City&FinanceBriefing 30 Tuesday, 27 October 2009 London Lite Inbrief Drivers facing a shock record rise in price of petrolMOTORISTS are facing record rises in petrol and diesel prices in the run-up to Christmas. Soaring oil prices sent diesel to a year-high of 108.05p and the AA today said the cost of petrol could also rise despite a price war between supermarket filling stations. The warning came as oil giant BP reported profits of more than 1 billion a month. Surpluses in July, August and September came in at 3.05 billion, a 60 per cent rise on the 1.9 billion profits it made in the second quarter of the year. In 2008, BP made a record 26 billion in profit when the price of crude hit $147 a barrel. If the price of crude continues to rise as it has in recent weeks to top $80 a barrel, Britain could see its highest ever fuel prices just as drivers plan Christmas visits to family and friends. Just a hapenny off its 2009 high, the average price of a litre of petrol is today at 106.85p. The AA said the price would be higher but for the cut-throat price war between supermarket filling stations. Diesel has hit its highest point for the year, said an AA spokesman. That is putting a lot of pressure on families who will have to cut costs elsewhere if they are to continue to run the family car. The price of oil is being pushed up by speculators again as international money gets switched from currencies into commodities like oil. BY roBert lea Cineworld soars with blockbusters boost Cineworld, the UKs only publicly quoted cinema chain, continued to get more bums on its seats and charge more, even against the tough comparables of the Mamma Mia quarter. last summers Abba musical was the highest-grossing film ever, but Cineworld managed to rake in 6.5% more revenue this year in the 43 weeks to october than in the same period in 2008. Box-office revenue rose 10.9% as more film lovers flocked to see Up, Harry Potter and ice Age 3. Finance director richard Jones said sales would be higher in the run-up to Christmas with Avatar and A Christmas Carol expected to pull in the crowds but admitted the stagnant property market is limiting Cineworlds growth ambitions. expansion is very difficult at the moment because leisure-park developments are just not going ahead, he said. restaurants and retailers are not signing up to space, and developers cant access funding. were trying to expand but have no planned openings next year. Jones said Cineworld was growing its 3d estate instead. it commands a premium ticket price because its a unique product that you cant see elsewhere. The cinema chain said demand for its unlimited pass was booming, with over 230,000 members. Jones added: Cinema is very resilient, people are still going and weve got some strong products out there. Limited gains for Lloyds lloYdS of london today called time on the rally in the stock market, saying scope for further gains on its investments has become increasingly limited as the recovery runs out of steam. in recent months, the insurance markets returns on its investments have been better than expected thanks to a surge in share and bond prices. But lloyds believes this recovery has now run its course. Australia Dollars 1.6683 Canada Dollars 1.6307 Denmark Kroner 7.6699 Eurozone Euro 1.0336 Hong Kong Dollars 11.9700 Japan Yen 142.3700 New Zealand Dollars 2.0090 South Africa Rand 11.3600 Sweden Kronor 10.5200 Switzerland Francs 1.5618 UAE Dirham 5.6094 United States Dollars 1.5543 TourisT raTes UP 0.12 at 5191.47 fTse 100 Dow jones nikkei -$ DOWN 104.22 at 9867.96 DOWN 150.16 at 10,212.46 UP 0.50 at $1.6385 >>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 BP surge beats City predictions l RISING production and the most benign hurricane season in recent years has seen BP thrash City estimates and report a 60% surge in profits to $4.7 billion (2.8 billion) over the summer. While these are down around 50% year on year, that is way better than analysts had expected. Forecasts had indicated a year-on- year fall of more than 60%. Pump it up: the cost of petrol is soaring sport papers in profits plunge l The owner of the Daily Sport and Sunday Sport sex and sensation tabloids today reported a heavy slump in profits but said newspaper sales were up 10% since the low point in March. Sport Media Group reported underlying profits of 263,000 in the 12 months to the end of July compared to 6.4 million in the same period last year. Demand triples Honda forecast l CaRMakeR honda almost tripled its full-year profits forecast today after state stimulus measures in its largest markets boosted demand. The firm said it expects profits of 155 billion yen (1.03 billion) in the year to the end of March after an earlier forecast of 55 billion yen. It came after honda reported second- quarter profits of 54 billion yen. new deadline for debt plan l YeLL Group was today forced to extend the deadline for lenders to back its refinancing plans after not winning enough creditor support. The Yellow Pages publisher, which is trying to restructure its 3.8 billion debt, has now given its lenders until tomorrow to approve the plans. Yell needs the support of 95% of creditors.