News

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

Tui confident on 2010 after loss narrows

December 1, 2009

TUI Travel, Europe’s largest tourism operator, said it was on track to meet expectations for 2010 after revealing a second half pre-tax loss of £52m. The figure contrasted with a £267m loss last year, reflecting the positive effects of capacity cuts and price increases. Analysts greeted the news with cautious optimism. Revenue at Tui stayed [...]
Chicago Board Options Exchange is just days or weeks from a demutualisation

December 1, 2009

THE Chicago Board Options Exchange (CBOE), the primary options-trading venue in the US, yesterday said it had struck a deal over ownership rights to the bourse that will knock down the last hurdle preventing a demutualisation “within days or weeks”. The CBOE, one of the world’s last big member-owned financial exchanges, will pay $2.1m (£1.3m) [...]
DIAMONDS AREN’T FOREVER

December 1, 2009

Vice Chairman Nicola Bulgari sold a 1.33 per cent stake in Rome-based luxury jewellery firm Bulgari to institutional investors yesterday. The company said the senior executive decided to sell 4m shares to finance personal projects. Its stock on the Milan stock exchange closed down 2.8 per cent at €5.98 (£5.43).
Vivendi will sell its stake in NBC to GE

December 1, 2009

THE French conglomerate Vivendi has agreed in principle to sell its 20 per cent stake in US media giant NBC Universal to majority shareholder General Electric for $5.8bn (£3.5bn). The move will allow GE, which owns the other 80 per cent, to push ahead with its proposals to create a $30bn joint venture with US [...]
Unite seeks 150m for investment arm

December 1, 2009

UNITE GROUP, the student housing developer and manager, said yesterday its investment arm USAF was raising £150m to expand its property portfolio, in the latest indication that the student property market is thriving despite the downturn. The group has already secured £133m of its target from investors, it said, and has also received applications for [...]
International Power repays $769m of debt on US plants

December 1, 2009

INTERNATIONAL POWER, an electricity generating company, said yesterday it will temporarily repay $769m (£469m) of debt it owes across fiveUS power plants, taking advantage of its “strong” cash position and low refinancing rates in the energy market. The London-listed firm, which owns energy plants across the world said: “International Power intends to re-finance these assets [...]
CHAIRMEN FACING ANNUAL ELECTION

November 30, 2009

COMPANY chairmen could face annual re-election under wide-ranging new proposals on corporate governance published today. The consultation by the Financial Reporting Council (FRC), chaired by Sir Christopher Hogg, also suggested external assessments of boards’ performance every three years. The guidelines are the latest attempt to reform the Combined Code and overhaul boardroom accountability in the [...]
Dubai says it will not back debts

November 30, 2009

DUBAI’S government will not guarantee the debts of Dubai World, the emirate’s finance minister said yesterday, as the debt crisis sent shares in Abu Dhabi and Dubai plummeting. State-backed Dubai World sparked fears of a second global crisis last week when it asked for a freeze on repayments of its £36bn debt. But comments made [...]
Darling: reveal pay under 1m

November 30, 2009

BANKS may be forced to reveal the number of staff earning below £1m, chancellor Alistair Darling announced yesterday. Taking a tougher line than Sir David Walker, who recommended disclosure for pay above £1m in his government-commissioned report, Darling suggested public anger over bankers’ pay pointed to the need for more transparency. The Walker review said [...]
Hung parliament would fuel UKcrisis

November 30, 2009

IT was certainly impeccable timing. A note yesterday from Morgan Stanley predicting fiscal carnage in Britain in the event of a hung parliament was released just hours before a ComRes opinion poll revealed a slump in the Tory vote. The chances of no party gaining overall control of the House of Commons had suddenly increased; [...]