News

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

SABMiller sees profit fall on back of currency movements

November 19, 2009

SABMILLER yesterday said unfavourable currency movements caused its pre-tax profits to slide to $1.5bn (£893m) for the six months to 30 September, down 26 per cent on the same period a year ago. The London-listed brewer of Miller Lite, Grolsch and Peroni Nastro Azzurro beers also reported a 21 per cent fall in revenue to [...]
Dutch agree more funding for ABN Amro

November 19, 2009

The Dutch government yesterday said it would have to inject another €3bn (£2.7bn) into nationalised bank ABN Amro, which will raise the national debt with no immediate return for the state. The finance ministry also said that a long-negotiated ABN asset sale to Deutsche Bank was worth €700m, but could collapse unless parliament approves it [...]
Investors flock to students flats

November 19, 2009

Britain’s biggest quoted student landlord Unite Group yesterday said institutional investors were making beelines for the student property sector, where rental growth is outstripping other real estate market segments. For the period between 1 July and 18 November, Unite reported like-for-like rental growth of 9.7 per cent for its purpose-built student accommodation units in the [...]
Cheap finance lifts National Grid

November 19, 2009

Gas and electricity transmission network operator National Grid expects a strong year on the back of low financing costs but sees no recovery in demand to pre-crisis levels for several years. Steve Holliday, chief executive of Britain’s biggest utility, also said yesterday it would be looking at EDF’s UK electricity distribution assets, joining Scottish & [...]
Smedvig’s investors cash in

November 19, 2009

London-based private equity firm Smedvig Capital has announced the sale of Protego Real Estate Investors to US-based Cornerstone Real Estate Advisers, delivering a return of over six times the original investment in just five years. Smedvig, which also has investments in Streetcar and Ocean Outdoor – which operates advertising sites and the IMAX Cinema and [...]
YOUNG’S CHEERS CITY

November 19, 2009

LONDON-focused pub group Young’s & Co yesterday reported a 3.7 per cent jump in its first-half pre-tax profits as drinkers flocked to its City outlets. The group, which has 221 pubs in the capital, said it made a pre-tax profit of £12.3m in the six months to 26 September, compared to £11.9m last year.
Halfords’ first half profits pedal ahead

November 19, 2009

BIKE and car parts retailer Halfords laid out ambitious expansion plans yesterday as it announced strong first half results that saw pre-tax profits surge 24 per cent to £60.9m. The company is planning to open 150 stores in central Europe following a successful trial with four outlets in the Czech Republic. It will also add [...]
Sales grow at Morrisons

November 19, 2009

WM Morrison yesterday unveiled strong third quarter sales, a day after the City and investors were left reeling from the shock departure of its chief executive Marc Bolland. The group said like-for-like sales rose 4.3 per cent in the 13 weeks to 1 November, just below expectations, as slowing food inflation pegged back growth from [...]
BLUE-BLOODED CAZENOVE AND THE MYSTERY OF A TRUE ANCIENT RELIC

November 19, 2009

BLUE-blooded City stockbroker Cazenove might have officially agreed to surrender the rest of itself to US investment bank JP Morgan, but something tells The Capitalist the die-hards won’t be ready to forget the firm’s noble heritage in a hurry. Lunch yesterday was with a City chum who remembers Caz’s days at its old headquarters in [...]
BRITAIN SINKS EVER DEEPER INTO THE RED

November 19, 2009

UK PUBLIC borrowing reached a record high in October, according to official figures published yesterday, revealing the state of public finances to be much worse than many economists feared. Borrowing ballooned by £11.4bn during October, the Office for National Statistics (ONS) said, around double the consensus forecast. National debt has spiralled to £829.7bn – equivalent [...]