National Express gets bank relief June 17, 2009 National Express’s banks have agreed to delay a tightening of debt terms for six months, giving the bus and rail operator greater flexibility as it looks at ways to reduce its £1.2bn debt pile. A condition that its net debt should not be more than four times core earnings will now remain in place until [...]
HARD TIMES ON THE HIGH STREET June 17, 2009 ALEXON GROUP the street retailer – which owns the Eastex, Ann Harvey, Kaliko and Dash clothing brands – said yesterday its like-for-like sales fell 10.5 per cent in the 17 weeks to 13 June due to an “intensely competitive” retail climate. The firm was forced to put its Bay Trading unit into administration just two [...]
Defence helps WS Atkins to report profits June 17, 2009 WS ATKINS, the engineering group, said yesterday its full year pre-tax profits had risen nine per cent to £100.2m, beating analysts expectations and sending its shares to their highest level in more than a month. The company – which is helping build the Olympics, construct Crossrail and upgrade the M25 – said its defence, oil [...]
BarCap sees 5bn boost to revenues June 17, 2009 BARCLAYS Capital, the investment banking arm of Britain’s Barclays, should deliver returns on equity of 15 to 20 per cent despite expected regulatory changes, it said yesterday. Barclays also expects to boost annual revenues by over £5bn as it builds out its investment banking business in equities, mergers and acquisitions advisory and prime services, said [...]
BEST OF THE BROKERS June 17, 2009 HOLIDAYBREAKKBC Peel Hunt decreased its price target for Holidaybreak from 390p to 384p but retained its “buy” recommendation. The broker said that the firm’s rights issue to fund expansion and accelerate development of its educational business books is well timed and could transform the group, even leading to a re-rating. NATIONAL EXPRESSCollins Stewart downgraded its [...]
Deutsche Boerse set to cut fees June 17, 2009 DEUTSCHE Boerse could kick off a winter price war among trading platforms later this year after saying it will cut trading fees on its Xetra platform to counter the entry into the market of rival platforms. The Frankfurt-based exchange said it would cut the fees it charges high-frequency traders by 25 per cent to 0.36 [...]
Jobless stats are highest in twelve years June 17, 2009 UK UNEMPLOYMENT hit a 12 year high of 2.26m during the three months to April, but the increase in benefit claimants in May was less than expected. Data from the Office of National Statistics (ONS) showed that the number of people claiming jobless benefit rose by 39,300, its lowest rate in almost a year and [...]
Davies says lending not hurting UK June 17, 2009 TRADE minister Mervyn Davies has poured cold water on Bank of England deputy governor Paul Tucker’s suggestion that UK banks are hampering economic recovery. Speaking at the Paris air show, the former chairman of Standard Chartered admitted that encouraging banks to lend through the economic downturn was “challenging”. But when asked whether the lack of [...]
CITY VIEWS: DO YOU THINK THAT UNEMPLOYMENT HAS REACHED A PEAK? June 17, 2009 PHIL CAULDER UBS“No, I think that there is more to come. Small businesses are still struggling, particularly consumer-facing ones. I think it will be at least until the end of the year, if not early next year, before things start to get anywhere near normal.” COLIN ELLIS DAIWA SECURITIES SMBC“No, I don’t think so. The [...]
Sainsbury’s in 445m plea to boost growth June 17, 2009 SUPERMARKET giant J Sainsbury unveiled plans to raise £445m to fund its expansion yesterday, sending its shares plummeting over five per cent on dilution fears. Chief executive Justin King said the firm will add 50 new stores over the next two years and extend between 30 and 35 stores, resulting in a 15 per cent [...]
