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’Snap news
Breaking pre-market news on Tuesday,
- Electrolux warns on profits — statement.
- Q2 results from Nordea fall short of expectations — statement.
- Land Securities to start £275m of retail projects — statement.
Snap news
Breaking pre-market news on Thursday,
- Cable & Wireless Worldwide warns of no growth in 2011/12 –statement.
- Next warns autumn/winter prices will have to rise 8-10 per cent; outlook more challenging;
Snap news
Breaking pre-market news on Wednesday,
- Gartmore recommends £335m (92.1p a share) offer from Henderson — statement.
- Sainsbury reports like-for-like sales growth of 3.6 per cent over Christmas — statement.
BAA’s Whitemare before Christmas
Some Monday morning hubris, courtesy of London Heathrow-operator BAA.
Heathrow’s army of snow ploughs stretch their wings as snow bites
29 November 2010
The cold snap may have only just bitten but Heathrow’s snow team has been working for months to ensure the UK’s hub airport will once again be prepared for the onset of winter.
Snap news
Breaking pre-market news on Monday,
- Tullow Oil confirms major oil find off Ghana – statement.
- Unicredit says has received potential offer for MCC unit – statement.
- BAE Systems mulls platform solutions sale – statement.
Snap news
Breaking pre-market news on Tuesday,
- International Power agrees 92p-per-share GDF Suez reverse takeover — statement.
- GDF and International Power announce half-year results — statement and statement.
Snap news
Breaking pre-market news on Tuesday,
- Lloyds makes Q1 profit as bad debts drop – statement.
- Deutsche Bank Q1 profit rises 48 per cent, beats expectations – statement.
- BP Q1 profits up 135 per cent on higher oil price – statement.
Ryanair and Gatwick guessing
Ryanair could shift many of its flights from Stansted to Gatwick if the Sussex airport’s new owner lives up to promises to improve its services and keep charges down . . .
That’s from the Evening Standard earlier this month,
Snap news
Breaking pre-market news on Monday,
- BAA reports FY pre-tax loss of £821.9m – statement.
- Lufthansa halts 67 per cent of flights as four-day pilot strike starts – Bloomberg.
- Sports Direct says will vote against resolutions proposed by Blacks Leisure at this week’s AGM – statement.
Korea’s NPS and the ‘overlap’ factor
One thing we know about the South Koreans — they have reversed course in recent years to become big spenders and poor savers. They have also become much bolder investors, after decades of adhering to a more cautious approach.
Snap news
Breaking pre-market news on Friday,
- Nationwide says UK house prices rose by 1.2 per cent in January – statement.
- Debenhams to appoint Paddy Power’s Nigel Northridge chairman – statement.
- Investec nine-month operating profit climbs 1 per cent – statement.
Rescanning Smiths Group (updated)
On Monday we reflected on the recent performance of Smiths Group, the world leader in airport security and inspection.
Since the failed terrorist attack on a US-bound airplane over Christmas its shares have risen almost 10 per cent as investors have focused on the possibility of full body screening being introduced at airports globally.
Scanning Smiths Group
The elusive head and shoulders pattern emerges in Smiths Group — makers of X-ray body scanners — on Monday morning, after airport-operator BAA says it will introduce the equipment at Heathrow.
Snap news
Breaking pre-market news on Friday,
- Graham Chipchase to succeed Leslie Van de Walle as Rexam chief executive – statement.
- Grupo Ferrovial says it will inject £500m equity injection into its London airports group – statement.
Evolution of an airport price
Watch that asset price drop!
BAA has (finally) agreed the sale of London Gatwick. The airport goes to Global Infrastructure Partners, the owners of London City, for £1.51bn.
It’s a decent price for GIP considering that Gatwick’s regulatory asset base (RAB),
Snap news
Breaking pre-market news on Wednesday,
- Cadbury reports “excellent” third quarter results ahead of Kraft put up or shut up deadline – statement.
- BAA announces sale of Gatwick airport to an entity controlled by Global Infrastructure Partners for £1.51bn – statement.
A- BBB BAA
Airport operator BAA managed to post an interim pre-tax loss of £545.7m last week.
That widened loss, in fact, is despite the debt-ridden airport operator growing its Regulatory Asset Base by 3.1 per cent in the period.
Snap news
Not-so-breaking market news on Wednesday,
- Santander Q2 net attributable profit down 4 per cent at €4.52bn — statement.
- Abbey National H1 PBT up over 30 per cent — statement.
- Rexam to raise £350.7m via rights issue — statement.
Snap news
Breaking pre-market news on Friday,
- UBS sees Q2 net loss, CHF3.8bn offering – statement.
- Cadogan Petroleum postpones AGM – statement.
- John Lewis weekly dept store sales up 2.2 pct – statement.
Snap news
Breaking pre-market news on Wednesday,
- UK FSA repeats call for hands-off EU regulator – Reuters.
- Liontrust Asset Management full-year profit before tax falls 25 per cent to £12.4m — statement.
RABid BAA
BAA, owner of London’s Heathrow airport, has just released its first-quarter results. They are not pretty.
The debt-laden airport-operator, currently under regulatory orders to dispose of its two other London airports,
BAA ordered to sell key airports
The UK competition watchdog on Thursday ordered BAA to sell three of its seven UK airports, ending its monopoly ownership of key airports in London and in Scotland. In the most draconian corporate divestiture ever demanded by the Competition Commission,
London Gatwick, the saga continues
News broke last week that airport operator Hochtief’s bid for London’s Gatwick airport had been excluded.
The reason? According to Bloomberg’s unnamed sources:
Essen-based Hochtief submitted an initial offer that was too low,
Land grab
Something of an obstacle has appeared in BAA’s plans to build a third runway at London’s Heathrow airport.
From The Guardian:
Land earmarked by Heathrow owner BAA to build a third runway has been bought by a group of celebrities,
Airport purchasing parity
All buyers are not created equal, at least in the UK Competition Commission’s eyes.
The antitrust watchdog has set out some very strict criteria for any potential buyer of BAA’s assets today, after confirming the airports company,
Snap news
The latest on Tuesday,
- RBS announces plans to raise £19.7bn at 65.5p, reports results – statement
- Punch taverns reports results, says still has headroom over financial covenants – -statement
- St James’s Place sees funds under management fall 6% to £16.5bn – statement
- BAA to invest £230m in Crossrail – Reuters
- Corporate results:
Weekend catch-up
In case you missed these developments:
US regulators close Silver State Bank
US regulators closed Silver State Bank on Friday, the 11th US bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions.