Stellar takes control of Kono May 24, 2010 PETRA Diamonds yesterday said it had completed the disposal of its interest in the Kono Diamond project in Sierra Leone in exchange for shares in Stellar Diamonds, the project’s joint venture partner. The project is an underground trial mining operation covering 206 sq km and is now fully controlled by Stellar. The group said it [...]
FSA blocks banker from Nomura job May 24, 2010 JAPANESE bank Nomura has failed in its bid to recruit a former Morgan Stanley banker as one of its new global finance bosses amid a clampdown on executive appointments by the City watchdog. The Financial Services Authority (FSA) is understood to have blocked Nomura’s attempt to appoint John Hyman as its new co-head of global [...]
Private equity deals back after crisis May 24, 2010 PRIVATE equity buyouts in the latest quarter were higher than last year, but trade remains subdued compared to pre-downturn levels in 2007. The total value of UK deals in the first quarter 2010 was around a tenth of the 2007 peak of €45bn (£38.7bn at today’s exchange rate), according to figures published by Mergermarket. The [...]
Prada sales up in Asian market boom May 24, 2010 ITALIAN fashion house Prada posted a 26 per cent rise in first-quarter revenue yesterday – boosted by a storming performance in Asia. Prada, which also owns the Miu Miu label and Church’s shoes, said revenue in the quarter to the end of April grew above the group’s expectations to €366m (£314m). A 36 per cent [...]
Mulberry opens new flagship May 24, 2010 MULBERRY has secured a deal to move into a new flagship store in Mayfair in another sign that the luxury goods market is seeing a bounce back after the recession. The company has signed a 25-year lease for 50 New Bond Street on a rent of £1.4m a year. The company’s handbags, sported by the [...]
Aussie wine sees profit drying up in recession May 24, 2010 CHEAP Australian wine could become a thing of the past after hundreds of growers quit the business in the face of dwindling profits. Grape prices plunged by more than 30 per cent this year and an oversupply has led to 95m cases of wine sitting undrunk in warehouses. The strong Australian dollar has also meant [...]
Albemarle & Bond to open more new stores as pawnbroking forges ahead May 24, 2010 PAWNBROKER Albemarle & Bond is planning to open 15 new stores this financial year. Albemarle, which makes loans against gold jewellery and diamonds, said the group’s pledge book is growing at around ten per cent a year, as recession-hit customers trade in their possessions. Pawnbrokers have lately enjoyed record profits on the back of soaring [...]
Cineworld scores with revamped Wembley deal May 24, 2010 CINEWORLD is to open a cinema next to Wembley arena, it was announced yesterday. The UK’s only quoted cinema chain has signed an agreement with Quintain, which owns Wembley City, to open a 1,800 capacity cinema. Cineworld has signed a 25-year lease of the nine-screen cinema, next to the stadium and Wembley Arena, which is [...]
Cranswick raises dividend May 24, 2010 Pork supplier Cranswick increased its dividend yesterday after posting a 21 per cent rise in annual pre-tax profits, to a record £43.8m. Increased demand from supermarkets, particularly for higher-end products, is credited for better than expected growth. The company, which has supply contracts with Sainsbury’s Taste the Difference and Tesco, raised its divided more than [...]
Flower firm sold for £2.95m May 24, 2010 Flying Brands has acquired one of the UK’s top flower delivery companies – Flowers Direct Online – for £2.95m in cash and loan notes. The company was in administration and its assets include Flowers Direct’s websites and a database of around 300,000 customers. Flying Brands says the deal will strengthen its gifts division. The Flowers [...]