Banco Popular bad loans to ease off July 27, 2009 Banco Popular saw first-half net profit decline by nearly 35 per cent to €442.6m (£382m) yesterday, but offered an optimistic assessment of bad loans growth. Chief financial officer Jacobo Gonzalez-Robatto said the bank did not expect non-performing loans to exceed between five and five per cent in 2009, after new bad loans fell by 41 [...]
CITY VIEWS: SHOULD THE EAST COAST MAINLINE BE KEPT IN PUBLIC OR PRIVATE HANDS? July 27, 2009 PHIL LONG ASPEN INSURANCE“Rail franchises are better off in public hands in the long run. The focus is on profit when private companies run them, and not on customer service. The private sector just cherry picks the best lines to suit them, and it’s all too easy to dispose of them when they aren’t profitable.” [...]
MPs slam railway franchise structure July 27, 2009 THE Transport Select Committee branded the railway franchise system “a mess” yesterday, calling for massive reforms on the lines, and for the nationalisation of the troubled East Coast mainline. The cross-party group of MPs said it wants the East Coast mainline – which is set to taken away from operator National Express later this year [...]
Beazley profits dive on currency July 27, 2009 Lloyd’s of London insurer Beazley reported a 55 per cent drop in its half-year profit, blaming currency fluctuations, and said it expected to benefit from rising insurance prices in the months ahead. Beazley had a pre-tax profit of £20.1m in the six months to 30 June, down from £45m in 2008.
Rexam dives on rights issue July 27, 2009 Shares in the world’s largest drinks can maker, Rexam, plunged yesterday after confirming it was considering a rights issue. Rexam shares dived by 12 per cent to 284.5p after the group said a cash call was an option to avoid a downgrade in its credit rating to junk status. The group, which has net debts [...]
Pernod Ricard sells July 27, 2009 Tia Maria Drinks company Pernod Ricard yesterday announced the disposal of coffee liqueur Tia Maria to Illva Saronno for a cash consideration of ? 125m (£107.7m) on a cash free/debt free basis. The transaction was lower than the ?200m Pernod hoped to make from the sale. The sale of Tia Maria, together with other disposals, [...]
ANALYST VIEWS WAS FRIENDS PROVIDENT RIGHT TO REJECT RESOLUTION’S TAKEOVER APPROACH? July 27, 2009 DUNCAN HALL FINNCAP“My view is that Resolution was putting out a pretty forceful, self-declamatory stance, basically claiming they had all the answers in the universe, that nobody else had. In this case Friends felt they are not convinced by that line so yes they were right. But, that is not to say there aren’t issues [...]
Cowdery will not be put off Friends deal July 27, 2009 RESOLUTION, Clive Cowdery’s buyout vehicle, is determined to fight on with plans to take over Friends Provident despite an unequivocal merger rejection from the life insurer yesterday. The buyout firm believes a deal will take place, whether it is a friendly transaction that keeps Friends’ board in place or a hostile takeover, according to a [...]
Aberdeen heralds end to torrent of investor outflows July 27, 2009 ABERDEEN Asset Management heralded an end to precipitous client withdrawals yesterday, after it saw a modest net redemption of £2.2bn from its funds in the quarter to end-June. This was thanks to renewed interest in its equity funds, mainly those funds focused on investing in Asia Pacific, emerging markets and global equities, although its bond [...]
THE SUMMER’S TOP GASTROPUBS July 27, 2009 THE ALBION, ISLINGTON 10 THORNHILL ROAD, N1 1HW. TEL: 020 7607 7450Arguably the best Sunday lunch spot in north London’s trendier parts, this recently relaunched pub is a bastion of the Best of British gastro-glory tradition. Aside from blinding roasts, everything from the bar-snacks (enormous, fresh-made pork scratchings and bone marrow) to the meaty mains [...]
