Sony cuts price of Playstation3 August 19, 2009 Sony yesterday said it is slashing the price of its PlayStation3 games console. Analysts said the move will boost sales without exacerbating the group’s losses. The Japanese firm has launched a revamped thinner model of its existing model, for the cheaper price of £249.99 in the uk market, compared to the current £299.99 price tag.
Hewlett Packard profit slips August 19, 2009 Computer maker Hewlett-Packard yesterday report a 19 per cent fall in quarterly profit due to weak demand. The world’s top PC maker said that net profit totalled $1.64bn (£1bn) in the three months ended 31 July, down from $2.03bn in the same quarter a year ago. It cautioned it expects revenue to decline between four [...]
MGM removes chief executive August 19, 2009 Debt-ridden movie studio Metro-Goldwyn-Mayer (MGM) yesterday announced that it had removed chief executive Harry Sloan from the board and replaced him with a three-member team that includes Stephen Cooper, best known for his role in restructuring collapsed US energy trader Enron.
BEST OF THE BROKERS August 19, 2009 BHP BILLITONBHP Billiton’s full-year results emphasised its balance sheet derived resilience, according to Evolution Securities, which was also impressed by the margin performance that the group extracted from its oil and gas divisions. The broker also said that revenues came in ahead of expectation. It upgraded its target price from 1,025p to 1,200p but retained [...]
Activists get green light to form groups August 19, 2009 CITY watchdog the Financial Services Authority (FSA) yesterday threw its weight behind shareholder activism, saying investors can form groups to oust a company’s board or force it to revamp its strategy without breaching regulations. The FSA has said the push for activist alliances proposed in Sir David Walker’s recent banking review, designed to encourage stronger [...]
CAN LOOKERS KEEP UP THESE STELLAR RESULTS ONCE THE SCRAP SCHEME ENDS? August 19, 2009 JOHN STEVENSON KBC PEEL HUNTYes. The aftersales arm of Lookers – its servicing facility – is the bedrock of profitability at the company. There’s also been a stunning recovery in the used car market. The footfall generated by interest in the scrappage scheme has boosted sales in general. Lookers can keep up its performance without [...]
Profit up at Lookers as sales grow August 19, 2009 CAR dealership Lookers reported a 13.5 per cent rise in first-half profit, the group said yesterday, as sales in its used car and parts units rocketed. Lookers said its used car sales rose 8.5 per cent in the first half thanks to a strong recovery in prices since the end of 2008, and added its [...]
CITY VIEWS: ARE RETAIL BANKS DOING ENOUGH TO DELIVER A VALUABLE SERVICE AND RESTORE CONFIDENCE? August 19, 2009 WAYNE HARRISON THE KSA GROUP“I feel that they are doing what they can but the underlying problem is with the perceptions concerning bankers’ pay. The fact that the money that has been pumped into the system by the Treasury is being retained by the banks does not help.” ALISTAIR GREY BROOKFIELD“I just got a new [...]
Retail banking is struggling to get off the canvas August 19, 2009 AS Britain’s retail banking sector fractures and polarises, it is beginning to resemble a boxing match: two heavyweight contenders are preparing to slug it out in the main event with the prize nothing less than commercial success. In the red corner are the grizzled veterans – the traditional banking groups HSBC, RBS, Lloyds and Barclays. [...]
C&G future uncertain as Lloyds stalls August 19, 2009 LLOYDS Banking Group said yesterday it was reviewing a decision to close all branches of its Cheltenham & Gloucester (C&G) unit, surprising employees and investors. Lloyds Banking Group, 43 per cent owned by the government, had said in June that the 164-branch network of C&G, which specialises in mortgages and savings, would be closed in [...]
