Fine wines still flavour of month for investors September 6, 2009 THE main fine wine indices rose in August at the fastest rate since mid-2007, as investors continue to plough money into less volatile assets despite signs of a return of confidence to the equity markets. The Liv-ex 100 index rose 4.6 per cent in August, while the Liv-ex Claret Chip index recorded gains of 5.9 [...]
AIG sells unit to Bridge for fee of $500m September 6, 2009 BAILED-OUT US insurer American International Group (AIG) has struck a deal to sell its investment advisory and asset management operations for around $500m (£305m), the company said at the weekend. Bridge Partners, which is owned by private equity house Pacific Century Group, is to buy AIG Investments for an initial $300m, but the price could [...]
RSAmulls buyout of stricken Fortis, AIGunits with cash call September 6, 2009 RSA Insurance is thought to be considering snapping up stricken units of Dutch bank Fortis and US insurer AIG, with the proceeds of a $1bn (£610m) cash call. Andy Haste, chief executive of the insurance giant, is understood to have told financial advisers to investigate the potential acquisitions as part of his controversial expansion plans. [...]
Debt repayments drag coffee firm Pret A Manger to 33m losses September 6, 2009 SANDWICH chain Pret A Manger is struggling to pay its interest on its growing debt mountain, it has been revealed in figures filed by Companies House.Bridgepoint Capital, its private equity owner, saddled the group with debt during the boom time, but interest payments have now grown on its £325m borrowings. The eaterie, founded in 1986 [...]
FSAunder fire as building societies fight rules boost September 6, 2009 CITY financial watchdog the Financial Services Authority (FSA) has come under fire from building societies over its proposals to clamp down on their ability to lend to consumers. The lenders are understood to have teamed up and sent a fierce letter, through the Building Societies Association, to warn the FSA the rules will hamper their [...]
Telefonica and China Unicom exchange shares as strategic partnership begins September 6, 2009 SPAIN’S Telefónica and China’s Unicom have struck a deal which will see the twin telecoms giants buy $1bn (£610m) worth of each other’s shares. The agreement will see the Spanish firm build its stake in Unicom to just over eight per cent, while Unicom will end up with between 0.885 per cent and 0.892 per [...]
London Midland cancels trains September 6, 2009 Train company London Midland yesterday caused chaos on the rail network as it cancelled all but one of its Sunday services, causing extended disruptions to thousands of passengers. The firm, which operates over 1,200 services per day to 149 stations across the country, said the crisis came about after not enough of its drivers agreed [...]
Five’s landmark gambling deal September 6, 2009 Broadcaster Five has inked a landmark deal with Netplay the interactive gambling group, that will allow viewers to bet thousands of pounds on a live real-time roulette show from their own homes. The shows will be broadcast three nights a week between midnight and 4 am, and extended to six nights in October and every [...]
Why holding its nerve has paid off for Britain’s top accountancy firm September 6, 2009 LOOKING out of the window of his Embankment office, Ian Powell points at the sky above the London Eye. “It’s a bit cloudy,” he says. “But there’s sun on the horizon.” The same could be said of the outlook for PricewaterhouseCoopers, the largest of the “big four” professional services firms, which Powell has chaired since [...]
Summer sales data to reveal retail outlook September 6, 2009 RETAILERS are set to provide fresh evidence of consumer confidence this week in a series of market updates. In a bid to revive the ailing retail sector the West End is launching High Street Fashion Week today in an effort to attract a predicted 2.4m shoppers to Oxford Street. ABF Foods, Primark’s owner, will today [...]