Monday, July 31, 2006
Mercedes hoists up DCX profit
DaimlerChrysler's second-quarter operating profit rose 11 per cent to $2.37 billion, (£1.27bn) – higher than market expectations, as a recovery in the flagship Mercedes division offset slumping profit at U.S. arm Chrysler.
The world's fifth-biggest carmaker said group operating profit would exceed £4.1bn in 2006, up from £2.8bn in 2005
DATED: 31.07.06
FEED: MT
The world's fifth-biggest carmaker said group operating profit would exceed £4.1bn in 2006, up from £2.8bn in 2005
DATED: 31.07.06
FEED: MT
Caffyns back in the black
Caffyns, ranked 51 in the Motor Trader Top 200, returned to profit in the first quarter of the year.
The company said it was back in the black after trading unprofitably for the second half of 2005.
It has reconfigured its business following the collapse of MG Rover and all of its former MG Rover sites have now been refranchised bar one. Despite the turnaround Caffyns warned that business conditions remained difficult.
DATED: 31.07.06
FEED: MT
The company said it was back in the black after trading unprofitably for the second half of 2005.
It has reconfigured its business following the collapse of MG Rover and all of its former MG Rover sites have now been refranchised bar one. Despite the turnaround Caffyns warned that business conditions remained difficult.
DATED: 31.07.06
FEED: MT
Experian to raise £800m with demerger
GUS has set out the dates for its proposed demerger and public listing of its two remaining businesses, Argos and Experian.
There will be an EGM at the end of August to seek shareholder approval for the demerger and prospectuses will be published in September.
Sir Victor Blank, chairman of GUS, said: “This demerger will create further value for our shareholders by enabling them to invest directly in ARG and Experian, both of which have clear strategies for growth.” Immediately following the demerger, it is expected that Experian will issue further shares to raise new capital of approximately £800m.
DATED: 31.07.06
FEED: MT
There will be an EGM at the end of August to seek shareholder approval for the demerger and prospectuses will be published in September.
Sir Victor Blank, chairman of GUS, said: “This demerger will create further value for our shareholders by enabling them to invest directly in ARG and Experian, both of which have clear strategies for growth.” Immediately following the demerger, it is expected that Experian will issue further shares to raise new capital of approximately £800m.
DATED: 31.07.06
FEED: MT
FSA review fails dealers
The RMIF’s National Franchised Dealer’s Association has voiced concerns that the latest review of the Financial Services Authority regulations does very little to help dealers.
NFDA director Sue Robinson said the trade body was campaigning for a more cost-effective regime for dealers but the review had fallen short.
“I am extremely disappointed that the current response from both the government and the FSA has been somewhat dismissive but we hope that the final analysis will provide a fuller and more constructive report,” said Robinson.
DATED: 31.07.06
FEED: MT
NFDA director Sue Robinson said the trade body was campaigning for a more cost-effective regime for dealers but the review had fallen short.
“I am extremely disappointed that the current response from both the government and the FSA has been somewhat dismissive but we hope that the final analysis will provide a fuller and more constructive report,” said Robinson.
DATED: 31.07.06
FEED: MT
TVR to stay in Blackpool
TVR, the British sports car maker, has agreed to build a new factory in Blackpool.
After months of negotiations, TVR and Blackpool council have announced plans to build a new nine-acre site in the region.
“This is an important step for TVR, but there is still a lot to do towards the move," said David Oxley, TVR managing director. "Relevant consents and planning permissions need to be obtained first and contractors' proposals tendered, so we expect it to take at least 18 months to complete the project."
DATED: 31.07.06
FEED: MT
After months of negotiations, TVR and Blackpool council have announced plans to build a new nine-acre site in the region.
“This is an important step for TVR, but there is still a lot to do towards the move," said David Oxley, TVR managing director. "Relevant consents and planning permissions need to be obtained first and contractors' proposals tendered, so we expect it to take at least 18 months to complete the project."
DATED: 31.07.06
FEED: MT
Visitors flock to London motor show
Visitor attendance at the British International Motor Show at the Excel Centre in London’s Docklands was 23 per cent up on the previous event – held at Birmingham’s NEC in 2004.
According to International Motor Industry Events, which organised the show on behalf of the SMMT, numbers were set to have hit 420,000 by the time the exhibition closed on 30 July.
By close of play on Friday 28 July attendance had already reached 345,000.SMT chief executive Christopher Macgowan said the decision to move the show to London had been vindicated and predicted building on the success at the same venue in 2008.
DATED: 31.07.06
FEED: MT
According to International Motor Industry Events, which organised the show on behalf of the SMMT, numbers were set to have hit 420,000 by the time the exhibition closed on 30 July.
By close of play on Friday 28 July attendance had already reached 345,000.SMT chief executive Christopher Macgowan said the decision to move the show to London had been vindicated and predicted building on the success at the same venue in 2008.
DATED: 31.07.06
FEED: MT
Russian giant takes over LDV
Midlands van maker LDV has been sold to one of Russia’s largest automotive companys, GAZ Group.
The terms of the transaction were not disclosed by former owners Sun European Partners. The investment firm acquired LDV in December 2005 when the business was only days away from collapse.
Commenting on the new deal, Charlie Megan, acting chief executive, LDV Group, said: “We believe that GAZ will provide the necessary backing to support future development in the UK and internationally.”
DATED: 31.07.06
FEED: MT
The terms of the transaction were not disclosed by former owners Sun European Partners. The investment firm acquired LDV in December 2005 when the business was only days away from collapse.
Commenting on the new deal, Charlie Megan, acting chief executive, LDV Group, said: “We believe that GAZ will provide the necessary backing to support future development in the UK and internationally.”
DATED: 31.07.06
FEED: MT
