News

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

SSE to unveil bumper profit next month

October 4, 2009

SCOTTISH and Southern (SSE) is set to announce a near doubling of its interim profits next month, leading to speculation that it could mount a bid for assets owned by rival EDF. SSE, Britain’s second largest energy group, is forecast to unveil pre-tax profits of around £600m, up from £302.6m, for the half year to [...]
ABI’s Montagnon steps up EUhedgie rules fight

October 4, 2009

THE ASSOCIATION of British Insurers (ABI) has stepped up the fight againstEuropean plans to regulate the hedge fund industry with an iron fist. Peter Montagnon, the ABI’s head of investment affairs, called for an urgent debate on the European Union’s (EU) draft directive on alternative investment funds. In an interview with City PM he said [...]
BERTELSMANN TYCOON DIES

October 4, 2009

Reinhard Mohn, the man who turned Channel Five’s parent company Bertelsmann into a global media powerhouse, died at the weekend, aged 88. Bertelsmann employs 106,000 staff across more than 50 countries. Mohn leaves behind a fortune worth some $2.5bn (£1.6bn).
Financials see the first signs of a recovery

October 4, 2009

THEWORST could be over for the recession-battered financial services industry, according to a new survey which shows business volumes growing over the last three months – the first quarterly increase in two years. The survey from employers’ organisation the CBI and Pricewater- houseCoopers says business volumes in the three months to the end of September [...]
Why the special relationship is still important

October 4, 2009

AHEAD of this week’s Conservative Party conference, it is perhaps a good time to recollect the wise words of one of the party’s and country’s most celebrated leaders. In response to a crisis far graver than the one we have just experienced, Winston Churchill coined the phrase “special relationship” to describe the close connection between [...]
Water firms lobby Ofwat over pricing

October 4, 2009

WATER companies are lobbying regulator Ofwat in a bid to convince it to relax plans for a strict pricing regime. The change could see the average yearly bill fall by £14 before inflation to £330 a year. Bosses from the firms met with Ofwat chief executive Regina Finn last week and pleaded for the proposals [...]
CITY MOVES WHO’S SWITCHING JOBS

October 4, 2009

ForestersThe friendly society has hired industry heavyweight Graham Berville to the board as a non-executive director. Berville was formerly director of the Association of Friendly Societies and chairman of the Association of Mutual Insurers, as well as a member and chairman of various Association of British Insurers (ABI) committees. Prior to joining Foresters, he spent [...]
BEST OF THE BROKERS

October 4, 2009

CHIME COMMUNICATIONSKBC Peel Hunt said that Chime’s takeover of Essentially Group – to form one of the world’s most powerful full-service sports marketing organisations – is a good deal but not one without elements of risk. The broker indicated the potential upgrade that might result if and when the deal completes, and upgraded the stock [...]
FIRMS HIT BY TAX HIKE ON OFFICE SPACE

October 1, 2009

CITY firms are bracing themselves for a crippling increase in business rates after new valuations for their premises were released yesterday. The tax hikes led to fury after it emerged that the majority of businesses will see increases of between 25 and 40 per cent. From April next year, the new business rates will be [...]
BAE VOWS TO FIGHT CRIMINAL CHARGES

October 1, 2009

BAE SYSTEMS is facing corruption charges after the Serious Fraud Office (SFO) asked attorney general Baroness Scotland to prosecute the defence giant. BAE has been locked in talks with the SFO over bribery allegations, but has failed to agree on what charges it will admit to, or how much it will pay in fines. The [...]