The Times
TAXMAN BLAMED AS 1ST DENTAL IS FORCED INTO ADMINISTRATION
Dental services firm 1st Dental Laboratories has
partly blamed the UK tax collector, HM Revenue & Customs, for
being forced into administration. 1st made a profit in the first
half of the year but was hit by lower trading in the second half
and was hoping for a recovery that never came. 1st's collapse
follows shortly after architecture practice Archial also
fell into administration after receiving a winding-up petition
from HMRC. Archial owes roughly four million pounds in tax, but
this is unlikely to be paid because its bank debts will take
priority.
A PERFECT PINT OF GUINNESS? TRY POURING IT YOURSELF
Drinks manufacturer Diageo is pioneering a new form
of service in pubs and bars by installing tables that allow
customers to pour their own drinks. Diageo, the maker of stout
brand Guinness, has introduced these tables in 220 pubs in
Ireland and may expand the scheme to the UK if it proves
successful. Diageo is hoping that the revolutionary new system
will double sales of Guinness, which already stand at 1.1
billion pounds worldwide.
TEMPUS
Alexon (Given the uncertainties, no reason to chase)
United Utilities (Hold for attractive yields)
Mitchells & Butlers (A solid hold)
The Daily Telegraph
GLEESON WARY ON HOUSING MARKET
The urban regeneration specialist MJ Gleeson has
announced a pre-tax profit of 400,000 pounds in the year to 30
June 2010, following a 50 million pounds loss during the twelve
months prior to that date. Whilst allowing that the property
market had improved slightly during the year, the company's
chief executive Dermot Gleeson remained non-committal on the
current prospects for the sector. "Although trading to date
during the current year has been in line with expectations, the
short-term outlook for housing demand remains difficult to
predict", he remarked.
NEXT IN US ONLINE MOVE
The fashion retailer Next will be able to sell its
clothes online in the US, thanks to an agreement with the
American retailer Sears. The deal will permit the British
company to supply Sears' online business with its menswear and
womenswear ranges, including shoes and accessories. The move is
part of the business plan set out by the chief executive Lord
Wolfson of Aspley Guise, who stated that the retailer would look
for growth by enlarging its Next Directory home shopping
business and making investments outside the UK.
HENDERSON SHARES HIT BY STRATEGY ROW
Shares in the money manager Henderson fell 6.5 pence
to 123.7 pence on Thursday, after Citigroup analysts expressed
fears that a legal dispute over the poor performance of
Henderson's infrastructure fund could damage the company's
reputation. A group of 30 pension funds contacted the business
earlier in September, stating that they would take legal action
if compensation was not paid to investors in the Henderson PFI
Secondary Fund II.
SORRELL LOANS BACKED BY 55 MILLION POUNDS WPP STAKE
The chief executive of the advertising group WPP ,
Martin Sorrell, has charged 55.5 million pounds' worth of his
shares in the company, almost half of his 119.2 million pounds
stake, as collateral against loans with HSBC . This
restructuring of personal finances must be disclosed under stock
exchange rules, as arrangements such as this can be seen as a
change in ownership. The co-founder of Carphone Warehouse
David Ross had to resign from the board of the company
after his pledging of shares against personal loans was
discovered.
NAUTICAL SAILS AHEAD AFTER STATOIL DEAL
Nautical Petroleum has sold a 21 percent stake in a
North Sea oilfield for 87.5 million pounds to the Norwegian oil
and gas producer Statoil. The money raised will be used by
Nautical for its own growth projects. Shares in the company,
which have already been boosted by 550 percent since the start
of the year due to discoveries of fresh resources at the Kraken
and Catcher oilfields, leapt 54 pence to 366 pence by the close
of Thursday's trading.
QUESTOR
Group NBT (Buy)
Dignity (Hold)
The Guardian
SONGBIRD SEES RICH PICKINGS IN WALKIE-TALKIE SKYSCRAPER DEAL
Commercial property firm Songbird , the majority
owner of Canary Wharf Group, is expected to commence the
expansion of its operations into the City of London by holding
talks about a joint venture with property firm Land Securities
. The venture would see the two companies collaborate on
the building of the "Walkie-Talkie" skyscraper, a 160-metre tall
building on Fenchurch Street. Land Securities put the project on
hold when the financial crisis began but is now keen to
recommence building.
BA BOSS WALSH WARNS THAT LONDON'S STATUS AS LEADING
BUSINESS.
Willie Walsh, the chief executive of UK airline British
Airways , has warned that the status of London as a world
economic centre was under threat. Walsh has been elected head
president of the London Chamber of Commerce and Industry, a
local business lobbying group. He said that tough economic
conditions and increased competition from abroad threatened to
reduce London's stature as a global business centre. Walsh has
been a vocal supporter of the addition of a third runway to
London's Heathrow airport, and has criticised the Conservative
government for blocking the new runway.
The Independent
FSA IMPOSES CITY-WIDE GAG ORDER ON BANKS AND BROKERS
City regulator the Financial Services Authority has issued a
suggestion to all regulated City firms that initial
correspondence with the media should be entirely conducted
through a firm's media relations team, effectively prohibiting
all other staff at financial firms from communicating with the
media. The suggestion is not official regulation but, in the
event that a firm's conduct is investigated, contravention of
this principle could result in disciplinary action being taken
by the FSA.
INVESTMENT COLUMN
Immedia Group (Sell)
Songbird Estates (Buy)
United Utilities (Hold)
