ING and RBS?agree debt deal for Singapore petrochemical project September 14, 2010 ING and Royal Bank of Scotland have launched a much delayed £1bn debt restructuring deal to help fund construction of Singapore’s Jurong Aromatic Corporation’s (JAC) petrochemicals project. The project is now expected to commence operations in 2014 with construction beginning next year. Talks over financing started last year but progress was delayed by poor market [...]
UK is mulling its options for a Green Bank September 14, 2010 Britain has begun the process of setting up its Green Investment Bank to help fund the shift to a low-carbon economy and could make it commercially independent, the minister of state for energy and climate change said yesterday. “We have begun the process of establishing the Green Investment Bank,” Gregory Barker told a CBI event. [...]
Full flights for Gatwick despite drop in traffic September 14, 2010 DESPITE an overall drop in passenger numbers during August, flights leaving Gatwick Airport were close to full after almost 90 per cent of available seats were taken. The latest traffic figures from Gatwick show that on average 87 per cent of available seats on flights leaving from the airport were full, marking a record high [...]
BEST OF THE BROKERS September 14, 2010 HOME RETAIL GROUP Nomura has downgraded its rating on Home Retail Group to “reduce”, citing its Argos business. The broker says Argos’ product and demographic problems outweigh its core competitive advantage. The Argos business model is not broken but falling margins, low growth and a lack of product emphasis, in the broker’s view, limit the [...]
Nokia unveils smartphones to rival Apple September 14, 2010 MOBILE phone maker Nokia yesterday unveiled the smartphones its new management team will be fighting with, as it tries to win back market share from Apple and Blackberry. The world’s biggest phone maker, Nokia is engaged in a major management revamp, with the departures of its chief executive and chairman announced last week and its [...]
CITY MOVES | WHO’S SWITCHING JOBS September 14, 2010 JP Morgan Asset Management The bank’s asset management arm has poached Nick Gartside from Schroders to join as international chief investment officer of fixed income, effective from December. Gartside joined Schroders in 2002 and was most recently the firm’s head of global fixed income. His responsibilities on Schroders’ ISF strategic bond, ISF global bond and [...]
CPI remains at 3.1pc September 14, 2010 Consumer price inflation held steady in August, after unexpectedly strong rises in airfares, clothes and food prices offset falling fuel costs, official data showed. The Office for National Statistics (ONS) said consumer price inflation came in at 3.1 per cent last month in contrast to economists’ expectations for a fall to 2.9 per cent. On [...]
National Express given rail franchise reprieve September 14, 2010 The new coalition government has given National Express a reprieve on the East Anglia rail franchise by granting an initial extension, the company said. National Express, which also runs the C2C franchise, said the Department for Transport had agreed an initial 28-week extension beyond the original expiry date of 31 March 2011. The previous Labour [...]
Fund manager Ashmore in profit surge September 14, 2010 Emerging markets fund manager Ashmore beat forecasts with a 36 per cent rise in full-year profit, boosted by a sharp increase in investor appetite for emerging market debt products. The specialist manager reported a pre-tax profit of £217m for the year to June, compared with a forecast for £196m. The performance was driven by increased [...]
SuperGroup sales surge September 14, 2010 SuperGroup, the company behind the trendy Superdry fashion brand worn by celebrities such as David Beckham, reported soaring sales, underscoring its status as one of the hottest fashion labels around. The retailer and wholesaler, whose shares have doubled since a March flotation, making it the UK’s most successful IPO so far this year, said on [...]