Xstrata gains bid support August 4, 2009 LARGER-than-life Xstrata boss Mick Davies yesterday said he had investor backing from the mining giant’s largest shareholder in its proposed £26bn merger with Anglo American. Glencore International is “very supportive” of the nil-premium merger, Davies said. The chief executive added that the company had no intention of altering the terms of the proposed marriage. Davies [...]
Electricity demand has hit a new low, according to Drax August 4, 2009 POWER station operator Drax said yesterday that the downturn had triggered an “unprecedented” slump in demand for electricity, as the group reported a dramatic slump in its first half earnings. Chief executive Dorothy Thompson said the fall off in power requirements had been much sharper than contraction in the broader economy. “For our sector it’s [...]
BEST OF THE BROKERS August 4, 2009 RECKITT BENCKISEREvolution Securities maintains its “Add” recommendation for household and health provider Reckitt Benckiser and raises its price target for the shares to 3,050p. Despite forecasted profit losses in the next year, the broker sees a strong new product pipeline and focus on volume growth as spelling encouraging progression. MARKS & SPENCERGoldman Sachs predicts significant [...]
Advertising insolvencies double August 4, 2009 Almost 300 companies in advertising and broadcasting went out of business in the 12 months to June 2009, according to research by accountancy firm PricewaterhouseCoopers. The figure includes 211 firms in the advertising sector, a 50 per cent increase year-on-year, as more firms went into insolvency than in other media sub-sectors. The broadcasting sector lost [...]
Britons go on holiday in Blighty August 4, 2009 Britons are increasingly opting for so-called “staycations” – taking a holiday in the UK rather than heading overseas. Trips taken by UK residents in England were up by 13 per cent in the first four months of 2008, according to figures released yesterday by Visit England. That amounts to 1.2m more holiday trips and over [...]
Phones 4U joint card venture August 4, 2009 Phones 4U and Mastercard today announce the joint launch of two new pre-paid cards. The cards mean money can be transferred across the world in 60 seconds and are usable in 28m retailers and 1.5m ATMs worldwide.
Carmakers report mixed global sales August 4, 2009 THERE was mixed news from the automotive sector yesterday, as carmakers BMW and Toyota reported massive losses for the previous quarter, but Toyota’s Lexus brand and Daimler’s Mercedes-Benz published their highest US sales so far this year. Germany’s BMW said it remained pessimistic about recent signs of a lasting economic recovery, and reported a slump [...]
Top Up TV signs deal with ESPN to broadcast Premier League football August 4, 2009 TOP UP TV, the media group that offers premium content to Freeview, yesterday signed a carriage deal with ESPN to show top football this season and signalled that it hoped to offer subscribers Sky Sports 1 & 2 by the end of the first half of next year. Top Up founder and former BSkyB stalwart [...]
EU hedgie laws to hit pensions August 4, 2009 EU PLANS to clamp down on the hedge fund industry could cost European pension funds €25bn (£21.2bn) a year, the industry trade body said yesterday. The Alternative Investment Management Association (Aima) said plans to limit hedge funds’ leverage and to force managers to sign up to a costly disclosure regime will do “enormous” damage to [...]
Wenger refuses to budge on Chamakh August 4, 2009 ARSENAL manager Arsene Wenger has declared his interest in Marouane Chamakh to be over, insisting he will not be held to ransom by Bordeaux over the Morocco striker. The French champions have rejected a bid of £6m from the Gunners, with president Jean-Louis Triaud demanding closer to £15m despite the 25-year-old entering the final year [...]
