FT buys hedgie analysis firm February 3, 2010 THE Financial Times yesterday took another step away from its reliance on advertising, as it snapped up Medley Global Advisors. The provider of macroeconomic intelligence to hedge funds and banks will become part of the FT’s paid for subscription service. The FT is stepping up its investments in premium services to reduce its reliance on [...]
Orange merger faces delay February 3, 2010 THE Office of Fair Trading (OFT) said yesterday it will probe the proposed merger between Orange and T-Mobile, which could delay the deal by months. Orange had hoped to tie up the deal to become the UK’s biggest carrier by the start of the summer. But the OFT’s announcement that it will look into the [...]
Walker Greenbank slashes debt pile on renewed appetite for luxury furnishings February 3, 2010 WALKER Greenbank, the luxury interior furnishings group, yesterday said it had slashed its debt pile after trading strongly over the latter part of the year despite the ongoing tough climate for the upmarket retail sector. The group, which owns premium fabric and wallpaper brands Zoffany, Harlequin and Sanderson, said it expects to have reduced net [...]
TimeLine | The proposed UK orange and T-mobile merger February 3, 2010 September 2010 Likely date of actual merger. June 2010 The two companies hoped to conclude a tie-up. 1 March 2010 Revised European Commission review deadline. 15 February 2010 Original European Commission review deadline. 3 February 2010 OFT requests UK review of merger. 14 January 2010 OFT commenced consultation on whether to review the UK aspects [...]
Fears over bad loans hit Spanish banking stocks February 3, 2010 FEARS over Spain’s banking system rose yesterday, with growing fears about the extent of the banks’ bad loan portfolios. Analysts at JP Morgan, Ignacio Cerezo and Andrea Unzueta, warned in a research note there could be some nasty surprises to come. Commenting on BBVA, which reported a 94 per cent decline in earnings last week, JP Morgan’s [...]
Carpetright sales slow on snow chaos February 3, 2010 Carpetright, Britain’s biggest floor coverings retailer, saw sales growth slow in the three months to January, missing forecasts as trade in the early part of 2010 was hit by heavy snow and sub-zero temperatures. The firm’s stock fell three per cent to 943p, making it the top midcap loser, though chairman and chief executive Lord [...]
Partygaming boosted by poker punters February 3, 2010 INTERNET gaming firm PartyGaming yesterday said fourth quarter revenues rose 32 per cent compared with a year earlier and 17 per cent compared with the previous quarter; generating almost £279m for 2009. Finance director Martin Weigold said he expects sales and profit to post “double-digit” gains this year, excluding acquisitions. The group predicts a profit [...]
BEST OF THE BROKERS February 3, 2010 BSKYB ING advises investors to “buy” BSkyB shares citing its “decent financials” and strong operating metrics despite the consumer recession. Believes its recent results indicate it’s a company for “BT to worry about”. Says the shares are “too cheap by far,” and that the market is underestimating its growth plans. Expects it to grow more [...]
Flurry of deals gives private equity new hope February 3, 2010 A RETURN to buoyancy for private equity could be just around the corner following a flurry of deals that promises to give new hope to an industry left treading water at the end of 2009. Yesterday Jon Moulton’s Better Capital fund announced its inaugural deal, buying aerospace supplier Gardner Group for £20m. It is the [...]
PERFORMANCE JITTERS February 3, 2010 PERFORMING arts school group Stagecoach Theatre Arts said yesterday it endured a tough past six months as the downturn continues to put pressure on families’ discretionary spending. The group’s pre-tax profit fell 20 per cent to £267,000 over the first half, though this mainly reflected a write-back of provision in the prior period.