News

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

Langholm profits dip in recession

November 9, 2009

LANGHOLM Capital, the buyout group whose portfolio includes a 67 per cent stake in high-end food brand Tyrrells Potato Chips, saw its profits slide by almost a quarter last year. A handful of senior dealmakers – Bert Wiegman, Christian Lorenzen, Oliver Wyncoll and Paul Richings – shared a total of £1.7m in salary and bonuses [...]
Overseas burger sales boost McDonald’s

November 9, 2009

MCDONALD’S said sales at established US restaurants fell 0.1 per cent in October, as expected, but investors welcomed the news yesterday after sales from the rest of the world buoyed overall results. McDonald’s, which has been outperforming its peers, had signaled last month that US October sales would be weak. Analysts said that while the [...]
Invicta looks for 300m

November 9, 2009

INVICTA Capital, the asset manager focused on private clients, has launched a fundraising, which aims to raise £300m for the construction and operation of nine biomass plants in Scotland. While Invicta has raised £1.3bn on previous projects since it was founded in 2001, the new scheme will be the first to target institutional money in [...]
Cameron: I’ll back the City

November 9, 2009

TORY leader David Cameron yesterday threw his weight behind the City as he hit out at government proposals for a Tobin tax on global financial transactions, saying it was a “bad idea”. Speaking at an event in the Square Mile, Cameron added that Prime Minister Gordon Brown had lost touch with reality and that his [...]
VW becomes world’s biggest carmaker

November 9, 2009

CARMAKER Volkswagen-Porsche yesterday overtook rival Toyota as the world’s biggest car manufacturer, boosted by state-backed “cash-for-bangers” stimuli worldwide. VW, which makes family cars like the Golf and Polo, and luxury vehicles like the Boxster, has made 4.4m cars this year so far, pipping Toyota, which has made 4m, to the post as top manufacturer. VW [...]
Higher prices hurt Gazprom

November 9, 2009

GAZPROM, the state-owned Russian energy giant, yesterday said its profits for the first six months of the year had halved, even as the cost of gas soared. Profits in the period tumbled to 305.8bn roubles (£6.3bn) from 609.4bn roubles in the first half. The company blamed the price of buying gas from central Asia, which [...]
Electronic Arts makes a move into social gaming

November 9, 2009

ELECTRONIC Arts (EA) has acquired privately-held social gaming firm Playfish for $275m (£170m) in cash plus $25m in share options. EA said the acquisition of Playfish – which makes games for people to play on computers with friends, unlike traditional videogames that need dedicated consoles – strengthened its focus on the transition to social gaming. [...]
G4S looks to secure deals inside Bric

November 9, 2009

G4S, the world’s biggest security firm, said yesterday it plans to boost operations in China and Brazil, as it reported a nine per cent sales increase in the first nine months of the year. The company, formed from the 2004 merger of Securicor and Group 4, said operating profit was up 12 per cent in [...]
DO G4S PROFITS LOOK SAFE?

November 9, 2009

GUY HEWETT INVESTEC“The results highlight that there have been no material changes, and the group continues to benefit from growth in new markets. While we expect organic growth to be relatively hard to achieve, given the economic background, security in terms of volumes is relatively defensive.” MIKE ALLEN PANMURE GORDON“Trading remains in line with expectations, [...]
Lord Bell’s Chime agrees to merge its Bell Pottinger unit with Pelham PR

November 9, 2009

CHIME, the communications firm led by former Tory spin-doctor Lord Bell, has agreed to merge its Bell Pottinger Corporate and Financial business with rival Pelham Public Relations. Chime will own a majority stake in the enlarged business, which will be called Pelham Bell Pottinger. Pelham chief executive James Henderson – who launched the firm five [...]