JD crosses channel for Chausport May 20, 2009 Retailer JD Sports Fashion said yesterday it had bought the sports footwear retailer Chausport for €8m (£6m) in cash to enter the French market. JD said it has also acquired €2m of debt as part of the purchase of the 78-store group. “The JD board expects that the Chausport acquisition will be earnings enhancing in [...]
New LSE chief vows to keep market share May 20, 2009 THE London Stock Exchange’s (LSE) new chief executive, Xavier Rolet, yesterday vowed to fight newcomers hoping to take market share from the 200-year old institution. Taking the reigns from Dame Clara Furse – who stepped down after eight years – Rolet said he would not rule out consolidation with other companies nor the launch of [...]
Share sale aids BoA to speed TARP payback May 20, 2009 BANK of America (BoA) moved halfway to finding the $33.9bn (£21.9bn) the US government has demanded it raise yesterday as it said it had sold $13.4bn worth of shares since Friday. America’s largest bank said in a statement after the closing bell that it had sold 1.25bn common shares at an average price of $10.77 [...]
ANALYST VIEWS: WHAT DOES THE FUTURE HOLD FOR THE LSE? May 20, 2009 RUPAK GHOSE CREDIT SUISSE “The main area of positive surprise was from costs, around £10-20m better than expectations. We continue to believe that LSE is relatively fully valued and have an underperform rating on the stock – but given the better than expected costs we expect the share price to be relatively strong in the [...]
Sterling gains against dollar as bulls return May 20, 2009 STERLING is undervalued, according to almost a quarter of fund managers, marking a dramatic turnaround in optimism on the beleagured currency. The finding from Bank of America Securities-Merrill Lynch’s global monthly fund manager survey marks a rise from April when 17 per cent saw the pound as undervalued. The optimism comes as strategists predict a [...]
IMA recruits fund stars to its board May 20, 2009 ASSET management trade body the Investment Management Association (IMA) has appointed a slew of fund management heavyweights to its board including Alain Dromer, global chief executive of the £235bn Aviva Investors. The IMA, which speaks for the £3.4 trillion UK asset management industry, has named four new members also including Investec Asset Management boss Hendrik [...]
Pringles to cost P&G millions May 20, 2009 PROCTER & Gamble (P&G) will have to pay out tens of millions of pounds in VAT after it lost a legal battle over its Pringles snack yesterday. The Court of Appeal found in the Inland Revenue’s favour, saying that Pringles are a potato snack, which means they’re liable for VAT. Last summer, a High Court [...]
Loss of 17.6bn if banks sold May 20, 2009 TAXPAYERS would make losses of £17.6bn if the government sold out of Lloyds Banking Group and Royal Bank of Scotland (RBS) at today’s prices, Exane BNP Paribas said yesterday. The figures indicate that any sell-off of the government’s stake in either Lloyds or RBS is unlikely ahead of the next general election. BNP Paribas calculated [...]
Summer of discontent looms over bonuses May 20, 2009 A SUMMER of discontent over the pay of top executives looked more likely last night, as pressure groups urged shareholders to reject plans to pay vast bonuses for under-performance. Bailed-out bank Lloyds Banking Group and telecoms giant Cable & Wireless are next in the firing line over pay, as both have impending shareholder meetings that [...]
SEC proposes giving US shareholders more power May 20, 2009 THE US Securities and Exchange Commission (SEC) proposed yesterday giving shareholders greater power to nominate corporate board directors, a process now tightly controlled by company management. Amid a push by investor groups for greater accountability by corporate America, the SEC voted 3-2 to propose two approaches aimed at giving shareholders an easier way to influence [...]