News

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

ARE THE QATARIS SIGNALLING THAT THE RECENT RALLY IN BARCLAY’S SHARE PRICE IS OVER BY SELLING UP?

October 20, 2009

KEITH BOWMAN HARGREAVES LANSDOWNI would say that the temptation to book over $1bn in profit became too great to ignore. Particularly set against a backdrop of similar funds that lost out on what they thought were bargain banking stocks before the crisis. It is a great opportunity to take profit but still keep a stake. [...]
Deutsche to snap up ABNAmro assets

October 20, 2009

DEUTSCHE Bank agreed in principle to buy some ABN AMRO assets from the Dutch state in a deal which should clear the way for a merger of nationalised banks ABN and Fortis Bank Nederland. Under the deal, the acquisitive German lender will boost its Dutch operations by acquiring commercial bank HBU, 13 advisory branches, two [...]
FSAhires four non-execs as it continues to revamp board

October 20, 2009

CHANCELLOR Alistair Darling has appointed four non-executive directors to the board of City watchdog the Financial Services Authority (FSA). The new hires include consumer champion Mick McAteer, the founder and director of the Financial Inclusion Centre, and Financial Inclusion Task Force chairman Brian Pomeroy. London Business School economics professor Andrew Scott and James Strachan, the [...]
Inchcape increases guidance

October 20, 2009

Car dealership Inchcape said yesterday its full-year profits are set to speed ahead of expectations, helped by the “cash-for-bangers” scheme. The firm said annual profits would be “significantly ahead” of previous expectations although it warned that underlying demand was still weak. Excluding the scrappage scheme, new car registrations between July and September were down 15.1 [...]
VW moves towards Porsche tie-up

October 20, 2009

Volkswagen said yesterday it would pay €3.9bn (£3.6bn) to take a bigger than planned 49.9 per cent stake in Porsche as a first step to a full merger with Porsche by 2011. Europe’s largest carmaker said it was making better than expected progress on co-operation projects between the two makers.
Gatwick sale is close BAA says

October 20, 2009

Ferrovial, the Spanish company which controls airport owner BAA, is in talks with more than one bidder for Gatwick airport and expects to close the sale in the next few weeks, it said yesterday. The airport is expected to fetch around £1.5bn, but sales talks have been going on for almost a year, as the [...]
Minister calls on City to reform

October 20, 2009

Minister for London Tessa Jowell yesterday said that the financial services expertise that played such an essential role in putting London at the top of the global city rankings will not be enough to keep it there. Jowell said the financial services industry will continue to be a vital part of London’s economy, but it [...]
Alpha Bank joins cash call run

October 19, 2009

Alpha Bank, Greece’s third largest lender, will issue new shares and repay almost €1bn (£914m) of state support in a move to cut ties with government and resume paying dividends. A three-for-10 rights issue will raise €986m to redeem €940m of preferred shares the bank sold the government earlier this year. The deal is expected [...]
London hotels outperform UK as bookings dwindle

October 19, 2009

HOTEL occupancy in the capital has seen a marginal decline compared to the rest of the UK this year, according to figures out yesterday by accountancy firm Deloitte. Hotels in the UK have suffered a 10.9 per cent fall in revenue per available room (Revpar) during the first three quarters of 2009 to just £60. [...]
Norilsk profit hit on metals price collapse

October 19, 2009

Norilsk Nickel, the world’s largest nickel miner, yesterday said lower metal prices pushed first-half profit down sharply, but the results beat analyst forecasts. Net profit attributable to shareholders fell 84 per cent year-on-year to $419m (£256m). Mining companies around the world have struggled over the past year as falling industrial demand caused by the global [...]