Promethean aims for top of class November 29, 2009 Promethean, the UK-based maker of interactive whiteboards, is planning an initial public offering valuing it at £400m-£500m. A £400m IPO would value Promethean, founded by Tony Cann, at 18 times last year’s earnings before interest, tax, depreciation and amortisation of £22m. But its profits rose 60 per cent from the previous year. The firm is [...]
Japanese PMI at four-month low November 29, 2009 Japanese manufacturing fell to a four-month low in November, according to the Nomura/JMMA Japan Manufacturing Purchasing Managers Index (PMI) released today. The index fell to 52.3 in November from 54.3 in October. The output level of 54.4 was the lowest in five months. The figure 50 is the mark that separates growth from contraction.
Advisers head to the Gulf as rumours swirl November 29, 2009 Aidan Birkett is beginning a week of intense negotiations as the full implications of Dubai World’s debt problems emerge. The managing director for corporate finance at Deloitte is leading the process to shore up Dubai World’s crippled finances. The state-owned property and financial conglomerate announced last week it needed a six-month respite from its debt [...]
WHAT ASSETS COULD DUBAI BE FORCED TO SELL? November 29, 2009 DP WORLD: The P&O owner is one of the world’s largest port operators and among the crown jewels of Dubai. STANDARD CHARTERED: Istithmar World Capital (IWC) bought a 2.7 per cent stake worth about $1bn (£606m) in October, 2006. MGM MIRAGE: In 2007, Dubai World invested about $5bn in casino operator MGM by buying shares [...]
EXPATS WHO’VE MADE IT IN DUBAI BUSINESS November 29, 2009 DAVID ELDONCHAIRMAN DUBAI INTERNATIONAL FINANCIALCENTREEldon, 64, has been working on and off in Dubai since 1968.He has an illustrious career in banking, having spent 37 years at HSBC.He spent more than a decade working for the bank in the Middle East before moving to Asia, where he went on to become chairman.Eldon joined DIFC, which [...]
HOW THE DUBAI CRISIS UNFOLDED November 29, 2009 Friday 20 NovemberUpheaval in Dubai’s financial elite begins as three key figures are removed from the state’s holding company, the Investment Corporation of Dubai. One of those to go is Sultan Ahmed bin Sulayem, chairman of Dubai World. Sunday 22 NovDubai’s ruler, Sheikh Mohammed bin Rashid al-Maktoum, arrives in London on a state visit to [...]
Emerson slips into the red November 29, 2009 EMERSON Group, one of the largest private housebuilders in the UK, halved the number of homes it built in the year to April due to depressed demand from first-time buyers. The company said it decided not to follow other industry players in offering discounts of up to 30 per cent on new properties, instead completing [...]
Consumer confidence wanes as economic worries remain November 29, 2009 CONSUMER confidence dipped slightly in November – the first time in over a year that the index has fallen – after recording the highest level of consumer confidence in a year and a half only last month, GfK NOP will today report. Four out of five measures of consumer confidence experienced a marked downturn: confidence [...]
John Lewis experiences week of record sales as Christmas looms November 29, 2009 SALES are soaring at John Lewis, according to sales figures released by the department store this weekend. Figures released for the week ending 28 November show increases in electrical and home technology sales. Sales for the week reached a total of £91.79m reached, 22 per cent more than the same time last year. Televisions, coffee [...]
COUTURE CRISIS November 29, 2009 The outlook for fashion house Christian Lacroix looked bleak yesterday as potential buyers failed to submit financial guarantees ahead of tomorrow’s bankruptcy court hearing. The loss-making French couture label had attracted interest from an Emirate sheikh and a French firm. The court will decide whether to accept the liquidation plan submitted by the company’s owners, [...]