Lloyd’s of London review will focus on whether to launch new global markets July 21, 2009 LLOYD’S of London is considering launching a raft of new insurance markets around the world in its landmark strategic review. The move could capitalise on the near-failure of US rival AIG and boost the group’s global presence. Sean McGovern, the market’s general counsel who is heading up the review, one of the biggest in Lloyds’s [...]
Vasanta secures a crucial cash injection from Endless July 21, 2009 OFFICE supply giant Vasanta has announced it has secured lifeline funding from turnaround group Endless Investments, in return for handing a 79 per cent stake to the private equity house. The group has avoided collapse through a £30m cash injection from an Endless-led syndicate. The deal will also see 29 per cent of the firm’s [...]
SAFE AS HOUSES July 21, 2009 LAND Securities chief executive Francis Salway says the real estate company plans to raise £360m through a securitisation of an office let to the Home Office – the first deal of its kind since the credit crunch took hold of the market – signaling that investor appetite for commercial mortgage-backed securities (CMBS) may be returning. [...]
BP forecasts drop in output July 21, 2009 BP said yesterday that its North Sea output will drop around nine per cent in 2009 – but said that it remains committed to the region despite rising costs and dwindling reserves. Europe’s second-largest oil and gas company said production from its UK and Norwegian fields will be equivalent to 320,000 barrels per day, down [...]
Fuller’s sales warmed by the sun July 21, 2009 Pub company Fuller’s, Smith & Turner said that the warmer weather boosted like-for-like sales in its managed pubs and hotels by 2.9 per cent in the 16 weeks to 18 July. Sales of Fuller’s own brewed beer, which includes London Pride, were up by two per cent. However chairman Michael Turner added that its tenanted [...]
Tricorona mulls over bid for rival July 21, 2009 The bidding war for EcoSecurities Group intensified yesterday with Swedish clean energy project developer Tricorona saying that it would consider bidding for the British rival. Tricorona’s statement comes a week after EcoSecurities rejected a second bid worth 77p per share by co-founder Pedro Moura Costa’s company Guanabara Holdings.
Oakley sees asset value rise July 21, 2009 Bermuda-based adviser Oakley Capital Investments reported a 16 per cent rise in net asset value per share for the first half of the year, and said it expected a significant number of attractive investment opportunities over the next 24 months. It added that its Oakley Capital Private unit’s largest portfolio company, Host Europe, sold one [...]
Next boosted by sales rush July 21, 2009 NEXT, the high street clothing retailer, yesterday brought some sunshine to the City by raising its annual profit forecast by £30m in an early trading update. Chief executive Simon Wolfson said: “Six months ago we were billed as optimists for saying the world wasn’t going to end. And it hasn’t.” The fashion chain, which has [...]
IG Group directors demand higher pay after profits rise July 21, 2009 SPREADBETTING firm IG Group said yesterday that it will ask shareholders to approve increases in its directors’ pay packages, as it reported a 30 per cent hike in its full-year profits, driven by new account openings. The company said that its directors’ basic pay has “fallen into the bottom quartile in most relevant surveys”, due [...]
DOES NEXT’S PROFIT UPGRADES BOOST YOUR FAITH IN RETAIL ? July 21, 2009 RICHARD HUNTER HARGREAVES LANSDOWNEIn the midst of the current economic malaise, Next has been making outstanding progress. The early indications from its current summer sales are encouraging, whilst overall sales are in positive territory – almost inevitably helped along by a decent contribution from the Directory business. Meanwhile, the recent bout of good weather has [...]