Thursday newspaper round-up: Fullers, Foxtons, Mama

24th Dec 2009 06:40

Foxtons is to appeal against a High Court ruling that millions of pounds of fees it has charged landlords are unfair, after the banks' overdraft charges victory gave the estate agent hope that it could win a renewed legal battle against the Office of Fair Trading.The decision to appeal means that landlords who were stung by the fees ? described as traps and time bombs by Mr Justice Mann in July ? now face the possibility that they will not receive any money back. In some cases, landlords had been hoping for refunds of several thousand pounds, the Times reports.Analysts' earnings forecasts have a negligible effect on a company's share price, according to new research that will raise further doubts over stock-pickers' ability to move markets. The study will fuel the debate over the usefulness of analysts' predictions for hedge funds, which want research that affects share prices, at a time when banks are seeking to attract investors that trade ¬frequently. The authors of the study - Robert Hansen and Vadim Balashov of Tulane University and Oya Altinkilic of the University of Pittsburgh - looked at 196,000 revisions of quarterly and longer-term earnings forecasts by analysts between 1997 and 2007, the FT reports.The future of Volvo, the loss making Swedish carmaker famed for its sturdy, ultra-safe designs, appeared to have been secured yesterday after Ford, its American parent, confirmed that it was selling the company to Geely, of China. Ford said that it hoped to complete the sale by the second quarter of next year in a deal that would mark one of the biggest moves to date of a Chinese car company into Europe, the Times reports.One of the UK's leading regional brewers has said that VAT will have to rise to 22% as a result of the poor state of public finances, a prospect that would cause dismay in leisure industries. Michael Turner, executive chairman of Fuller Smith & Turner, the brewer of London Pride ale, said the impending rise from 15 to 17.5% would not be the last. "I think we will have another couple of rises sadly. It is all quite worrying. I think it would have to go to 22%. It is the only way I can see they can raise sufficient funds," Mr Turner told the Financial Times.Depositors in Kaupthing Singer & Friedlander Isle of Man were dealt a fresh blow yesterday when it emerged that they may have to wait until 2017 to recover millions of pounds lost when the bank collapsed last year and that they may have only 80% of those funds returned, the Times reports.Bob Diamond, Barclays president and head of its investment bank, has sold £5m worth of shares in the company, the first time he has reduced his multi-million pound stake since joining the bank in 1996. The sale in two transactions was to "manage his personal portfolio" according to a Barclays spokesperson. According to the announcement late on Wednesday, he sold £2.7m worth of shares at 275p on Tuesday and a further £2.3m at 277p on Wednesday. The disposal follows a 78% rise in Barclay's share price so far this year, the Telegraph reports.Record fees from debt issuance and a big jump in capital raisings this year have offset plunging deal revenues, annual figures show. Investment banks earned $18bn from debt capital markets in 2009 as companies tapped bond markets heavily to shore up balance sheets, according to Dealogic. A 33% rise in revenues from debt issuance coincided with a 64% jump in earnings from equity raisings, which earned banks $23.3bn in fees, the FT reports.London's iconic Routemaster bus is due to make a comeback, Transport for London (TFL) confirmed today. The old-style red Routemasters - which had a distinctive hop-on, hop-off open platform at the back - were largely phased out in 2005, about 50 years after its introduction. TFL said that they had agreed plans to create a new "green" replacement. The new bus, which will be 40 % more fuel-efficient than conventional diesel buses and 15% more fuel efficient than current London hybrid buses, will be introduced in 2011, the Times reports.Management at Mama Group, the company that runs live music venues including the Hammersmith Apollo, yesterday backed a takeover deal worth £46m tabled by HMV. The DVD, music and games retailer, which already holds an 8.2 per cent stake in Mama, is keen to diversify its operations. The two companies also operate a live music joint venture, the Independent reports.