&A returns as Dainippon buys out rival September 3, 2009 DAINIPPON Sumitomo Pharma agreed yesterday to buy US drugmaker Sepracor for $2.6bn (£1.5bn), in the fourth major buyout deal this week. The deal spurred hopes that activity is seeping back into the M&A market. It is the latest in a string of overseas acquisitions by Japanese drugmakers keen to grow outside a mature home market [...]
ECB is more upbeat on Eurozone outlook September 3, 2009 THE European Central Bank (ECB) did not announce any change to monetary policy yesterday and gave no indication rates would be tightened. The ECB acknowledged it had probably been too pessimistic in its outlook and was more upbeat about the Eurozone’s near-term prospects. ECB president Jean-Claude Trichet said that in the near term, the Eurozone [...]
Libya demands local chief execs September 3, 2009 LIBYA is now demanding that foreign companies hire Libyan chief executives to run any joint ventures. In a move which will be seen as another step towards nationalism in the country’s oil industry, the government directive says firms with foreign participation must appoint Libyan heads. The rule change is likely to be off-putting for foreign [...]
BApassenger numbers fall September 3, 2009 BRITISH Airways yesterday posted a slight decline in passenger traffic numbers during the month of August, despite last month saying it expected volumes to improve over the summer after a July spike. The airline carried 0.7 per cent fewer passengers in August than in the same month a year ago, while premium passenger numbers took [...]
EC to probe Oracle’s $7.4bn Sun takeover September 3, 2009 THE European Union (EU) has launched an investigation into whether software firm Oracle’s $7.4bn (£4.5bn) takeover of computer maker Sun Microsystems is in breach of European competition rules. The US justice department gave its approval to the deal last month, but the European Commission’s competition commissioner Neelie Kroes said the legislative body had a duty [...]
WTO to uphold Boeing claim that Airbus aid was illegal September 3, 2009 THE World Trade Organisation (WTO) is expected to say today that aid subsidies provided to Airbus by European governments were illegal, signalling a huge victory for its US rival Boeing in a tit-for-tat row that has rumbled on since 2004. The international trade body has spent nearly five years analysing complaints from Washington challenging loans [...]
Financial firms hit by 9m complaints in just three years September 3, 2009 MORE than 9m complaints were made against financial services firms between 2006 and 2008, according to data released by the City regulator for the first time yesterday. The Financial Services Authority (FSA) said complaint levels rose by 5.7 per cent over the period, with dissatisfaction with banking and loan products accounting for half. This was [...]
