Shipping and oil giant Maersk’s chief executive speaks out about rocky economic outlook November 9, 2015 There are choppy waters ahead for the economy, said Nils Smedegaard Andersen, chief executive at A.P. Moeller-Maersk, who voiced his concerns about the financial outlook this morning. Bloomberg reported that Andersen said Maersk is less than optimistic about global growth. “We conduct a string of our own macro-economic forecasts and we see less growth – particularly in developing nations, [...]
Quindell to make a new start with name change to Watchstone Group – as it seeks shareholder approval for £414m capital return November 9, 2015 After 18 months of horror, insurance claims processor Quindell is after a new start: the company today said it was seeking shareholder approval to change its name to the decidedly austere-sounding Watchstone Group. Quindell announced the plans for its new identity in a statement this morning, although it didn't give shareholders much of an indication why. Perhaps it's something to [...]
The Gym Group fixes valuation at £250m with today’s IPO November 9, 2015 Pay-as-you-go fitness chain The Gym Group has set its IPO at 195p per share, giving the company a market cap of around £250m. This is lower than the original valuation, which had been expected to come in around £300m. The business will be issuing just over 64m shares to the main market, 50 per cent [...]
RW Baird chiefs on the respectful way they do business and their plans to expand in the City November 9, 2015 Think banking is all about “sharp elbows,” gruelling hours, and job-hopping ‘til you reach the top? Zealous midwesterners Paul Purcell and Steve Booth, who run wealth-management-cum-investment-bank outfit RW Baird, say that they offer a more respectful way of doing business. Their bank has long-term partners, a “no asshole policy”, and has ended deal-related incentives for [...]
Northern SMEs and firms hit by hidden credit crunch November 9, 2015 Twice as many small and medium sized enterprises (SMEs) in the North of England have had their overdraft facilities axed as those in the London, according to research from business financial comparison site Funding Options. In the past two years 55 per cent of businesses in the North were found to have had their overdrafts [...]
Amazon Black Friday 2015 UK deals: 7,000 bargains to attract one in five shoppers as Amazon Marketplace joins the sales frenzy for the first time November 9, 2015 One in five British shoppers are expected to take part in this year’s Black Friday shopping frenzy on 27 November, data from business analytics firm SAS shows, as the UK’s gears up for its biggest online shopping day of the year. Meanwhile Amazon today revealed that it will feature more than 7,000 deals during the week starting at midnight [...]
PwC: Investment in UK-held assets will account for more than half of all investment across Europe November 9, 2015 British banks are leading the way in disposing of unwanted loan portfolios, according to a new report out today from PwC. Analysts from PwC’s portfolio advisory group found that European banks are disposing of unwanted loan portfolios at record rates and performing portfolios are becoming increasing popular, with investment in UK-held assets accounting for more [...]
Capital & Counties eyes sale of £300m Olympia exhibition centre November 8, 2015 The Olympia exhibition centre in West London is being prepped for a £300m sale by its owners Capital & Counties (Capco). The FTSE 250 property company, which is behind the £8bn regeneration of Earl’s Court, confirmed it has hired agents at CBRE and investment bank Rothschild to explore options for the events venue. “Following the successful [...]
Sainsbury’s counts the cost of supermarket price war November 8, 2015 Sainsbury's is expected to unveil a near 25 per cent slide in first half underlying profits on Wednesday, as efforts to compete with rivals and stay ahead in the supermarket price war hurt margins. Analysts at Barclays expect margins to fall by 60 basis points to 2.5 per cent and underlying profit before tax to decline by [...]
Retailers in focus as season winds down – New York Report November 8, 2015 A cloud of pessimism may have burned off for many investors on a bright October US jobs report on Friday, but much of the global economy – including China, which not long ago was a top worry for the US Federal Reserve – remains vulnerable. With markets having swung in just a few weeks from [...]