News

Your daily news update straight from the City PM newsroom in London

A Google property site is bad news for Rightmove

December 3, 2009

BACK in March, I came into the office to find my colleagues huddled around a single computer, clearly enthralled. I assumed from the looks on their faces, and the collective “oohs” and “ahs”, that someone had sent baby photos in. Instead, they were captivated by Google’s Street View mapping service that allows users to see [...]
CITY MOVES WHO’S SWITCHING JOBS

December 3, 2009

AvivaAviva, the insurance group, announced yesterday that Mary Francis CBE had been appointed as a member of the board’s nomination committee, and took the role on with effect from 2 December this year. Francis is also a senior independent director of Centrica, and a non-executive director at Cable & Wireless. She formerly held senior positions [...]
Ryanair defies the downturn while BA’s passengers slump

December 3, 2009

BRITISH Airways (BA) said yesterday the number of passengers flying with the airline had fallen yet again last month, as holiday-goers and business travellers continue to opt for budget travel. The number of passengers carried fell 3.4 per cent to 2.3m, the airline said, while passenger capacity fell 6.2 per cent through the reduction in [...]
BEST OF THE BROKERS

December 3, 2009

SPEEDY HIREPanmure Gordon yesterday said it forecasts a loss for the year for Speedy Hire, despite a reduction in debt resulting from cost-cutting measures. It reiterated its target price of 24p and reported that the company’s outlook remains difficult, as there is little reason for investors to expect Speedy Hire to perform in the short-term. [...]
Ailing airport arm sold off at Go-Ahead

December 3, 2009

GO-AHEAD, the bus and train group, said yesterday it had finally ditched its loss-making aviation arm, selling the airports handling business off in two separate deals. French rival Servisair is paying a nominal fee to extend its UK network to over 24 airports, and will also run Gatwick’s passenger lounge and Stansted’s cargo operations. Meanwhile, [...]
Max Property braces for bumps

December 3, 2009

Property mogul Nick Leslau’s Max Property group yesterday said it sees a “corrugated recovery” in the non-prime property market over two to three years. Max said though the worst was over, recovery in the non-prime property market, comprising industrial properties, would gather momentum only when banks start lending more. Max Property reported a 7.3 per [...]
Mittal daughter buys Escada UK

December 3, 2009

The UK subsidiary of German womenswear brand Escada was yesterday bought by Subco Limited, the wholly-owned subsidiary of the Mittal Trust. KPMG was appointed administrator of Escada UK and immediately sold it to the Mittal Trust. Escada the parent company was sold to Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal last month. The sale [...]
IT’LL BE ALRIGHT ON THE NIGHT: THE PITFALLS OF LIVE BUSINESS TELLY

December 2, 2009

So the countdown is firmly underway; but unfortunately this one doesn’t include an advent calendar or any nice surprises at the end. Or even a man with a beard. I’m talking of course about the Pre Budget Report. The midnight oil may be burning at HM Treasury as they try to work out how to [...]
Tories slam Post Office reform

December 2, 2009

THE TORIES yesterday hit out at government plans to overhaul the Post Office, saying plans to start offering financial products through branches was too little too late. A public consultation will be launched into plans to reform the ailing service, business secretary Lord Mandelson said yesterday, which include offering account access from each of the [...]
Accuma chief executive makes bid to go private

December 2, 2009

ACCUMA Group chief executive Charles Howson has launched a £5m bid to take the debt management company private. Howson, who bought Accuma in 2003, has teamed up with the Manchester-based financial services company Zeus Group to pay 15.5p a share for Accuma, 88 per cent higher than Monday’s closing price. The deal has already received [...]