Editor's Picks
JJB Sports looking for up to £50m
Monday 06 Jul 2009
JJB Sports wants to raise up to £50m. It’s mulling the sale of further non-core assets, an extension in the maturity date of its working capital facility beyond September 2010, and a possible placing and open offer. The lease assignment process in relation to the disposal of the Fitness Clubs business, completed in March is ahead of plan
Beyond like-for-like sales comparisons
Friday 03 Jul 2009
It has been a busy week for trading updates from retailers and once again the market has fixated on like-for-like sales, almost to the exclusion of all else. For the longer term investor the quarterly sales figures are just so much noise when the real question for many retailers is not how well they did last quarter, but how well will they do in the next decade?
Best savings rates: New deals offer decent returns
Friday 03 Jul 2009
A flurry of savings deals unveiled recently offers new hope to Britain’s long suffering savers as banks and building societies try to attract new customers.
Morse predicts strong earnings
Friday 03 Jul 2009
IT consultancy group Morse said revenue and adjusted earnings before interest and tax (EBIT) will be towards the upper end of analyst expectations for the year.
Darling warns banks over bonus culture
Friday 03 Jul 2009
Chancellor Alistair Darling has fired a warning shot at the City, accusing some who work in the UK's financial hub of complacency over the causes of the credit crisis. "If they go back to the way they were without asking themselves over and over again whether they understand what they are doing, that would be disastrous for them and the rest of the world," he said in an interview.
BA staff say 'no' to cost-cutting
Thursday 02 Jul 2009
British Airways suffered a blow today as staff rejected plans to cut as many as 4,000 jobs and freeze pay.
Virgin Atlantic to shed 600 jobs
Thursday 02 Jul 2009
Virgin Atlantic Airways said Wednesday that it will shed around 600 jobs and cut winter capacity by 7% compared to last year.
Murray tops up while others struggle
Thursday 02 Jul 2009
Few fund managers can genuinely say that they have come out of the credit crisis in better shape than they went in, but Bruce Stout, manager of Murray International Trust may be the exception.
Greene King profit tops own forecast
Thursday 02 Jul 2009
Brewing and pub group Greene King has reported profits that beat forecasts it made at the time of its rights issue in April that raised over £200m for the group.
Rogue oil trader costs PVM $10m
Thursday 02 Jul 2009
It’s thought rogue trades which cost oil broker PVM Oil Futures almost $10m (£6m) were responsible for a spike in global oil prices to their highest in over eight months earlier this week.
Rio Tinto cash call gets 97% take-up
Thursday 02 Jul 2009
Rio Tinto shareholders have taken up a healthy 96.97% of the shares offered to them as part of the miner's $15.2bn fully underwritten rights issue. The group received valid acceptances in respect of 508.58m of the £7.1bn of shares available in London. Underwriters Credit Suisse and J.P. Morgan Cazenove will seek subscribers for the remaining 15.88m shares.
BA asks negotiators to sort pay row
Wednesday 01 Jul 2009
British Airways is hoping conciliation service ACAS will be able to broker a settlement with unions in a row over jobs and pay.
National Express raises government's ire
Wednesday 01 Jul 2009
Taken in isolation, it’s easy to see why National Express was keen to walk away from the East Coast rail franchise as quickly as possible.
M&S sales drop less than expected
Wednesday 01 Jul 2009
High Street giant Marks and Spencer’s shares rose after posting a like-for-like sales drop that was lower than expected.
National Express slammed as it walks away from East Coast
Tuesday 30 Jun 2009
Bus and rail group National Express has given up the running of the East Coast Main Line service after failing to renegotiate the cost of the franchise, sparking furious criticism from the Transport department. "It is simply unacceptable to reap the benefits of contracts when times are good, only to walk away from them when times become more challenging," the Department of Transport said.
UK economy shrinks faster than expected
Tuesday 30 Jun 2009
UK gross domestic product fell by more than expected in the first quarter of 2009 as tough economic conditions continued despite recent talk of green shoots of recovery. GDP fell by 2.4% from the previous quarter, which is a downward revision from the previous estimate of a 1.9% fall. It is the fastest contraction in the UK economy since 1958
International Power sells Czech business
Monday 29 Jun 2009
Power generator International Power is to offload its Czech operations to Czech-Slovak investment firm J&T Group.
Venture hails successful first half
Monday 29 Jun 2009
Oil and gas firm Venture Production’s output levels in the first half of the year were 16% higher than a year earlier, reflecting contributions from fields brought on stream in the second half of 2008.
Madoff gets 150-year sentence for fraud
Monday 29 Jun 2009
Convicted fraudster Bernard Madoff has been given the maximum life sentence of 150 years for masterminding the $50bn (£30.3bn) ponzi-style investment fraud. Judge Denny Chin, whose sentence was greeted with cheers and applause, described the fraud as “staggering” adding that “the breach of trust was massive”. Chin said he handed down the maximum to make an example of the case.
National Express rejects FirstGroup bid approach
Monday 29 Jun 2009
FirstGroup has made a merger approach for fellow bus and rail group National Express. A “highly preliminary” approach regarding a potential share for share merger on “unspecified terms” was made on 19 June, National Express confirmed Monday. FirstGroup believes there is “significant industrial and commercial logic” in a tie-up
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