BACK ON TRACK July 30, 2009 MODEL train and racing car group Hornby yesterday said demand for its products had held up well across its international businesses over the first quarter and said the worst of the downturn is over. The firm didn’t pay a final dividend in June as the recession caused profits to tumble, but said “supply chain issues [...]
NYSE owner posts loss as costs mount July 30, 2009 TRANSATLANTIC exchange operator NYSE Euronext yesterday reported a second-quarter net loss of $182m (£110m), largely due to one-time charges, but beat expectations. The New York Stock Exchange parent recorded a $355m charge related to the termination of its European clearing contract with London-based LCH.Clearnet. It also absorbed a $87m charge from about 290 job cuts [...]
Carmakers’ results still weak July 30, 2009 AUTOMAKERS in Europe and Japan unveiled weak results for the first half of the year yesterday and are set to keep tight control over costs but most predict an improvement in conditions for rest of 2009. Europe’s largest car maker Volkswagen said second quarter profit sank sharply as France’s Renault swung into a first-half loss [...]
Travis Perkins warns of more sector bankruptcies July 30, 2009 TRAVIS Perkins, the builders merchants and owner of DIY chain Wickes, yesterday posted a better-than-expected 27 per cent fall in first-half profit, but warned the sector may see a further slew of bankruptcies before the year is out. The group, which raised £300m in a rights issue in May, reported a pre-tax profit of £90.4m [...]
Alcatel-Lucent sees better days ahead after reporting poor second quarter July 30, 2009 ALCATEL-Lucent expects to burn less cash and improve margins in the second half after reporting deeper quarterly losses, hit by telecoms operators’ cuts in capital spending, the group said yesterday. The French-American telecoms equipment group also said it was monitoring the market to issue convertible bonds but pledged to steer clear of any deal too [...]
BEST OF THE BROKERS July 30, 2009 TARSUSKBC Peel Hunt has moved to a “Hold” recommendation on media group Tarsus after recent interims. It says fundamental trading is modestly better in the current year than expected. Shares have rallied to 114p above their target price of 111p and for this reason recommendations for shareholders switch from “Sell” to “Hold”. BRITISH AMERICAN TOBACCOCazenove [...]
CITY MOVES WHO’S SWITCHING JOBS July 30, 2009 Cazenove CapitalAsset manager Cazenove Capital has appointed Marcus Gregson as non-executive director. Prior to his retirement, Gregson was the founding chief executive of HSBC Private Bank. He also held the position of managing director of private banking at Royal Trust Bank. He is currently non-executive director of a number of companies, including Sand Aire and [...]
How to find love? Try giving up sex July 29, 2009 CHASTENEDBY HEPHZIBAH ANDERSONChatto & Windus, £12.99 I FEEL a little bad for Hephzibah Anderson. She’s gone ahead and voiced the doleful narrative of a many a well-heeled, well-educated 20 and 30-something urban woman – albeit in a kind of dreamily wannabe-poetic style – and has evoked the ire of countless woman critics. I am not [...]
No more BEER FEAR July 29, 2009 I’M sucking a cocktail of coconut and banana beer through two straws, grasping the coconut shell in which it is served with glee. This tastes like a combination of Malibu, suntan lotion and fizz – I feel I’m not meant to like it, but I do. “See, beer is fun!” bellows the buxom Melissa Cole, [...]
The subtle art of effective networking July 29, 2009 SINCE the Eighties heyday of power lunches and bulging Filofaxes, networking – the mysterious art of forming relationships with strangers for somewhat mercenary purposes – has been central to City life. To some it’s a necessary evil, to others it’s exciting – but in a recession-affected job market, it can be the difference between progressing [...]
