BEST OF THE BROKERS May 21, 2009 DE LA RUEA softening order book prompted UBS to downgrade De La Rue to “sell”. The broker said that the state of the order book is key to the firm, and that it believes that 2011 could shape up to be a tough year. Given limited catalysts and a likely slowing in earnings momentum, UBS [...]
C&W execs defend 32m bonus plans May 21, 2009 MANAGEMENT at Cable & Wireless (C&W) yesterday defended its remuneration plans, which will see top management take a share of a £32m bonus pot later this month. “Ours is a bonus for performance, not under-performance,” C&W group finance director Tim Pennington told CityA.M., referring to Shell’s bonus scheme, which its shareholders have opposed due to [...]
Charging for online news will not save the media May 21, 2009 RUPERT Murdoch is a demigod in the media industry. Everything he says is treated as sacrosanct. That’s why his public ruminations on the free online newspaper, which he dubbed a “malfunctioning business” model, has whipped the media into a frenzy, and caused countless commentators and analysts to predict a new dawn, where consumers pay subscriptions [...]
General Motors thrashes out deal with workers’ union over healthcare debts May 21, 2009 GENERAL Motors (GM) and the United Auto Workers (UAW) yesterday reached an agreement on contract changes and restructuring $20bn (£12.6bn) in debt owed to a trust fund for retiree healthcare. The tentative agreement, which was reached after a round of intensive talks involving representatives of the US Treasury, will now go to a ratification vote [...]
MF Global shares fall on bigger quarterly loss May 21, 2009 FUTURES and options broker MF Global posted a wider quarterly loss yesterday, hurt by a 37 per cent drop in revenue, and claimed $30m (£18.9m) as due from its former parent company, sending its shares down 12 per cent. The company’s commodities businesses, including metals, energy, and agriculture, saw lower volumes and tighter spreads, chief [...]
Press Association falls into red May 21, 2009 The Press Association yesterday said turnover for 2008 was up 8 per cent – but that it fell to a pre-tax loss of £8m. Privately-owned parent firm PA Group said profit before exceptionals was up 11 per cent, but that it had been forced to write down £8.8m of assets at its sport business. PA Group [...]
PartyMarkets in loyalty scheme May 21, 2009 PartyMarkets.com, a subsidiary of PartyGaming, is launching a cash loyalty programme for the financial spread betting market today. Called TradeBack, the loyalty programme gives a rebate to the customer based on the number of trades executed, regardless of whether they have made a profit or loss.
Western & Oriental in profit May 21, 2009 Shares in Western & Oriental gained 3.6 per cent yesterday, as the specialist luxury travel group reported a swing to pre-tax profit for the six months ended 31 March 2009. The company posted first-half pre-tax profit of £100,000 against a £2m loss in the year previous, while gross profit margins came in significantly ahead of [...]
Re-think for Tesco’s US venture May 21, 2009 Tesco is making major changes in its US Fresh & Easy stores as analysts worry that the one-and-a-half year old chain is still searching for a successful niche. In what it calls an “evolution,” Tesco is putting more focus on value and adding about 1,000 items to its small-format Fresh & Easy stores’ current 3,500-product [...]
More jobs go as DMGT falls into the red May 21, 2009 DAILY Mail and General Trust (DMGT) said yesterday that had fallen into the red, posting a pre-tax loss of £239m for the six months to 29 March – forcing it to cut more jobs. The owner of the Daily Mail and the Mail on Sunday said that it had been hit by a £188m non-cash [...]
