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 [...]
Debenhams predicts 20 per cent profit rise September 14, 2010 Debenhams said annual profit would be slightly ahead of analysts’ average forecast, helped by a pick up in fourth-quarter sales and higher profit margins. The group, Uk’s second largest retailer with 160 stores in Britain and Ireland, six in Denmark and 60 franchised outlets overseas, said profit before tax and one-off items for the year [...]
Relief for banks sees global rally September 13, 2010 BANKING shares on both sides of the Atlantic surged yesterday in response to the Basel III rules, which were less stringent than many institutions had feared. The FTSE 100 index soared 1.3 per cent to 5,565.53 – its highest close in four months – aided by a surge in banking shares which rose between 1.4 [...]
Stuart Rose set to join Bridgepoint September 13, 2010 OUTGOING Marks & Spencer boss Sir Stuart Rose will join private equity group Bridgepoint as an adviser, the firm will announce today. The controversial M&S chairman will take a place on the Bridgepoint advisory committee, which is chaired by former chief secretary to the treasury Alan Milburn. A Bridgepoint spokesman told City A.M. Rose is [...]
RBS to issue new securities September 13, 2010 ROYAL Bank of Scotland (RBS) yesterday marked the clearest sign yet that the UK banking sector is emerging from the financial crisis. The banking giant will issue £4.7bn of securities backed by mortgages in the first move of its kind since the onset of the financial crisis. The issuance is a vital step for the [...]
Why regulations are never a panacea September 13, 2010 ONE of the biggest problems with the financial system in the run-up to the financial crisis was insufficient liquidity, as well as insufficient capital. The difference between the two is crucially important: one might have plenty of capital reserves, but if these cannot be accessed then a crisis remains guaranteed (unless the central bank steps [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]
Ex-Moody’s analyst sues for defamation September 13, 2010 A former Moody’s analyst, who drew attention to what he considered questionable credit ratings for some of the most toxic securities in the US financial crisis, yesterday sued the company, accusing it of campaigning to discredit him. Ilya Eric Kolchinsky, a former managing director at Moody’s Investor Service, oversaw ratings of pools of debt backed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 13, 2010 FINANCIAL TIMES CALLS FOR RYANAIR TO AXE BOSS Ryanair’s Michael O’Leary has for years endured complaints from passengers about his famously no-frills Irish airline. Now a senior Ryanair pilot has taken the rare step of publicly challenging his boss after the outspoken chief executive said he was trying to convince authorities to let his aircraft [...]
Partners wait for de-fanging at Goldman September 13, 2010 GOLDMAN SACHS has kicked off “de-fanging” season, the time when a small number of top bankers are stripped of their partnerships to make way for upcoming talent. Around 30 senior figures are demoted from partner status each year and a handful of others retire, while around 100 fresh candidates are promoted. This year’s process is [...]