AIM delistings soar as M&A deals in the market increase October 3, 2010 THE NUMBER of companies removing themselves from the AIM stock market rose by 25 per cent in the last quarter to 45, according to research out today. Of the 45 firms that delisted, 20 did so because of merger and acquisitions, said law firm Trowers & Hamlins and accountant UHY Hacker Young. M&A activity now [...]
SocGen rogue trader Kerviel to get his day of reckoning in court October 3, 2010 A PARIS judge will tomorrow decide whether former trader Jerome Kerviel should be punished for his freewheeling market bets that brought French bank Societe Generale to the brink of collapse in 2008. The 33-year-old ex-trader, who now works for a technology consultancy, risks five years in prison and a €375,000 (£323,000) fine if found guilty [...]
Retailers go head to head with results October 3, 2010 SUPERMARKETS are set for a showdown this week as Tesco, J Sainsbury and Marks & Spencer post interim results. Smaller retailers Ted Baker, Halfords and Greggs are also due results, in a week that will indicate how the High Street has fared since the general election. Tesco is expected to post a 10 per cent [...]
North Face fuels sales climb as Vanity Fair eyes expansion October 3, 2010 VANITY Fair, whose brands include North Face and Vans, is targeting new stores in the UK to build on a 55 per cent first half rise in earnings. The company made $274.4m (£174m) with strong growth in Asian markets and record revenues of $3.3bn. North Face, which consists of outdoor high performance clothing, is continuing [...]
Ikea announces profits for first time, promises to be more open October 3, 2010 SWEDISH furniture retailer Ikea has released full-year trading results for the first time announcing net profit increased 11.3 per cent to €2.5bn (£2.2bn) for the year to 31 August. The store said group sales for 2009 increased by 1.4 per cent to €21.8bn, equivalent to 3.1 per cent growth, despite what it called “difficult” external [...]
Buyout deals enjoy strong third quarter October 3, 2010 PRIVATE equity firms enjoyed a strong third quarter, taking the average value of merger and acquisition (M&A) deals to their highest for three years, KPMG research has revealed. Its latest management buyout research showed nearly £9.3bn changed hands in the last three months, almost three times the value of M&A deals in the previous quarter, [...]
MPC split points to uncertainty about rates October 3, 2010 THE rate setting arm of the Bank of England is officially divided. Monetary Policy Committee (MPC) member, Adam Posen, recommended last week that more stimulus be pumped into the economy to avoid a Japan-style lost decade. In stark contrast, hawk Andrew Sentance still argues that no further stimulus is needed… and then you have all [...]
Tesco plan to sell mortgages delayed by FSA October 3, 2010 TESCO’S plans to sell mortgages in Britain could face a delay because it has yet to receive approval from the country’s financial services watchdog. “The FSA (Financial Services Authority) is just being careful. It is a new process and it is very difficult,” a Tesco spokesman said. He declined to comment on a report in [...]
BSkyB braces for crunch EU sports ruling October 3, 2010 BSKYB is braced for a high court hearing this week that could change the football rights landscape. A pub landlady has taken a case to the European Court of Justice claiming Sky is breaching European free-trade rules with the way it sells its commercial Sky Sports packages. Portsmouth-based Karen Murphy was fined after an enforcement [...]
Financial services industry must aid economy October 3, 2010 TODAY I will be speaking at the City of London’s Conservative Party Conference fringe event entitled “The Challenge for Financial Services – Helping the UK Economy Grow.” Having already spoken at the Labour and Liberal Democrat Conferences, this is the third time I have attempted to address this issue in as many weeks. The focus [...]