GM sells steering unit to China as it focuses on cars July 7, 2010 GENERAL Motors (GM) said yesterday it has agreed to sell its Nexteer Automotive unit to a group backed by the Beijing government to focus on its core car-making business. GM said it reached a definite agreement to sell the maker of steering systems to Pacific Century Motors, a joint venture between Chinese auto parts supplier [...]
Photo-Me swings into the black after FSA fine and hefty losses July 7, 2010 aPHOTO booth firm Photo-Me International has swung into profit, despite previous losses and a £500,000 Financial Services Authority (FSA) fine. In the year to 30 April the group saw pre-tax profits of £9.3m, compared to £5.1m in losses the previous year. Photo-Me declared itself in a much stronger position, helped by the disposal of Imaging [...]
Carillion confident despite challenges July 7, 2010 BUILDING and support services group Carillion said it expected an increase in earnings in 2010 due to a strong order book and more government outsourcing, despite challenging market conditions. Carillion, which generates much of its revenue from government work and public private partnership (PPP) projects, said investments in PPP continued to generate “substantial value” and [...]
Lookers eyes record results boosted by spare parts division July 7, 2010 CAR dealership Lookers is on course for record half-year results with the recent recession boosting demand for new and used cars, the firm said yesterday. The Manchester-based company said all its business divisions were currently performing ahead of plan, during the first half of the year despite disruption from January’s snow. Lookers, which has 5,500 [...]
Chinese growth helps PSA Peugeot Citroen lift first half sales by 16.9pc July 7, 2010 FRENCH carmaker PSA Peugeot Citroen posted a 16.9 per cent rise in first-half sales yesterday, helped by new models such as the DS3, C3 Picasso and RCZ coupe and strong growth in China. Leaving aside sales of completely knocked-down (CKD) kits – shipped for assembly in other markets – sales rose 16.8 per cent to [...]
BEST OF THE BROKERS July 7, 2010 BMW Barclays Capital reiterates a “strong buy” for BMW, based on its new forecasts. BarCap said that it believes that the luxury market provides a safehaven in the volatile European auto sector, due to its net exports, strong emerging market sales and lack of exposure to scrappage schemes. PERSIMMON JP Morgan Cazenove said that Persimmon [...]
Total buys Canada’s UTS Energy July 7, 2010 Total agreed yesterday to buy UTS Energy for C$1.5bn (£900m) in cash, more than doubling an offer the small Canadian company spurned 18 months ago, as the French major looks to boost its holdings in the Alberta oil sands. In a bid backed by UTS’s board, Total is offering C$3.08 a share for the company [...]
KBW: US bank bailout profitable July 7, 2010 A government programme to bail out banks at the height of the financial crisis has so far turned a profit, according to a report by investment bank Keefe, Bruyette & Woods (KBW). The Capital Purchase Programme, part of the $700bn (£460.1bn) Troubled Asset Relief Programme, has generated an average return of 10 per cent on [...]
City bank jobs boost Robert Walters’ fees July 7, 2010 A GROWING demand for professionals in the financial services sector has boosted recruitment giant Robert Walters’ business after the group posted positive second quarter trading results. Robert Walters’ net fee income for the first half of the year rose by 45 per cent to £72.3m, with second quarter income growth up by 59 per cent [...]
London’s bonus culture is already overhauled July 7, 2010 EVEN before yesterday’s vote by European Union lawmakers to restrict bankers’ bonuses, City institutions had been working to address regulatory concerns about the role of the bonus culture in the financial crisis. The EU legislation – expected to be ratified by the European Council of Ministers later today – is likely to raise the bar [...]
