News

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

CAN LOOKERS KEEP UP THESE STELLAR RESULTS ONCE THE SCRAP SCHEME ENDS?

August 19, 2009

JOHN STEVENSON KBC PEEL HUNTYes. The aftersales arm of Lookers – its servicing facility – is the bedrock of profitability at the company. There’s also been a stunning recovery in the used car market. The footfall generated by interest in the scrappage scheme has boosted sales in general. Lookers can keep up its performance without [...]
Activists get green light to form groups

August 19, 2009

CITY watchdog the Financial Services Authority (FSA) yesterday threw its weight behind shareholder activism, saying investors can form groups to oust a company’s board or force it to revamp its strategy without breaching regulations. The FSA has said the push for activist alliances proposed in Sir David Walker’s recent banking review, designed to encourage stronger [...]
BEST OF THE BROKERS

August 19, 2009

BHP BILLITONBHP Billiton’s full-year results emphasised its balance sheet derived resilience, according to Evolution Securities, which was also impressed by the margin performance that the group extracted from its oil and gas divisions. The broker also said that revenues came in ahead of expectation. It upgraded its target price from 1,025p to 1,200p but retained [...]
MGM removes chief executive

August 19, 2009

Debt-ridden movie studio Metro-Goldwyn-Mayer (MGM) yesterday announced that it had removed chief executive Harry Sloan from the board and replaced him with a three-member team that includes Stephen Cooper, best known for his role in restructuring collapsed US energy trader Enron.
Hewlett Packard profit slips

August 19, 2009

Computer maker Hewlett-Packard yesterday report a 19 per cent fall in quarterly profit due to weak demand. The world’s top PC maker said that net profit totalled $1.64bn (£1bn) in the three months ended 31 July, down from $2.03bn in the same quarter a year ago. It cautioned it expects revenue to decline between four [...]
Sony cuts price of Playstation3

August 19, 2009

Sony yesterday said it is slashing the price of its PlayStation3 games console. Analysts said the move will boost sales without exacerbating the group’s losses. The Japanese firm has launched a revamped thinner model of its existing model, for the cheaper price of £249.99 in the uk market, compared to the current £299.99 price tag.
Germany may sweeten Opel bid

August 19, 2009

Germany could provide ¤4.5bn euros (£3.9bn) in state aid for carmaker Opel if General Motors chooses Canada’s Magna, Berlin’s favoured suitor, as the buyer, a minister said. The last-ditch offer would see the federal government and German states with Opel plants split the initial aid bill without waiting for other European countries that have GM [...]
HEATHROW TOP DOGS READY FOR A GRILLING

August 18, 2009

YESTERDAY marked the first working day at Heathrow’s Terminal 5 for philosopher Alain de Botton, who’s spending a week as “writer-in-residence” at the airport while scouting for fuel for a new book. The tome, “A Week At The Airport: A Heathrow Diary”, is due to be published in September and will feature conversations with passengers, [...]
CITY EYE

August 18, 2009

THE imposing ceiling of the Grand Hall at the Old Bailey, featuring murals by Victorian painter Gerald Moira. Run by Canada Corporation, the court opened in 1907 on the site of the notorious Newgate Jail and has witnessed the trials of Dr Crippen, the Krays, Ruth Ellis and the Yorkshire Ripper.
LCG’s profits fall but client numbers rise

August 18, 2009

SPREAD betting firm London Capital Group (LCG) yesterday reported its first drop in profits since it listed in 2005, as lower interest income, higher costs and tough trading conditions took their toll. For the six months to the end of June its pre-tax profit fell 37 per cent to £3.8m from a year ago on [...]