Wharf raises 1bn to save it from brink September 24, 2009 SONGBIRD Estates, the majority owner of Canary Wharf, yesterday announced a £1.03bn rescue fundraising – the biggest ever in UK real estate history. The group will use the majority of the cash raised to pay down its £800m senior loan with Citi, which was due to expire next year. Without the fundraising, Songbird would have [...]
Rolet plans to take LSE on the offensive September 24, 2009 THE LONDON Stock Exchange’s new chief executive Xavier Rolet yesterday said that he would consider acquisitions as part of an aggressive push to regain market share. Rolet, who was facing analysts for the first time since taking over the role in May, said that the LSE intended to be “offensive, not defensive” in the fight [...]
3i Group asset sales fail to show signs of improvement September 24, 2009 LISTED private equity giant 3i Group yesterday said the recent rallies in stock markets have not fed through to gains on its assets, in a downbeat trading statement. “Despite the recent strong performance of equity markets, the economic outlook is still fragile and private equity and mergers and acquisition markets remain subdued,” said chief executive [...]
Hearing into ratings firms is pushed back September 24, 2009 A ROW between rival politicians has led to the postponement of a critical hearing into the behaviour of US ratings agencies in the run-up to the recent banking crisis. “Some information has come to light which not all members of the committee have seen,” a spokesman for the top Republican on the committee told City [...]
MASS EXODUS AHEAD September 24, 2009 WORKERS are planning a mass exodus from their current employment once the UK comes out of the recession, according to data released yesterday by recruiter Robert Half. Nearly 40 per cent intend to move once the economy stabilises, while nearly half want to move within six months of the recession being over.
CITY VIEWS: HAS GORDON BROWN’S GOVERNMENT BEEN GOOD FOR THE CITY? September 24, 2009 DAVID BLANC VESTRA WEALTH“I don’t think so, because of three key issues: the 50 per cent income tax band, the rules on non-doms, and the government’s position on attacking the bonus culture. Boris Johnson has been far more understanding towards the City.” LAURA GRAY AVIVA INVESTORS“It hasn’t been good for the City, but no party [...]
M&C Saatchi profits suffer in the slump September 24, 2009 ADVERTISING group M&C Saatchi yesterday reported a 32 per cent drop in first-half profit, driven by the “unprecedented pressure” felt by its clients in the downturn. M&C – which was founded by Maurice and Charles Saatchi – said that client uncertainty over budgets had impacted both its revenue and profitability. However, it added that trading [...]
Sterling slips as King remarks on benefits of a weak pound… September 24, 2009 STERLING slumped against most foreign currencies yesterday, as forex traders took in Bank of England governor Mervyn King’s indication that he was comfortable with a weaker pound by selling it. Currency markets reacted to comments from King suggesting that a weaker sterling could help the UK recalibrate its economy, driving the pound to a five-month [...]
… while Bank economist admits the dangers of QE September 24, 2009 QUANTITATIVE EASING could result in unwanted asset bubbles that could prove “costly to rectify”, the Bank of England’s chief economist and monetary policy committee member Spencer Dale said yesterday. Speaking in Exeter, Dale said he was concerned by the uncertainty surrounding the effects of quantitative easing. “We do not have much experience of conducting monetary [...]
DOES M&C SAATCHI’S OUTLOOK OFFER ANY HOPE? September 24, 2009 FIONA ORFORD-WILLIAMS EDISON INVESTMENT RESEARCHMarketing spend is still heavily constrained, with continuing pressure on fees, but it does look like a base level is being reached and comparatives are becoming easier. The group is sensibly using its strong balance sheet to invest in new offices ahead of any market improvement. CLAIRE ENDERS ENDERS ANALYSISThe results [...]