News

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

BEST OF THE BROKERS

September 27, 2009

DSG INTERNATIONALMorgan Stanley downgraded DSG International to “underweight” and recommended investors take profits following the 50 per cent price increase over the last three months. The broker said that, although it believes that DSGI offers more leveraged upside in a consumer recovery than any other stock it covers, its bull case scenario playing out looks [...]
Bank of America refutes charge

September 27, 2009

Bank of America Corp formally denied US Securities and Exchange Commission claims accusing it of misleading shareholders about bonuses it let Merrill Lynch pay employees before their merger at the start of the year. It is seeking an order dismissing the complaint.
Blacks to put itself through CVA

September 27, 2009

Blacks Leisure Group, the outdoor goods retailer, is intending to go through a company voluntary arrangement (CVA) to secure its survival. The move would include cutting around 400 jobs, and losing 80 of its 400 Blacks, Millets and Free Spirit stores. KPMG will lead the CVA process as Blacks looks to secure its future.
Rugby club plans to float shares

September 27, 2009

Rugby Union champions Leicester Tigers are planning to float next year. The club is making plans for a dual listing on the Channel Islands stock exchange and either London’s Aim or Plus market. The club’s shares are currently valued at over £10m, but the business is expected to generate a higher value when it floats.
Swedish firm to bid for Saab

September 27, 2009

Koenigsegg’s chief executive said on Saturday that the Swedish luxury sport car marker still aimed to finalise a deal to buy Saab Automobile from General Motors by the end of October. However, the deal can only go ahead if the company secures loans from the European Investment Bank by Wednesday.
Time Warner to sell its Time unit

September 27, 2009

Time Warner Inc is expected to sell the Time magazine unit, as well as spinning off America Online. The group is thought to be planning to sell off all sections of its business other than Warner Brothers, HBO and the Turner Networks. Time Inc’s magazines include titles such as People and Sports Illustrated.
Designed by a City woman: a wardrobe that works, even at 7AM

September 27, 2009

IT is not easy to pin Tamara Rajah down. At 27, she is a full-time management consultant at a top firm, a fashion designer, retailer and in the process of setting up a mentoring scheme for women entering the City. Taking time out to meet me meant scrambling meetings, delicately readjusting her work schedule and [...]
Ryanair says rival needs a big shake up

September 24, 2009

BUDGET carrier Ryanair is willing to “invest more money” into Aer Lingus, but is unlikely to make a third bid for its rival, chief executive Michael O’Leary said yesterday. The flamboyant boss, whose company is a 29 per cent shareholder in Aer Lingus, said the Irish airline will need major reorganisation. “They will come to [...]
BEST OF THE BROKERS

September 24, 2009

HALFORDS GROUPAhead of Halfords’ second-quarter trading update on 8 October, Investec upgraded its forecasts and its target price to 435p, from 400p. The broker believes a combination of better weather and more “staycations” than last year will deliver a more robust performance than previously expected, and says “buy”. WM MORRISONJefferies International upped its target price [...]
US airlines’ shares start to take off

September 24, 2009

DELTA AIR LINES, AMR – which owns American Airlines – and UAL have seen their shares more than double in the US since March, in the latest sign that the stricken aviation sector is starting to recover. AMR was the highest gainer between the start of March and mid September for the world’s major airlines, [...]