News

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

FirstGroup unveils new Greyhound buses

August 19, 2009

FIRSTGROUP yesterday unveiled the iconic Greyhound buses it plans to use for journeys between London, Portsmouth and Southampton. The buses, which are named after women from American songs like “Peggy Sue”, will run hourly from Victoria to the south coast. They offer free Wi-Fi, power sockets for each passenger, air conditioning, free newspapers and leather [...]
Shore Capital boosts profits

August 19, 2009

BOUTIQUE investment bank Shore Capital signalled a cautious return to the good times yesterday, posting a 13.4 per cent rise in first half profit and adding it was on the lookout for acquisitions. Shore reported a pre-tax profit of £2.3m for the six months to end of June. Sales also rose 13 per cent to [...]
Aer Lingus set to streamline

August 19, 2009

Irish flag carrier Aer Lingus is bracing itself for a cost-cutting drive under incoming chief executive Christoph Mueller, the company warned yesterday, as it seeks to streamline in anticipation of a third hostile takeover bid from budget rival Ryanair. Details of the cost cutting will be outlined in the carrier’s half-year results on 27 August. [...]
BATS to launch special tariff

August 19, 2009

BATS Europe, the multi-lateral trading platform, said yesterday it will launch a special tariff in September, with the aim of grabbing market share from the London Stock Exchange. BAT plans to offer inverted pricing, whereby the rebate for adding liquidity is higher that the cost of removing it.
Ofcom hunts for C4 chairman

August 19, 2009

Ofcom has appointed headhunter Zygos Partnership to search for a successor to Channel 4 chairman Luke Johnson, whose tenure ends in January 2010 after six years. An ad for the job will be placed next month, and the watchdog hopes to have someone in place in time for Johnson’s departure. State-owned Channel 4 is still [...]
INM in further standstill talks

August 19, 2009

Independent News & Media (INM) is in the process of negotiating a fourth extension to its financial standstill with investors regarding the repayment of a €200m (£178m) bond. The current agreement is due to expire on 27 August, a day before the publisher reports its interim results.
C&G future uncertain as Lloyds stalls

August 19, 2009

LLOYDS Banking Group said yesterday it was reviewing a decision to close all branches of its Cheltenham & Gloucester (C&G) unit, surprising employees and investors. Lloyds Banking Group, 43 per cent owned by the government, had said in June that the 164-branch network of C&G, which specialises in mortgages and savings, would be closed in [...]
Retail banking is struggling to get off the canvas

August 19, 2009

AS Britain’s retail banking sector fractures and polarises, it is beginning to resemble a boxing match: two heavyweight contenders are preparing to slug it out in the main event with the prize nothing less than commercial success. In the red corner are the grizzled veterans – the traditional banking groups HSBC, RBS, Lloyds and Barclays. [...]
CITY VIEWS: ARE RETAIL BANKS DOING ENOUGH TO DELIVER A VALUABLE SERVICE AND RESTORE CONFIDENCE?

August 19, 2009

WAYNE HARRISON THE KSA GROUP“I feel that they are doing what they can but the underlying problem is with the perceptions concerning bankers’ pay. The fact that the money that has been pumped into the system by the Treasury is being retained by the banks does not help.” ALISTAIR GREY BROOKFIELD“I just got a new [...]
Profit up at Lookers as sales grow

August 19, 2009

CAR dealership Lookers reported a 13.5 per cent rise in first-half profit, the group said yesterday, as sales in its used car and parts units rocketed. Lookers said its used car sales rose 8.5 per cent in the first half thanks to a strong recovery in prices since the end of 2008, and added its [...]