Regulator alleges price fixing in sports bra market September 20, 2013 A regulator has alleged price fixing in selling of Shock Absorber bras in UK department stores. The Office for Fair Trading (OFT) today issued a Statement of Objections to a sports bra manufacturer for allegedly fixing the resale price of their Shock Absorber bras. (Release) DB Apparel, the maker of Shock Absorber has, the OFT [...]
RBS sale of Direct Line stake nets £630m September 20, 2013 An update from RBS has confirmed that the sale of a stake in home insurer Direct Line has raised £630m (release). That's an 18 to 20 per cent premium on the insurer's 175p floatation price. Now the state-backed bank retains a 30.3 per cent stake in the insurer, which was floated last Autumn. RBS previously [...]
Foxtons returns to market at £649m as stocks gear towards housing recovery September 20, 2013 London estate agents Foxtons has floated on the London Stock Exchange at 230p a share. (Release) Market capitalisation for the company is about £649m with gross proceeds raised of £390m. Our deputy editor David Hellier writes: STRONG demand for shares in Foxtons, the London-focused estate agency chain, was last night expected to push the group’s [...]
Before the open: markets slower following Fed decision on tapering September 20, 2013 European markets are set to open muted this morning, given the marginally weaker finish in the US, following the Fed's decision not to taper, and record high for the Dax earlier in the week. It was a similar story for Asian markets which were subdued, following Wednesday's announcement. Following a slightly rough time against the [...]
A whale of a fine for JP Morgan September 19, 2013 JP MORGAN was yesterday hit with a giant-sized £570m fine for failures leading to the London Whale scandal, where bosses did not notice a derivatives trader building huge positions that eventually lost the bank $6.2bn (£3.9bn). Initially traders tried to hide the problems from their supervisors, beginning in 2007. But watchdogs say by 2012 executives [...]
Iceland PM says UK bubbles risk bank collapse September 19, 2013 BRITAIN has failed to learn from the financial crisis and is building up the same problems that led to the collapse of Iceland’s banks, Iceland’s Prime Minister told City A.M. yesterday. Lenders in Europe and the UK are still encouraged to lend to borrowers who want to invest in bubble-prone assets, like stocks and housing, [...]
Foxtons and RBS ride heady markets to raise £1bn September 19, 2013 STRONG demand for shares in Foxtons, the London-focused estate agency chain, was last night expected to push the group’s valuation up to around £650m, as it emerged that RBS had also taken advantage of recent buoyancy in the equity markets to sell another portion of its holding in Direct Line insurance. The RBS sale of [...]
New dawn for Japan land prices after 20-year slump September 19, 2013 THREE major cities in Japan now have climbing land prices, bucking the deflation that had sent assets back down to values last seen in the 1970s. Japan’s land prices have collapsed since their peak in 1990, sliding downward every year for more than two decades, and becoming a symbol of Japan’s ongoing challenge with price [...]
What the other papers say this morning – 20 September 2013 September 19, 2013 FINANCIAL TIMES Buyout to keep Caesars afloat The Las Vegas-based casino operator said this week it was seeking to raise almost $5bn in bonds and loans to refinance its commercial mortgage-backed securities and a chunk of junior debt. Apollo Global Management and TPG bought Caesars, at the time known as Harrah’s, in early 2008, paying [...]
Nokia’s Elop to receive £15m for Microsoft return September 19, 2013 FORMER Nokia chief executive Stephen Elop will receive €18.8m (£15.8m) to move to Microsoft as vice president of devices and services, if the software giant’s deal to buy Nokia’s devices business goes through. The payment marks Elop’s second so-called golden handshake in three years. He was paid $6.2m by Nokia when he arrived in 2010, [...]