L’Oreal says it will return to profit this year as consumers hit shops July 12, 2010 Luxury cosmetics group L’Oreal posted higher sales in the second quarter helped by emerging markets and positive currency effects, confirming a recovery in consumer spending. Second quarter revenues climbed 5.2 per cent to €4.9bn (£4.1bn) on a like-for-like basis, slightly ahead of analysts expectations. L’Oreal, which sells Garnier shampoo and Vichy facial creams, does not [...]
Boris ramps up fight against London cuts July 12, 2010 BORIS Johnson has stepped up his campaign to protect funding for London’s sprawling transport network, after transport minister Norman Baker hinted that the capital’s Tube, buses and trains would have to suffer cutbacks along with the rest of the country. Aides to the Mayor said he was “presenting his case clearly to the government, both [...]
BAA’s June traffic numbers knocked by BA crew strike July 12, 2010 STRIKES staged by British Airways (BA) cabin crew caused airports group BAA passenger traffic numbers to fall by 1.7 per cent last month. The airport operator, which is majority-owned by Spanish infrastructure firm Ferrovial, said 9.5m passengers flew from its UK airports last month, down from 9.7m in June 2009. BAA said without the impact [...]
Santander agrees to acquire SEB’s German arm for €555m July 12, 2010 SPANISH bank Santander consolidated its full service operation in Germany with the acquisition of the retail banking division of Sweden’s SEB, the bank said yesterday. The €555m (£465m) deal comes as the Eurozone’s number one bank by market capitalisation attempts to increase its footprint in Europe’s biggest economy at a time when the retail banking [...]
CITY VIEWS: HAVE STRIKES AND THE DRIVE TO AUSTERITY PUT YOU OFF July 12, 2010 SARA ABDOLZADEH | AVIVA “I had to cancel my holiday to Egypt because of the volcanic ash. But it has not deterred me from travelling by air again this year. I am flying out to South Africa this summer. While I didn’t book this trip, having had to cancel Egypt has made me more wary [...]
CITY LOSES TO OCTOPUS IN FOOTY FORECASTS July 12, 2010 OH, HOW they chortled in the City yesterday at comparisons between the world’s most famous cephalopod and those investment banks who dared to put out predictions on the outcome of the World Cup. Paul the psychic octopus, they sniggered, had managed to get EVERY SINGLE ONE of his predictions correct, beating statistical odds of 1/256. [...]
PR firms fight for M&A work July 12, 2010 FINANCIAL DYNAMICS muscled out other PR firms to advise on the highest number of takeovers in the first half, as deal activity recovered. FD provided communications on 31 UK transactions worth £8.5bn, according to figures compiled by mergermarket. Among others, the company advised engineering support services firm Babcock on its £1.3bn pursuit of rival VT [...]
Threadneedle hires L&G’s equities head July 12, 2010 FUND firm Threadneedle has hired Mark Burgess as its new chief investment officer, bringing in a leading player in Britain’s corporate governance debate. In a statement yesterday, Threadneedle said Burgess, currently head of UK equities at Legal & General’s funds arm, will join the firm in the first quarter of 2011. Sarah Arkle, Threadneedle’s current [...]
Hugh Hefner launches campaign to take Playboy empire private July 12, 2010 HUGH Hefner, the doyen of top-shelf magazines, has launched a bid to take his Playboy Enterprises empire private. The octogenarian mogul yesterday announced a proposal to buy out all of the outstanding shares in the group for $5.50 per share in cash, a premium of over 30 per cent, valuing the firm at around $185m [...]
Falklands Oil & Gas plunges on empty well July 12, 2010 FALKLANDS Oil & Gas saw its market value halve yesterday after the company said its Toroa exploration well to the south of the islands had not yielded reserves. Crestfallen investors, who had hoped to replicate rival Rockhopper’s successful drilling to the north of the disputed British territory, rushed to dump the stock. Falkland’s shares closed [...]
