City&FinanceBriefing London Lite Wednesday, 11 November 2009 49 READER OFFER BEST AVAILABLE SEATS FOR 27.50* (USUALLY UP TO 50) Christmas with extra stuffing! ABSOLUTE GENIUSThe Spectator TO BOOK CALL 0844 482 5141 AND QUOTE LONDON LITE *Valid for Mon - Thurs performances at 8pm, Fri at 5.30pm and 8.30pm until 8th January 2010. Subject to allocation availability, exclusions apply. All tickets are subject to a 1.75 per ticket booking fee unless made in person at the box office. GIELGUD THEATRE Inbrief Johnston cheer as ads pick up l Regional newspapers publisher Johnston Press today said it will hit City forecasts this year as the decline in advertising revenues slows. it said advertising revenues fell 22% in the first 18 weeks of the second half as opposed to 33% in the same period of the first half. it is confident of delivering an operating profit in line with current market expectations [64 million]. Glaxos swine flu lift from US l glaxoSmithKline today received the US drug watchdogs approval for one of its swine flu vaccines to be sold in the States. Britains biggest drug firm can fulfil its order for 7.6 million doses from the US government. But glaxo said it will only be a bit-part player in the US flu scenario as glaxos main Pandemrix vaccine contains additives not being used in the US. NatExs 360m comes at a price l national express launched a rights issue today. the trains and coaches group, which is 1.1 billion in debt, plans to raise 360 million in a seven-for-three rights issue. Shares are priced at 105p which represents a massive 69% discount and the issue will cost 15 million in bank fees. however, deputy chairman Jorge Cosmen voted against launching the issue. Pearl mulls full London listing l PeaRl group, the outfit set up by hugh osmond to manage a closed book of insurance policies, is pushing for a full stock market listing in london next year. it has a secondary listing, but wants to make it easier for investors for trade its shares. it said assets under management rose 7.4% to 70.7 billion in the past nine months. Australia Dollars 1.7023 Canada Dollars 1.6791 Denmark Kroner 7.8711 Eurozone Euro 1.0610 HongKong Dollars 12.2400 Japan Yen 142.3800 NewZealand Dollars 2.0982 SouthAfrica Rand 11.6400 Sweden Kronor 10.9200 Switzerland Francs 1.6011 UAE Dirham 5.7350 UnitedStates Dollars 1.5890 ToUriST raTES UP 56.16 at 5286.74 fTSE 100 dow JoNES NikkEi -$ UP 20.03 at 10,246.97 UP 0.95 at 9871.68 UP 0.3c at $1.6774 >>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 New role for star at Burberry Christopher Bailey, the designer credited with helping to turn Burberry into one of the worlds biggest fashion labels, was today appointed chief creative officer in recognition of his outstanding contribution to the brand. Bailey helped spearhead the development of Burberrys new 160,000 square feet headquarters at horseferry house in Westminster. he has also designed its fashion collections as its creative director since 2001. Reeds chief makes his exit after profits alert Reed elsevier, publisher of Farmers Weekly and New Scientist, has parted company with its chief executive Ian Smith after less than a year in the job as it issued a profits warning. Reed shares slumped 4%, or 19p, to 465p as analysts slashed their profit forecasts by as much as 10%. In a terse statement the Anglo-dutch company said Smith had resigned by mutual agreement and has with effect from today stepped down from both boards. Smith, 55, took over from Sir Crispin davis who had run the publishing empire with a firm rod for the previous decade, in March. He was briefly chief executive of builder Taylor Woodrow, where in 2007 he forged its disastrous merger with rival housebuilder George Wimpey. Reed chairman Anthony Habgood said: Ian has had the difficult task of leading Reed elsevier during unprecedentedly turbulent economic times. Smith will leave with a pay- off of 1.1 million. His replacement is erik engstrom, chief executive of elsevier, the scientific and medical publishing division. Popular appeal: Jamie Oliver shops in Sainsburys Sainsburys eyes merry Christmas after profits leapBY simon english tious. Christmas will be strong because it is Christmas, then the next two quarters will be vital for showing where we all are, he said. retail analysts say the super- market chains are gearing up for a Christmas price war to eclipse all others. small business leaders say that what this means in practice is discounts on luxury items and higher prices for basics, which hurts poor families and pushes local grocers out of business. J sAiNsBUrY today looked set for a bumper Christmas as it shrugged off talk that it is losing market share and posted a sharp rise in sales and profits. the UKs third-biggest super- market group made profits of 307 million in the half year to october, an 18.5% rise and at the top end of City forecasts. that allows it to increase its interim dividend by 11% to 4p. Under chief executive Justin King, sainsburys has been reborn, winning back the affec- tion of middle-class shoppers after a period in the doldrums. the chain, whose advertising campaign used to be fronted by celebrity chef Jamie oliver, also surprised analysts by thriving in the recession, having moved quickly to promote discount deals and offers such as feed your family for a fiver. King dismissed a report from N i e l s e n c l a i m i n g t h a t sainsburys sales are growing more slowly than tesco, Asda or Morrison. he pointed to like-for-like sales up 5.7% in the six months, with total sales up 3.7% to 11.1 bil- lion. the tMs market share figures are much more accurate, he said. he remains cautious about the wider economy. i said before that it was too early to call the turn and i was right to be cau- 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.html36.html37.html38.html39.html40.html41.html42.html43.html44.html45.html46.html47.html48.html49.html50.html51.html52.html53.html54.html55.html