House prices see surprise jump in May June 4, 2009 HOUSE prices unexpectedly rose by 2.6 per cent in May at their fastest monthly rate since October 2002, according to Halifax’s house price survey released yesterday, although economists warned that house prices still had some way to go before bottoming out. Last month’s rise soundly beat analysts’ expectations of a fall of one per cent [...]
Car sales continue to drop despite scrappage scheme June 4, 2009 SALES of new cars continued to slide last month despite the government’s £300m scrappage scheme, new industry data revealed yesterday. New registrations fell 24.8 per cent in May to 134,858 units, the Society of Motor Manufacturers and Traders (SMMT) said. It is the 13th straight month of faling volumes, as consumers shun expensive purchases like [...]
Threadneedle Street and ECB leave interest rates on hold June 4, 2009 THE Bank of England (BoE) yesterday left UK interest rates at 0.5 per cent and announced no further asset purchasing beyond the existing £125bn, which the Bank expects will take two more months to complete. However, the Confederation of Business Industry’s chief economic adviser Ian McCafferty said fragile monetary and lending conditions mean the Bank [...]
Sales surge at WM Morrison June 4, 2009 SUPERMARKET group WM Morrison yesterday reported a better-than-expected 8.2 per cent jump in first quarter like-for-like sales, after it poached new customers from premium retailers. Chief executive Marc Bolland said Britain’s fourth largest supermarket had attracted an extra 500,000 customers a week over the period, largely driven by strong growth in London and the South. [...]
Helical Bar plans developing spree June 4, 2009 PROPERTY group Helical Bar yesterday said it had turned a corner as it revealed plans to begin a development spree, despite plunging further into the red for the full year. The firm said it had raised around £500m to invest in retail projects and student accommodation developments, including £26.4m of its own cash raised in [...]
BEST OF THE BROKERS June 4, 2009 J SAINSBURYIt’s the end of the beginning for J Sainsbury, not the beginning of the end, said analysts at Morgan Stanley as they upgraded the stock from “equal-weight” to “over-weight”. The broker expects the retailer to deliver premium like-for-like growth for at least 12 months, and has set a price target of 375p, which is [...]
Wincanton profits hit by Woolies June 4, 2009 Haulage business Wincanton reported that pre-tax profits fell to £20m from £36m in the year ending March due to rising debts, the consumer goods recession and the collapse of Woolworths. The group said a £23m restructuring charge had also exacerbated the fall.
Capita in forced sale on ruling June 4, 2009 Outsourcing group Capita said it is in talks to sell part of the IBS OpenSystems software arm it bought last year for £78m , following a ruling from the Competition Commission. The Commission said the deal would result in a lessening of competition in the market for revenues and benefits IT software.
Johnson’s Borders in possible sale June 4, 2009 Luke Johnson’s Borders, the bookseller chain, faces a possible sale after the Channel 4 chairman hired Clearwater Corporate Finance to seek out “funding opportunities”. Borders has hired restructuring firm BSM Bentley Jennison to sell its worst outlets.
Riverside in stellar fund interest June 4, 2009 Private equity firm The Riverside Company said it raised 30 per cent more than it hoped for its latest fund, despite the poor fundraising environment. The group said its Riverside Capital Appreciation Fund V has closed at $1.17bn (£726m).