News

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

Business insurance take up poor

August 20, 2009

The government yesterday cut the price of its £5bn credit insurance guarantee scheme to help protect suppliers from the collapse of their customers after the programme has so far provided only £7m of assistance to 52 companies. The government also said it is prepared to double the amount it underwrites in the third revision since [...]
Cash-for-clunkers ends in US

August 20, 2009

The US cash-for-clunkers scheme, an incentive for drivers to buy brand new cars in exchange for trading in their old bangers, will end on Monday, the Obama administration said yesterday, just one month after it was introduced. The incentive was called to an abrupt halt to make sure Congress does not exceed the allocated $3bn [...]
‘Staycationers’, swine flu and recession dent Kuoni’s results

August 20, 2009

LUXURY holiday and tour operator Kuoni yesterday provided fresh evidence on how economic turmoil and the swine flu pandemic have damaged the leisure sector. The Zurich-based firm said it swung to a first-half loss of SFr51m (£29m) compared with SFr26.5m profit in the same period a year ago due to adverse currency movements and rising [...]
CITY VIEWS: HAVE YOU OPTED FOR A “STAYCATION” TO WEATHER THE DOWNTURN?

August 20, 2009

CLIFF CUNNINGHAM POLAR LAKE“No, I went to Portugal. I’m not particularly fazed by the credit crunch – I got a good deal and it was just a little break. Going on a holiday abroad is an expense, but travel is cheaper than it has ever been thanks to good old Ryanair and the like.” NEVILLE [...]
Rio profits plunge but optimism holds

August 20, 2009

RIO TINTO, the world’s second-largest miner, yesterday blamed the collapse in metal prices for plummeting pre-tax profits, but was cautiously confident about the future. London and Sydney-listed Rio reported first-half pre-tax profit was 56 per cent lower than the same period in 2008, at $4.3bn (£2.6bn). But the miner said that it had eased its [...]
HOW DID THE MARKET REACT TO RIO TINTO’S RESULTS?

August 20, 2009

IVOR PETHER ROYAL LONDON ASSET MANAGEMENTThe results were a bit below consensus, and that was largely to do with the short fall in iron ore. But it is more about the outlook from here than the results that they reported. If you factor in current commodity prices they could see a substantial lift moving forward, [...]
IP Group falls to a loss

August 20, 2009

Intellectual property marketing firm IP Group said yesterday that it had slipped to a first-half pre-tax loss of £4.9m, compared to £15.8m a year earlier, as the economic crisis hit its portfolio performance. IP, which takes university research and turns it into commercial outfits, reported a 26 per cent fall in net assets and said [...]
Obama trims US deficit outlook

August 20, 2009

A stabilising US financial sector has freed President Barack Obama to trim 2009 budget deficit projections. The White House budget office will lower its deficit forecast next week for the current fiscal year to $1.58 trillion (£95bn) from $1.84 trillion after removing $250bn set aside for bank bailouts, officials said. The decision shows the administration [...]
Silverfleet buys sausage maker

August 20, 2009

Private equity firm Silverfleet Capital has agreed to buy German sausage casings maker Kalle, former owner Montagu Capital said yesterday. The €212.5m (£183.3m) deal, one of the largest private equity acquisitions of the year, is backed by a syndicated loan arranged by Bank of Ireland. Kalle is one of the five biggest artificial sausage-skin makers [...]
Ireland sets to value bad bank

August 20, 2009

The Irish government has issued a tender seeking a derivatives valuer for its “bad bank”, following invitations for firms to assess the loans and real estate collateral it will acquire. The publication of the tenders is one of the clearest signs yet that Dublin is moving closer to launching the National Asset Management Agency (NAMA) [...]