UK must build 40 new garden cities to meet housing demand or face shortfall August 27, 2014 Finalists for one of the most prestigious economics prizes in the world have called on the UK government to build at least 40 new garden cities, or continue to face a shortfall in housing supply across the country. Three of the five finalists for the Wolfson Economics prize advocated similar strategies when faced with the [...]
Asos share price surges on reports of US buyout August 27, 2014 Shares in online fashion retailer Asos soared yesterday on unconfirmed reports that a US company is eyeing a stake in the business. Asos shares, which have fallen by almost two-thirds this year after two profit warnings and a fire at its main warehouse, jumped 17 per cent to 2,751p, pushing up other online players, including [...]
McDonald’s to take legal action against Russian restaurant ban August 27, 2014 Fastfood giant McDonald’s yesterday hit back against the closure of five of its restaurants in Russia over what the country’s food regulator Rospotrebnadzor claimed were sanitary problems. Maxim Titarenko, a lawyer representing the fastfood company, protested: “The violations mentioned by the Rospotrebnadzor have already been eliminated or are being eliminated.” McDonald’s said in a statement: “We do [...]
Samsonite makes case for new CEO Ramesh Tainwala August 27, 2014 Luggage giant Samsonite yesterday announced the appointment of Ramesh Tainwala as chief executive as sales reached a record $1bn (£600m) in the first half of 2014. The Hong Kong-listed company said Tainwala, the group’s chief operating officer, would take over when current CEO Tim Parker stands aside on 1 October. His appointment comes as Samsonite [...]
Estee Lauder has a beautiful year in Britain August 27, 2014 Fashion house Estée Lauder UK retail sales were up 10 per cent for the fiscal year ending 30 June. Britain is the second largest market for the company, which outperformed the Prestige Beauty sector market, where retail sales were up 5.4 per cent.
Balfour Beatty portfolio zooms to above £1bn August 27, 2014 The value of Balfour Beatty’s public-private partnership portfolio has soared by nearly 50 per cent to over £1bn the major construction company revealed yesterday. It was Balfour’s first major announcement since it chose to go it alone after rebuffing repeated merger proposals from rival Carillion. The results from the directors’ valuation of the portfolio showed [...]
India supreme court coal licence ruling hits billionaires’ wallets August 27, 2014 A group of Indian billionaires have seen their worth take a significant hit after the nation’s Supreme Court ruled this week that all coal mining licences in the country from 1993 were illegal. The ruling came after a regulatory report in 2012 that found sales to firms had been underpriced by as much as $33bn [...]
Shell nears sale of Nigeria oil assets for $5bn August 27, 2014 Shell is believed to be poised to announce a multi-billion-dollar deal to sell four of its oilfields and a pipeline in Nigeria, as it looks to cut costs and sell off a range of its global assets. The sale of the selection of Nigerian assets is expected to raise around $5bn (£3bn) for Shell, according [...]
John Laing Infrastrucure Fund boosted as value and profits rise August 27, 2014 THE VALUE of FTSE 250-listed John Laing Infrastructure Fund’s (JLIF) portfolio rose by nearly five per cent in the first half of 2014, as pre-tax profits also rose and the company signalled it would continue its policy of making careful targeted acquisitions ahead. JLIF saw underlying growth of 4.95 per cent in the value of [...]
City Moves for 28 August 2014 | Who’s switching jobs August 27, 2014 Etoro The social investment network has appointed Paul Chrimes as UK managing director. He was previously chief operating officer at Swissquote. Chrimes has also held senior positions at E*TRADE, notably as chief executive of the UK company and senior vice-president of its international business. Polar Capital Holdings The specialist investment manager has announced that Guy [...]