City&FinanceBriefing 30 Tuesday, 14 July 2009 London Lite Inbrief Banking giant set to hand out bonus millions Sporting summer puts Britvic ahead of game A BAKING hot Wimbledon and the success of this summers Twenty20 cricket tournament helped put the fizz into soft drinks group Britvic. The outfit behind Robinsons and Tango issued a profits upgrade today on the back of some strong trading, a rare event for any company in the recession. Britvic brought its third- quarter trading update forward by two weeks to update investors on the good news. Sales for the 12 weeks to 5 July are up 6% to 249 million, which means it expects to beat City profit forecasts for the full year of around 103 million. The numbers may be examined closely by Diageo, the alcoholic drinks giant rumoured to be looking at a takeover bid. Britvic shares bounced last week on talk in dealing rooms that the maker of Johnnie Walker whisky and Guinness is casting its eye over the group. Today Britvic shares popped again, up 12p to 309p. Chief executive Paul Moody said Pepsis sponsorship of Twenty20 and Robinsons presence at Wimbledon were partly behind the successes. Britvic has the licence to brew and sell the Pepsi brand in the UK and Ireland. Toyota in UK green cars plan ToyoTa is to build a major hybrid car in the UK for the first time, possibly creating thousands of new jobs, reports claimed today. The car giant, whose Prius has led the way in big-selling green family cars, will be producing the hybrid version of its auris hatchback here, reports in Japan said. It is likely the work would be split between Toyotas Deeside plant in North Wales and its factory in Burnaston, Derbyshire. Toyota declined to comment. Australia Dollars 1.9699 Canada Dollars 1.7853 Denmark Kroner 8.1724 Eurozone Euro 1.1011 Hong Kong Dollars 11.8200 Japan Yen 141.1900 New Zealand Dollars 2.4033 South Africa Rand 12.5200 Sweden Kronor 12.2700 Switzerland Francs 1.6643 UAE Dirham 5.5369 United States Dollars 1.5342 ToUrisT raTes UP 28.77 at 4230.77 fTse 100 dow jones niKKei -$ UP 185.16 at 8331.68 UP 211.48 at 9261.81 UP 0.63c at $1.6291 >>for all the latest City share prices, call 0905 817 1694* or visit thisismoney.co.uk * Calls cost 75p/min from a BT landline & last approx 1 min per quote. not all stocks are available recovery signs raise UK hopes l The UK economy today showed tentative signs of stabilising if not recovering, as the rate of business failures slowed. Business recovery specialist Begbies Traynor said 197,000 firms hit financial difficulty in the second quarter of the year -- more than the 138,000 in the same period last year but less than the 229,000 in the first quarter of this year. iceland gets cold feet over bailout l The Icelandic government is under domestic pressure to renegotiate the 2.3 billion compensation it has committed to paying British savers over the collapse of Icesave and its parent bank Landsbanki. UK institutions and savers were bailed out by the UK government when Icesave went down. Iceland is set to challenge the deal to repay the money. Vets surgeries tonic for CVs l FIXING sick pets or putting them down if they cant be saved remains a lucrative business, says CVS Group. The national veterinary firm, with 167 surgeries, said sales for the year to end-June were up 23%. That largely reflects expansion as it acquires vets surgeries and gives them a makeover. Further deals are likely. Like-for-like sales growth was 2%. Bad times are good for Tenon l aCCoUNTaNT Tenon claims the global financial crisis has been good for business. Sales are up 30% this year, it said in a trading update. Tenon has maintained its long-term track record of delivering profits to expectations and has overcome challenging economic conditions, said chief executive andy Raynor. 1.2 billion profits: Goldman, headed by Lloyd Blankfein GolDmaN SachS was today on course to hand staff an average of 430,000 in pay and bonuses this year. The Wall Street banking giant, which is headed by chief executive lloyd Blankfein, is set to re por t profits of 1.2 billion for the second quarter after it raked in bumper fees. This is likely to result in lavish payouts to staff at the end of the year including 5500 in london and thousands more in New york, with dozens of its highest-flyers in line for multi- million-pound bonuses Top earners in london are likely to include co-chief execu- tives michael Sherwood and Richard Gnodde, and head of investment banking in Europe yoel Zaoui. The return of the mega-bonus caused outrage among critics who claim excessive risk taking and lavish pay fuelled the bank- ing crisis and plunged the global economy into deep recession. It also came as mPs demanded that bankers should be hit with a punitive 90% tax on bonuses. Vince cable, liberal Democrat Treasury spokesman, said: This suggests that far too many people in the banking sector are going back to business as usual and appear to have learnt no lessons from the past. analysts reckon Goldmans bonus pool could double to 12 billion this year if the trad- ing performance continues. Goldman insists all bonuses are tied to the firms perform- ance and noted that it is only halfway through the year. Rival banks such as morgan Stanley, Deutsche Bank and Barclays also look set to pay bumper bonuses this year. BY HUGO DUNCAN index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html28.html29.html30.html31.html32.html33.html34.html35.html