WH Smith sales better than hoped June 4, 2009 WH Smith, the British newspaper, books and stationery retailer, reported a better than expected four per cent fall in underlying third quarter sales yesterday and said it was confident of its full-year prospects. The group, which trades from 557 high street stores across the UK, said sales at stores in its town centre businesses open [...]
Hartford boss quits amid losses June 4, 2009 Hartford Financial Services said chief executive Ramani Ayer, under pressure from shareholders as the 199-year-old insurer struggles with record losses, will retire by the end of of 2009. The group is hunting externally for a successor.
Goals in 11m fundraising June 4, 2009 Goals Soccer Centres, which runs five-a-side football pitches across Britain, said yesterday it planned to raise £11m from a placement of around 6.7m shares to accelerate the rate of openings of new soccer centres. The price of £165p a share represents a seven per cent discount to Goal Soccer’s closing price of 177.5p yesterday.
Mayfair group opens infra fund June 4, 2009 Gravis Capital Partners, the recently-founded Mayfair boutique fund manager, has launched the first debt-based infrastructure fund available to high-net worth investors. The group said the fund will aim for an eight per cent annual return via debt investment in public sector-backed investments, in the form of debt, in construction areas like schools.
Detail on LSE chief’s pay plan June 4, 2009 City A.M. yesterday reported that the London Stock Exchange’s (LSE) new chief executive Xavier Rolet could earn £5.2m in his first year in the role. The LSE has subsequently pointed out that Rolet could earn up to £2.3m this year through his base salary, benefits and bonus, if targets are exceeded. Should he choose to [...]
FSA EXTENDS SAVER PROTECTION June 4, 2009 THE FSA, led by Lord Turner, is extending seperate deposit protection for savers whose building societies are bailed out by another one until the end of 2010. The FSA is trying to reassure people whose combined savings in a merged society exceed the current £50,000 limit.
Car sale falls hurt Matthey June 4, 2009 JOHNSON MATTHEY beat expectations with a one per cent rise in full-year pre-tax profit yesterday, but warned sales will fall in the coming months as the global car industry continues to struggle. The world’s biggest distributor of platinum, which is used to make jewellery, car catalysts and as an ingredient for drugs posted an adjusted [...]
CITY VIEWS: DO YOU THINK THE RECESSION IS BEGINNING TO EASE? June 4, 2009 PAUL MCNALLY BRIT INSURANCE“I haven’t really noticed the recession, full stop. The pubs are full, the restaurants are busy. People say the housing and stock markets are down but that isn’t relevant unless you’re buying or selling, so elements of the crisis have been overblown.” ANNA KINGSMILL-VELLACOTT AKV“My gut feeling is that confidence is beginning [...]
Final salary schemes on the way out June 4, 2009 PENSIONS analysts sounded the death knell for final salary pension schemes yesterday, after supermarket chain WM Morrison became the third major company in a week to end its scheme. The retailer’s decision to bring the curtain down on the scheme follows similar moves by Barclays, which transferred 18,000 staff to a hybrid scheme and energy [...]
Debenhams in call June 4, 2009 High street retailer Debenhams yesterday announced plans for a £323m fundraising to fulfill chief executive Rob Templeman’s plan to take its debt “off the agenda.” Debenham’s £900m debt mountain has cast a long shadow over the group’s trading ever since private equity firms Texas Pacific Group and CVC Capital Partners floated the business on the [...]