News

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

BP looks into Libya drilling

September 7, 2009

Oil group BP will complete a seismic survey off the coast of Libya next month, as it seeks to drill its first well in the north African country for over 30 years. The news comes amidst controversial reports that trade may have played a role in the recent release of the Lockerbie bomber. The group [...]
Moonpig yearly profits double

September 7, 2009

Moonpig, the online greetings card company, said yesterday its pre-tax profits for the year to April had more than doubled from £2.54m to £6.7m. Revenue at the group also more than doubled to £20.9m in the year, up from £7.9m the previous year. Moonpig founder Nick Jenkins named the firm after his school nickname.
Entrepreneurs must try to believe in belief itself

September 7, 2009

ONE OF the Sunday papers this past weekend announced: “We are born to believe in God.” Evolution hardwires humans to believe in God apparently. It is wise to embrace all of what we are as human beings – our spirituality, emotions, our rational nature, our analytical ability. To emphasise only one part of our nature [...]
CADBURY RIVALS SET FOR BID WAR

September 7, 2009

CADBURY, the maker of some of Britain’s best-loved confectionery brands, yesterday rejected a £10.2bn takeover approach from Kraft Foods, sparking speculation that the US food giant and its rivals may soon enter a spiralling bidding war for the firm. Kraft Foods, which owns confectionery brands Toblerone, Milka and Oreo, said a deal would create a [...]
Primark sales boost shares in AB Foods

September 7, 2009

STRONG demand for cheap clothes yesterday prompted Primark owner Associated British Foods to hike its full-year earnings forecasts. AB Foods finance director John Bason said Primark like-for-like sales rose by seven per cent in the six months to 12 September, in contrast to declining sales at high street rivals such as Marks Spencer and Next. [...]
Aer Lingus’ summer air traffic boosted by short haul flights to budget beaches

September 7, 2009

IRISH low cost airline Aer Lingus said yesterday its total passenger numbers for August were up 7.7 per cent year-on-year, as it flew 1.09m people over the summer month. The airline put the boost down to a 10 per cent surge in short-haul flights to cheap holiday destinations. Aer Lingus flew 973,000 short haul passengers [...]
Embraer delivers first of BA CityFlyer’s 170 jets

September 7, 2009

BA CityFlyer, a subsidiary of flag carrier British Airways (BA), has taken delivery of the first of its six 76-seat Embraer 170 jets which will be based at London City Airport. “This first delivery to British Airways is a remarkable milestone that makes us particularly proud, since it’s the last of the four largest European [...]
BOARD BEHIND THE BARGAINS

September 7, 2009

GEORGE WESTONChief executive; family owns 55 per cent of AB Foods JOHN BASONFinance director, AB Foods MARTIN ADAMSONChairman, AB Foods
Rivington Street raises 2m

September 7, 2009

Media and financial services group Rivington Street Holdings has completed a £2m fund-raising exercise for its new fund SF t1ps Smaller Companies Gold. The fund, which has raised more than double what was expected, will invest in firms which mine, develop and produce gold, silver and other precious metals. It is the third fund to [...]
Maldives unveils $3 tourist tax

September 7, 2009

The president of the Maldives has unveiled plans for a daily $3 (£1.80) tax on tourists to fund the country’s radical efforts to combat climate change. President Mohammed Nasheed has announced a series of measures to ward off the threat of rising sea levels on the island nation, which is on average little more than [...]