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 [...]
EU Commission warns governments should consider hiking the pension age July 7, 2010 COUNTRIES in the European Union may have to increase the retirement age to prevent a collapse of their social security systems as life expectancy increases and birth rates fall, the EU executive said yesterday. Launching a debate on overhauling pension rules, the European Commission said pension systems would come under severe stress in coming decades. [...]
CITY MOVES | WHO’S SWITCHING JOBS July 7, 2010 Religare Enterprises The Indian financial services group has appointed Stuart Pearce, pictured, and Kathryn Matthews as independent board directors. Pearce has over 35 years of experience in the sector and was previously chief executive and director general of the Qatar Financial Centre Authority. He has also worked as chief executive of UK investment management at [...]
FTSE is boosted by banks as stress test fears begin to ease July 7, 2010 BRITAIN’S leading share index ended higher after a choppy session yesterday, driven by a recovery in banking stocks on reassuring comments from US peer State Street and an easing of stress test fears. At the close, the FTSE 100 index was 49.82 points higher, or up 1.0 per cent, at 5,014.82, its high for the [...]
