City property debts could spark sell-off October 19, 2010 CENTRAL London’s real estate market could be flooded by properties in the next three years as around £47bn of property-linked debt becomes due, a director at CB Richard Ellis suggested yesterday. Mike Edwards, an executive director in central London capital markets, told CBRE clients yesterday that debt-laden landlords could be forced to sell off commercial [...]
BEST OF THE BROKERS October 19, 2010 LADBROKES Royal Bank of Scotland rates the betting group a “sell” with a target price of 90p. The broker says Ladbrokes is facing limited growth in betting shops as well as tighter European restrictions on internet gambling. RBS forecasts a 10 per cent growth in revenue over the next two years, but expects competition from [...]
Premier Foods shells out?£167m to simpify debts October 19, 2010 HOVIS and Mr Kipling owner Premier Foods has taken another step to simplify and reduce its debt pile, it announced yesterday, after agreeing to pay £167m to end derivatives contracts linked to interest rates. The company said yesterday the swaps from 2007 and 2008 could have meant a £450m fee if interest rates changed. The [...]
Bunzl sales move forward despite the tough trading climate in UK and Ireland October 19, 2010 DISTRIBUTOR Bunzl said third-quarter revenue was up, boosted by acquisitions and demand for H1N1 flu virus products, but sales at its UK business were below last year due to tough economic conditions. Bunzl, which supplies supermarkets, hospitals and hotels with products ranging from carrier bags to toilet rolls, said yesterday that group revenue for the [...]
QINETIQ LOSES FIGHT FOR DEFENCE CASH October 19, 2010 QINETIQ was one of the first to feel the government axe swinging yesterday, with news that a planned £14bn academy in Wales, combining army, navy and air force training, has been scrapped. QinetiQ, which was in a joint management venture with Sodexo, said it will write off £37m already spent on the project.
Algo crackdown is an awful idea October 19, 2010 HIGH frequency traders are getting a bad press at the moment. They have been widely blamed for the so-called “flash crash” on 6 May, and the latest noises coming out of the European Commission suggest that when its review of the Markets in Financial Instruments Directive (MiFID) is finalised next year it may well look [...]
Bank of America losses widen October 19, 2010 Bank of America Corp, the largest US bank by assets, said its net its third quarter net loss quadrupled from a year ago, as the bank recorded a previously announced $10.4bn (£6.5bn) goodwill charge for its card businesses. The bank reported a net loss of $7.3bn, or 77 cents per share, from a year-earlier loss [...]
Factory orders in sharp fall October 19, 2010 Factory orders fell at their sharpest pace since April this month, the CBI’s October industrial trends survey showed on Tuesday. The Confederation of British Industry survey’s total order book balance dropped to -28 this month from -17 in September, below expectations of a reading of -19. “The recovery in the manufacturing sector is well grounded [...]
Basel committee eases deadlines on bank liquidity rules October 19, 2010 The Basel Committee of global banking supervisors said both of its new liquidity standards will have soft phase-ins instead of fixed, mandatory deadlines. The new rules have faced fierce opposition from banks, which say they would struggle to comply and will welcome the committee’s easier stance towards their implementation. The committee had already agreed to [...]
Jupiter assets rise to £22bn thanks to mutual funds October 19, 2010 Asset manager Jupiter has posted a 12 per cent rise in assets under management to £22.2bn with solid net inflows into its mutual funds. The company – which listed on the London Stock Exchange in the summer – reported net inflows of £734 m in its third quarter to the end of September. Its Merlin [...]