Air France-KLM profit doubles 2 Sep 2004 That's no small feat, considering the oil price. But it is probably more to do with KLM s own cost cutting efforts than any real synergies. With average fares still falling and more capacity coming through, it is hard to see shares continuing to outshine peers.
JP Morgan plots Cazenove joint venture 2 Sep 2004 The idea, an intriguing alternative to a straight takeover, could help Caz gain global scale without being totally squished. But a joint venture would be tough to manage. And there's only a point in doing this if Caz can really pep up its performance.
Banks don’t lose appetite for big equity deals 1 Sep 2004 Investment banks seem to have put capital at risk on France Telecom's E5bnplus share sale, despite its huge size and slim price discount. Some will see this as a welcome feature of liquid capital markets. Others will wonder if the banks aren't still being reckless.
Carrefour comes out with defence plan 1 Sep 2004 Well, it certainly looks that way, as the French retailer is offering disposals, buybacks and enhanced dividends to shareholders. The financial engineering may buy the group's boss time and dampen takeover speculation. But the real test is operational improvement.
UK house market takes a summer break 1 Sep 2004 Mortgage applications were down sharply and prices were flat in July. Higher rates and harder words from the Bank had some effect. But the boom may not be broken. Rates are peaking and rhetoric is softening. And the psychology of housing greed has hardly been addressed.
Lord Black vies with Tyco boss for greed Oscar 1 Sep 2004 Denis Kozlowski and his $15,000 umbrella stand still have an edge, but Hollinger's report into Black's expenditure looks pretty awful. Given the amounts of money involved, Black and his fellow directors deserve to face a Tycostyle grilling in the courts. Dennis Kozlowski and his $15,000 umbrella stand still have an edge, but Hollinger's report into Black's expenditure looks pretty awful.