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Virgin Atlantic has confirmed it is interested in being part of a consortium to buy Gatwick Airport.

Its comments come two weeks after the Competition Commission said in an interim ruling that BAA may have to sell three of its UK airports.

Although the Commission does not release its full report until next year, it added that BAA may need to sell two of its three London airports.

BAA has ruled out selling Heathrow, which leaves Gatwick and Stansted.

‘Investment talks’

Virgin Atlantic owner, Sir Richard Branson, told the Daily Telegraph that “we are open to being courted by anyone who is interested in bidding” for Gatwick.

“We would be interested in possibly buying Gatwick, but only as part of a consortium” Virgin spokesman

The Competition Commission is expected to make its final judgement in February next year.

According to press reports, Virgin Atlantic has already spoken to a number of potential co-bidders, including investment groups in the Middle East.

If BAA is forced to sell Gatwick, the likely asking price would be more than £2bn, analysts have said.

Gatwick handles about 34 million customers a year, half Heathrow’s 68 million, but more than Stansted’s 24 million.

“We would be interested in possibly buying Gatwick, but only as part of a consortium,” said Virgin Atlantic communications director Paul Charles.

BAA is owned by Spanish group Ferrovial.

News reported by The BBC

China’s capital investment has risen more than forecast in the first half of 2008, official figures showed.

Overall spending in fixed assets in cities, including roads and factories, rose 27.3% year-on-year to 7.22 trillion yuan ($1.05 trillion; £538bn).

Investment in property during the period was especially robust, up nearly 31% from a year earlier.

While the figures showed domestic investment remains strong, exports have cooled due to a wider global slowdown.

In the light of slowing exports, economists argue that China may well increase investments for state projects.

“Investment plays a very important role in expanding domestic demand and sustaining stable growth,” said Wang Tongsan, a researcher at the Chinese Academy of Social Sciences.

Jing Ulrich, chairman of China equities at JP Morgan said the increase in investment in would probably “help alleviate concerns about the magnitude of China’s economic slowdown”.

But she added that higher prices probably exaggerated the National Bureau of Statistics figures.

News reported by The BBC

Chrysler has announced plans to invest $1.8bn (£964m) in new vehicle projects and plans to expand plant in Detroit.

Expanding the Jefferson North plant will allow more flexibility and higher output, said the firm.

The expansion will also create 400 jobs, said Chrysler’s president Tom LaSorda during a car event in Michigan.

The news comes as the car manufacturer has embarked on cost cutting plans, by reducing the workforce and capacity to offset a slump in sales.

“This investment enables us to produce a new generation of world-class vehicles that meet the demand of our consumers around the globe,” said Mr LaSorda.

The plant currently produces the most popular model in Chrysler’s line-up, the Jeep Grand Cherokee – but demand has been hit by high petrol prices.

Chrysler, Ford and GM have all been hit by falling demand for their vehicles – especially larger gas-guzzling models.

Consumers have been switching to more fuel-efficient models as the price of oil has risen sharply.

In particular, sales of minivans, trucks and sports utility vehicles have all dropped significantly.

Mr LaSorda also said the car firm has singled out $1bn in non-essential assets that the firm would be able to sell.

Chrysler was bought by private equity firm Cerberus after Daimler decided to walk away from its huge investment in 2006.

News reported by The BBC

Global box office takings in 2007 reached a record high of more than £13bn, according to the Motion Picture Association of America.

This summer, despite the economic downturn, audience figures have remained high for blockbusters such as the new Batman film, The Dark Knight.

And films are not just about audiences – with a variety of investment tax breaks on offer, the silver screen can seem alluring to those hoping to make profits.

But the movie industry is notoriously risky and some experts say the incentives do not make up for the chance that you could lose all your money.

Independent Film

Unlike the big studios, independent film companies rely on private investment.

Plum Pictures is based in one of the “indie” capitals of the world – Soho in New York.

The company makes four films a year and these are all financed with money from individuals.

One of the founders, Celine Rattray, says those who have put cash into her movies have made good returns.

Plum Pictures try to make money by combining big stars with a low-budget
“On average our films have made 30% return on investment.

“Our films have never, to date, lost money.”

Crucially not all of their films have been box office successes, but sales of distribution rights around the world make up the bulk of the revenues.

But potential backers of Plum Pictures should take note that participating does not come cheaply.

Co-founder Daniela Taplin Lundberg says those interested will need to part with a six figure sum.

“We try to have each investor put in no less than $250,000 (£125,000).

“Otherwise it becomes a very cumbersome budget.

“It takes so much time for us to talk to each investor once every couple of weeks.”

Risks

“You cannot predict what is going to be a hit” Hal Vogel, author of Entertainment Industry Economics

And while Plum Pictures can boast some impressive returns, the movie business is notoriously risky.

Hal Vogel, author of Entertainment Industry Economics, says you could stand to lose your money.

“There are huge returns that are generated out of the blue.

“There are some films that cost very little that had enormous returns, like The Blair Witch project.

“You can point to 15 or 20 over a 10 year period.

“But there are thousands of films released, and the odds are that you’re not going to do all that well.”

Because the chances of runaway success are small, Hal Vogel warns that you should not put all your eggs in one basket if you decide to invest.

“You want at least six to 10 films in your portfolio because you cannot predict what is going to be a hit.”

Tax breaks

In recognition of the risks involved, some independent films made in America can get a financial boost from the state in which they are made.

New York has a tax credit programme for qualifying independent productions which boosts the budget by 35%.

This credit goes to the film-makers, but investors benefit indirectly because a more expensive movie can be made without requiring more money from them.

London is the other big capital for independent film and it also has various tax incentive programmes.

Importantly, these give not just to the film-maker, but directly to private individuals who put money into a movie too.

These sweeteners are available to those who invest in a film which has qualified for Enterprise Investment Scheme (EIS) tax relief.

Leisure spend tends to remain constant through credit crises

This government backed programme was created to encourage investment in new, high-risk companies looking to raise finance, and film is one of the industries that qualifies under the scheme.

People who put money into a film which is made under the EIS get a variety of tax breaks.

The first is income tax relief – for every £1 put into a qualifying film, investors will receive 20p off their income tax bill at the end of the fiscal year.

As long as you hold the investment for three years, this will never be taken away.

There are also some attractive capital gains tax (CGT) breaks.

Firstly, any profits made within an EIS investment will not land you with a CGT bill.

Secondly, you can invest any capital gains you have made in the last three years into an EIS and not pay the tax you owe until you take your money out.

Because the rate of CGT been lowered from 40% to 18%, this can save those with large capital gains a lot of money.

On top of these, if the holder of the investment dies, any money held in the Enterprise Investment Scheme would be free of inheritance tax.

Is it worth it?

But do the tax breaks make film a good investment?

Martin Churchill, editor of Tax Efficient Review, says the incentives help, but they only make movies an attractive prospect for those with money to lose.

“The EIS offers the widest set of tax breaks in the UK at the moment.

“But these are not products for the man in the street.

“This is at the top end – where people should be putting £5,000 of their £1m portfolio”

These film EIS products are available through specialised media financial advisers and can be accessed in theory for as little as £500.

But there is little information on the past performance of each of these schemes, and potential investors will need to do their own research into the track records of the producers behind the films.

News reported by The BBC

Google has acknowledged that its stake in rival internet firm AOL may now be worth less than the $1bn (£519m) that it paid for it two years ago.

In a statement to market regulators, Google said the value of its 5% investment may be “impaired”, meaning its worth could have diminished.

Google took the stake largely to cement an advertising partnership with AOL.

But AOL has struggled in recent years and owner Time Warner has indicated it could sell the business.

Financial strength

Time Warner recently took steps to separate the access and content functions of AOL, seen by analysts as a prelude to a sale of both operations.

Both Microsoft and Yahoo are seen as possible buyers of AOL’s content arm as they strive to compete more effectively with Google.

Google’s statement represents its first public acknowledgement that its holding in AOL may be a financial drain on its own business.

“We believe our investment in AOL may be impaired,” its statement to the Securities and Exchange Commission noted.

“There can be no assurance that impairment charges will not be required in the future and any such amounts may be material.”

Google did not say how much it thought its AOL stake was now worth.

Although unfortunate, AOL’s declining value is unlikely to prove a major problem for Google given its enormous financial strength.

The firm made a $2.5bn profit in the first six months of the year and currently has cash reserves of more than $12.5bn.

News reported by The BBC

Bombardier Aerospace is investing half a billion pounds in Northern Ireland, which will sustain over 800 jobs.

A total of £519.4m will be used to design and manufacture wings for their 110 to 130 seat C-Series aircraft at the Shorts factory in east Belfast.

It is the largest single investment in Northern Ireland by any company.

Northern Ireland First Minister Peter Robinson said: “I don’t believe this would have happened if it hadn’t been for devolution.”

He added: “I just know, without giving away too many of the commercial issues involved, that this simply would not have happened if there had not been devolved institutions in Northern Ireland.”

Mr Robinson said he and Deputy First Minister Martin McGuinness had been working on the deal “almost on a daily basis for these past months”.

The government has also agreed to provide £52m to the project at Bombardier’s east Belfast plant as part of a wider £155m government investment package in the Canadian firm.

Bombardier C-Series

Costs US$46.7m each
Seats 110 to 130 passengers
Expected to enter service in 2013
“Greenest aircraft in its class,” Bombardier says
Wings manufactured in Belfast

Mr McGuinness said: “The investment will also see the development of state of the art technology as well as developing the manufacturing and engineering skills of our workforce that will benefit our economy for years to come.”

Economy Minister Arlene Foster said: “Undoubtedly, the expertise in advanced design and innovative composite materials which Bombardier has developed in Belfast has been instrumental to today’s decision.”

Northern Ireland Secretary Shaun Woodward said the decision was proof that “devolution is winning for Northern Ireland”.

Announcing the investment on the eve of the Farnborough air show, Bombardier said greener fuel-efficient technology used in the C-Series would “revolutionise” the 100 to 149 seater market.

The long-running project was dropped two years ago, but the Canadian aerospace firm resurrected it last year amid amid rising fuel costs globally.

Lufthansa has provisionally ordered 30 planes with an option for 30 more.

News reported by BBC

The boss of Bradford & Bingley has quit “due to a serious cardiovascular condition”, the firm has announced.

Chief executive Stephen Crawshaw is leaving the UK mortgage lender with immediate effect, and will be replaced by chairman Rod Kent in the short-term.

Mr Crawshaw’s departure comes a day before a trading update and reports say the firm will issue a profit warning.

The firm has been hit hard by the credit crisis and is trying to raise £300m to boost its balance sheet.

In May, the firm said it would launch a rights issue in an attempt to help offset some of its weakening investment, having only a month earlier denied it would be seeking to raise funds.

WHAT IS A RIGHTS ISSUE?
– Companies issue extra shares to raise money
– They are offered to existing shareholders, usually at a discount to the current share price
– Shares are offered in proportion to existing holdings, so if you own 10% of the old shares you are offered 10% of the new ones

The Sunday Telegraph said Bradford & Bingley was expected to say profits would “fall well below analysts’ forecasts” of between £160m and £200m pre-tax.

And the Sunday Times reported the profit warning “is expected to be contained within the bank’s rights-issue document” which is to be sent out this week.

US housing slowdown

B&B saw its profits drop by almost half after writing down assets, including those linked to US mortgages.

Pre-tax profit fell to £126m in 2007 from £246.7m the year before.

As the UK’s biggest buy-to-let lender, B&B has 20% of that market which has suffered following recent market turmoil.

Banks worldwide have seen huge losses linked to problems in the struggling US housing market.

Problems started when borrowers in the US, with no or limited credit history, started to default in large numbers once interest rates became too high.

Many of those loans to so called sub-prime borrowers had been grouped together, repackaged and sold on to banks as an investment with high returns worldwide.

B&B, like other banks, has been asking for bigger deposits and raising its interest charges for new products.

The firm recently warned of a rise in mortgage arrears as borrowers found it harder to repay loans.

Competitors have also sought rights issues in an attempt to raise funds.

Royal Bank of Scotland is seeking to raise £12bn while HBOS wants to raise £4bn.

News reported by BBC

Are you looking for an investment in your business – perhaps you are looking for a business angel or your very own Dragon like in Dragons Den.

If you are, then why not post your details on here together with a method of contact – probably best to leave your email address. Then wait for the internet to do the rest.

Cash Flow Forecasts Made Easy with our Cash Flow System

Companies with strategic business plans enjoy greater revenue and profit growth than companies that don’t have one!

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Save Time

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A Must Have Business Tool

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