News

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

WHAT IS THE OUTLOOK FOR NEXT?

September 16, 2009

KATHARINE WYNNE INVESTECNext remains on of our preferred retail investments, and we would again highlight the cash generation. The interims confirmed the margin control that management retains, as well as the strong cash generation which remains undervalued by the market in our view.RICHARD HUNTER HARGREAVES LANSDOWNNext’s full year profits could yet match those of last [...]
Tullow hits oil at Sierra Leone well

September 16, 2009

A CONSORTIUM of oil companies including UK-listed Tullow Oil said yesterday they discovered a deepwater oil well off the coast of Sierra Leone. Houston-based Anadarko Petroleum, which leads the group, said its Venus B well has an “active petroleum system”, and said the find raised hopes for more than 30 other prospects the companies have [...]
Skype founders plan to sue eBay

September 16, 2009

The founders of Skype are suing eBay and the consortium that recently agreed to buy the internet phone service. The lawsuit from Niklas Zennstrom and Janus Friis is over theft of peer-to-peer technology. The case comes after a consortium, including venture firm Index Ventures, agreed to pay $1.9bn (£1.2bn) to eBay for a 65 per [...]
Stanford loses private lawyers

September 16, 2009

ALLEN Stanford, the Texas cricket financier accused of running a $7bn Ponzi scam, was yesterday appointed a public defender to represent him in his criminal case because he has no money to hire a lawyer. Stanford, who yesterday appeared in court in shackles, is believed to have requested former White House political adviser Karl Rove’s [...]
Keep Cadbury independent, says its chief

September 16, 2009

CADBURY chief executive Todd Stitzer yesterday said the Dairy Milk maker should remain independent, as he put his case to a group of shareholders and industry analysts. Stitzer attempted to win shareholder support, stressing that Cadbury was on the hunt for acquisitions and not just the bid target of Kraft’s £10.2bn takeover approach. Stitzer said [...]
EC says it has not told Lloyds to sell Halifax

September 16, 2009

THE European Commission said yesterday that it had not struck a deal with Lloyds Banking Group that would see the lender dispose of Halifax in return for approval of the state aid it has received from the government. EC competition commissioner Neelie Kroes has repeatedly signalled that the bank will have to dispose of assets, [...]
ITV execs in the frame for C4’s top job

September 16, 2009

TWO ITV executives were yesterday being hotly tipped to succeed Andy Duncan as chief executive of Channel 4 (C4) when he steps down later this year. Peter Fincham, ITV’s director of television, and John Cresswell, the commercial broadcaster’s chief operating officer, are both believed to be favourites for the high-profile role. C4’s Duncan ended months [...]
Yen surges on currency pledge

September 16, 2009

THE Yen surged to a seven month-high against the dollar yesterday, after Japan’s incoming finance minister said the government would not interfere to halt the currency’s recent ascent. The Yen reached a high of Y90.16 against the dollar, its best reading since February, when Hirohisa Fuji said the new centre-left Democratic party opposed intervention in [...]
Cuomo to grill BoA directors

September 16, 2009

NEW York attorney general Andrew Cuomo has issued subpoenas to five directors of Bank of America (BoA), according to US sources. Cuomo is seeking information from the executives on what they knew about Merrill Lynch and the bonuses that were paid at the bank in the lead-up to last year’s rescue merger with BoA. His [...]
Pity in the City for Lehman victims

September 15, 2009

YESJEREMY HAZLEHURSTWHEN City workers lose their jobs, there will always be plenty of people who cheer. There is a perception out in the country that everybody who works in the Square Mile is an unscrupulous, greedy moneybags banker, spending their evenings wallowing in champagne and caviar. The truth is that most people who work for [...]