Schumi return excites Brawn August 6, 2009 FORMULA ONE: Ross Brawn insists that he is relishing the prospect of going head-to-head with former protege Michael Schumacher. The Brawn GP boss helped Schumacher to seven world titles – two with Benetton, five at Ferrari – before the German quit three years ago. Schumacher has come to Ferrari’s aid to replace the injured Felipe [...]
Friends Reunited was a squandered opportunity August 6, 2009 THERE’S a recession on, stupid. That was the response Michael Grade gave yesterday when pressed on why the broadcaster flogged its social network Friends Reunited for just £25m, having bought it for £170m less than four years ago. That the downturn has dented the value of the site, along with virtually every other media business, [...]
Advertising slump pushes ITV into red August 6, 2009 INCUMBENT ITV chairman Michael Grade yesterday remained tight-lipped as to any progress made on appointing a successor, as the broadcaster revealed the deepest advertising slump on record had pushed it into the red over the first half. ITV reported a £105m loss for the six months to end of June, after it lost £108m, or [...]
CITY VIEWS: FOLLOWING POOR RESULTS, WHAT ARE YOUR VIEWS ON ITV? August 6, 2009 BENJAMEN PAGE WILLS & CO“They need to commission better programmes if they want to improve but to be honest I think digital is too great a competitor to them these days.” JAMIE MACKINNON BROKER“I think they will be around forever and I still watch their programmes. I’m a big Corrie fan so I won’t give [...]
Virgin Media customers are spending more as the firm mulls a London listing August 6, 2009 VIRGIN Media yesterday said it had narrowed its losses after customers spent more on its services and that it was in talks about listing in London later this year. The firm said its net loss had narrowed to £49m from a £449m loss a year later, when the firm was forced to take a writedown [...]
Cost cutting aids profits for Thomson Reuters August 6, 2009 NEWS and financial data publisher Thomson Reuters reported a better-than-expected second quarter profit yesterday, helped by cost cuts. The firm stood by its forecast that revenue would grow in 2009 and that its profit margin would be similar to last year’s as markets stabilise. However, chief executive Tom Glocer said that the fallout from the [...]
Aviva plans Dutch listing of Delta Lloyd August 6, 2009 INSURER Aviva saw its shares rocket yesterday after it said profits recovered strongly in the first half as it unveiled plans to offer 25 to 30 per cent of its Dutch unit Delta Lloyd to markets in a move that could raise €1bn (£855m). Shares of the firm surged by 9.7 per cent after the [...]
RSA boosts dividend despite a massive drop in its profits August 6, 2009 RSA INSURANCE yesterday posted pre-tax profits down 24 per cent in the first half of the year, as it unveiled a seven per cent dividend hike that it said underlines its positive outlook. The general insurer, which operates the “More Than” brand in the UK, posted profits of £301m, compared to £395m made in the [...]
Panmure seals QInvest deal August 6, 2009 CITY stockbroker Panmure Gordon yesterday completed a share deal with QInvest that will see Qatar’s largest investment bank take a 47.1 per cent in the firm when its new shares are admitted to trading on Aim this morning. QInvest subscribed for 67.5m shares in Panmure at 34p a share, raising around £23m of capital for [...]
Bank decision boosts market as the bankwagon rolls on August 6, 2009 THE LARGE-CAP index closed higher yesterday, driven by strength from banks after the Bank of England (BoE) surprised markets by expanding its quantitive easing plan to £175bn. The FTSE 100 closed 43.40 points higher, or 0.9 per cent, at 4,690.53, after hitting a fresh 2009 intraday high of 4,729.58 following the BoE announcement. The BoE [...]
