Petrol prices are rising to record levels, warns AA March 16, 2010 UK petrol prices could hit a record average high of £1.20 a litre in the next few weeks, the AA has warned. The motoring organisation has said the wholesale price of petrol has sent the cost up. Some petrol stations in central London, which the AA says typically have the highest petrol prices in the [...]
GEM DIAMONDS SPARKLES AGAIN March 16, 2010 GEM Diamonds, whose precious stones have been worn by the likes of Kate Winslet (above), swung back into profit last year thanks to a sharp cost-cutting programme, despite a slump in diamond prices dragging revenues lower. The FTSE 250 listed group’s revenue slipped to $244.4m (£161m) in 2009, compared to $296.9m in 2008, but it [...]
Europe unhappy over US deal March 16, 2010 The leaders of France and Germany said yesterday they would consult their EU partners over concerns that protectionism is at play in a big US military tanker deal that looks set to go to Boeing. American defence contractor Northrop Grumman and its European partner EADS withdrew last week from a long-running competition to supply tanker [...]
Total eyes JV with Tullow March 16, 2010 France’s Total wants to explore for oil in the eastern Democratic Republic of Congo with Britain’s Tullow Oil, a company official said, potentially boosting the latter’s bid for key blocks there. “The idea is to partner with Tullow in Congo just as we are in Uganda,” said Philippe Hergaux, project director for new ventures and [...]
Rio in talks with Chinalco March 16, 2010 Rio Tinto and Chinese aluminium producer Chinalco have dusted off earlier plans to develop an iron ore deposit in Guinea that would cost $12bn (£7.9bn) in the first of several moves aimed at repairing the Anglo-Australian miner’s strained relationship with Beijing. Both parties are in late stage talks to develop Simandou, one of the world’s [...]
Debenhams is boosted by its own products March 16, 2010 HIGH Street stalwart Debenhams yesterday said first half profits will beat those from last year despite the “challenging” backdrop and the snow disrupting shoppers. The department store group, which operates 158 stores in the UK and Ireland, said its focus on own bought products had boosted profit margins but slightly knocked sales growth. Like-for-like sales [...]
Air Partner outlook improves March 16, 2010 Private jet company Air Partner, charter broker of planes to world governments and the extremely wealthy, intends on cutting costs as it seeks to return to growth amid signs of an upturn in the market. The company saw a 10.3 per cent slide in its shares yesterday after having reported a 76 per cent fall [...]
Mobile firm WIN bullish after it returns to profit March 16, 2010 MOBILE technology firm WIN yesterday announced a 10 per cent increase in year-on-year revenue. Chief executive Graham Rivers told City A.M. the firm will focus on developing its existing product range in the first half of 2010 with a view to launching new products at the end of the year. WIN provides mobile solutions for [...]
EMI suitors circle embattled music group ahead of mid-June plan deadline March 16, 2010 EMI’s efforts to put in place a new business plan by mid-June could be overtaken by rival bidders contemplating bids although suitors must negotiate a complicated legal spat around the British music company. Warner Music Group executives are understood to be talking with a private-equity backed joint venture, KKR/Bertelsmann, about forming a joint bid for [...]
BEST OF THE BROKERS March 16, 2010 UBS JP Morgan reiterates it’s “overweight” stance on UBS. It highlights strong trading during the first half of January due to a significant pent up of demand from December with prearranged trades from clients. Together with a market correction for the second half, it believes UBS is in a strong position compared to rivals. ALLIED [...]
