NEWS | IN BRIEF December 17, 2009 FedEx puts out negative forecast FedEx forecast third-quarter profit below analysts’ expectations yesterday, casting doubt on the sustainability of its holiday volume surge, and sending the package delivery giant’s shares down 4.5 per cent. The company, an economic bellwether, said it shipped 14.1m packages on Monday, its busiest day of the year, which was a [...]
JJB cautious on Christmas as sales drop December 17, 2009 JJB Sports has reported a 52 per cent plunge in sales in the 20 weeks to 13 December, with the Christmas season failing to reverse its fortunes. The struggling sports retailer has been trying to stage a fight back after it came close to going into administration earlier in the year. But the latest gloomy [...]
Time for City to dig in and prepare for 2010 battles December 17, 2009 AS the year draws to a close thoughts are inevitably turning to the City’s prospects in 2010, a year which will feature economic uncertainty, new legislation and taxes and a general election which could return the nightmare scenario of a hung parliament. For the Square Mile the key battle lines are being drawn as the [...]
Coke hikes view on 2009 profits December 17, 2009 COCA-COLA Enterprises raised its profit outlook for 2009 and said earnings should rise in a high single-digit percentage rate in 2010 as it works on drawing consumers to its drinks. The largest bottler of Coca-Cola beverages said it planned to start repurchasing shares during the first quarter of 2010 and should buy back about $600m [...]
Carphone signs Monitise deal December 17, 2009 CARPHONE Warehouse said it has signed a deal with Monitise to bring mobile banking to the UK. With £15.8m in funding raised, mobile money firm Monitise is planning to set up a network to extend banking and payments via mobile phones to retail customers. The first services are expected to be available to customers in [...]
NAB prepares to kick start consolidation December 17, 2009 NATIONAL Australian Bank (NAB) chief executive Cameron Clyne yesterday admitted it has received approaches about using its Clydesdale and Yorkshire operations to lead a banking consolidation drive in Britain. Speaking to shareholders at the institution’s annual meeting Clyne said: “We have been approached by a number of players in the UK market to see how we [...]
Google in £14m Doubleclick hit December 17, 2009 INTERNET search giant Google absorbed £16m losses on its acquisition of three companies including DoubleClick, the online advertising network, City A.M. can reveal. Google’s UK subsidiary took on £9.8m of liabilities, thought to be outstanding loans, as part of its $3.1bn (£1.9bn) purchase of DoubleClick Europe in 2008. The California-based technology monolith lost another £2.2m [...]
ITV deputy chairman joins boss Grade in heading for exit from broadcaster December 17, 2009 ITV’s veteran deputy chairman, Sir George Russell, will step down after six years since merging Carlton and Granada to create ITV. Russell, 74, was a close ally of outgoing executive chairman, Michael Grade. Grade said he would leave in September after pay disagreements with ex-BSkyB chief executive, Tony Ball, who was at one point in [...]
Inchcape upbeat on 2009 but cautious on next year December 17, 2009 CAR dealer Inchcape said yesterday it expected to end 2009 slightly ahead of its view, as it benefitted from strong demand for new cars in the UK during the second half of the year, but remained cautious about 2010. The group, which sells and distributes cars for manufacturers including BMW, Mercedes-Benz, Honda and Toyota in [...]
BEST OF THE BROKERS December 17, 2009 CARLSBERG Evolution Securities yesterday said it did not anticipate any significant change in its numbers after Carlsberg upped its guidance for 2009 earnings from “at least DKK9bn” to “at least DKK9.3bn”. It said the brewer’s increase in beer shipments for the fourth quarter were effectively being borrowed from the first quarter of 2010. MCBRIDE Numis [...]
