Goldman Sachs defends 2001 derivative trades for Greece February 22, 2010 Goldman Sachs has defended the cross-currency derivatives it conducted for Greece in 2001 which reduced the country’s debt as a common currency risk management procedure consistent with EU debt reporting rules. The US bank said that it did the deals to reduce foreign denominated liabilities of Greece, which had become a priority following the nation’s [...]
Strong sales at Primark boost profits for AB Food February 22, 2010 STRONG sales at cut price clothing retailer Primark have helped fuel a “substantial rise in profits” for parent company Associated British Food. The London-based group yesterday said in a trading update it expected a jump in half-year earnings and a strong full year. Its 196-strong discount chain Primark saw an eight per cent rise in [...]
Shareholders should hold tight February 22, 2010 TRADING updates don’t get more bullish than this. Associated British Foods yesterday said that first half profit would be “substantially higher” than last year in all divisions, with the exception of its agriculture business (even this is an anomaly, as grain prices were unusually high in 2009). That growth will continue in the second half, [...]
Hammerson values fall despite belated upturn February 22, 2010 PROPERTY investor Hammerson yesterday reported a nine per cent dip in its portfolio value for 2009 despite strong market performance during the latter half of the year. Results for the Anglo-French company ending 31 December 2009 showed that the value of its portfolio increased by six per cent after 30 June as a result of [...]
ANALYST VIEWS: HOW HAS HAMMERSON PREFORMED THIS YEAR? INTERVIEWS BY EMMA SADOWSKI February 22, 2010 AARON GUY | COLLINS STEWART They were slightly ahead of my expectations. Their UK portfolio went up and it was more than I expected but the French portfolio was in line with what I thought. Their results are more driven by the market than the company itself. TINA COOK | CHARLES STANLEY The outlook statement [...]
Strong Bunzl results down to swine flu February 22, 2010 Distribution firm Bunzl reported better-than-expected full year profits as panic over swine flu sent sales of sanitary equipment soaring. Its profit of £258m was well ahead of analyst consensus of around £237m. It was boosted by a rise in sales of hospital gowns and cleaning equipment as the anti-swine flu message hit home. This was [...]
Hendry slams Brussels for fiddling with hedge funds as Eclectica trebles profits February 22, 2010 OUTSPOKEN hedge fund manager Hugh Hendry has warned smaller companies will flee the EU if Brussels strangles the financial sector by excessively tightening regulation. Hendry told City A.M. Europe was “fiddling” with hedge funds through tools such as the Alternative Investment Fund Managers directive, which would impose strict capital and liquidity requirements. He said: “There [...]
Sports Direct in share swoop February 22, 2010 RETAILER Sports Direct is trying to win a disputed 29 per cent stake in Blacks Leisure and potentially use its muscle to oppose its troubled rival’s rescue plans. Sports Direct’s subsidiary Sportsdirect.com is looking to acquire the shares as well as an 11 per cent holding in JD Sports Fashion from the administrators of collapsed [...]
Shakespeare takes top job at YouGov February 22, 2010 STEPHAN Shakespeare is to take the top job at online pollster YouGov, following chief executive Nadhim Zahawi’s selection as a Conservative parliamentary candidate. Shakespeare, who is currently chief innovation officer at the pollster and a City A.M. columnist, will begin transferring duties immediately. Zahawi will formally hand over the role when the election campaign begins [...]
Hitachi launches £1bn retail fund February 22, 2010 Japanese-backed Hitachi Capital has launched a £1bn fund to prop up the UK retail industry. The firm’s consumer finance division is ready to implement a plan that will invest the cash into the furniture, white goods, jewellery and other retail sectors in order to stimulate growth in sales. Consumer finance divisional managing director Gerald Grimes [...]