Sainsbury’s has top quarter for market share December 4, 2012 SAINSBURY’S has picked up market share in the last quarter, to make it the biggest winner among the overall grocery market, data revealed yesterday. According to figures from market researcher Kantar Worldpanel the supermarket’s sales rose 4.7 per cent and its share rose 0.2 points to 16.9 per cent in the 12 weeks to 25 [...]
Cross-border M&A activity gets lift from handful of big deals December 4, 2012 THE VALUE of cross-border mergers and acquisitions (M&A) activity jumped in the third quarter, despite a plunge in the number of deals. The total value of all M&A involving UK-based firms climbed from £9.8bn in the second quarter to £16.9bn in the third quarter of 2012, the Office for National Statistics (ONS) revealed yesterday, also above the level seen [...]
Soaring food inflation erases effect of falling non-food prices December 4, 2012 ANNUAL food price inflation accelerated in the year to November, but a return to deflation in some non-food prices provided a counterweight to keep overall shop price inflation steady. Food was 4.6 per cent more expensive in November than it was a year before, according to data from the British Retail Consortium (BRC), an inflation rate 0.6 [...]
Marshall Wace boosts profits on fund returns December 4, 2012 LONDON-BASED hedge fund Marshall Wace yesterday posted a 20 per cent jump in pre-tax profits led by a surge in income from improved fund performance. The company, set up by Paul Marshall and Ian Wace, improved profits from £39.4m to £47.3m for the year ending February 2012 with income from performance fees up ten per [...]
Activist Bramson makes way for fresh blood in F&C shake-up December 4, 2012 ACTIVIST shareholder Edward Bramson yesterday announced he was stepping back from leading his current project F&C Asset Management after promoting a new chief executive to lead the firm. Bramson, who took over F&C through his Sherborne Investments company with a 20 per cent stake, is moving from his role as executive chairman to become non-executive [...]
Former FSA boss Sants in talks to take up a post at Deloitte December 4, 2012 FORMER financial watchdog boss Hector Sants is in talks to take a new job with professional services giant Deloitte, a source said yesterday. Sants, who is on gardening leave after quitting the top job at the Financial Services Authority in June, is in discussions to join the firm next year. However, his job description remains [...]
Dexia in talks to sell asset manager unit December 4, 2012 FRANCO-Belgian group Dexia is in talks on a disposal which will mark the near completion of its dismemberment following its virtual collapse in the wake of the financial crisis. The group, which had expanded to become world’s biggest lender to local authorities before its access to credit dried up and it had to be bailed [...]
Buffett’s Berkshire asks Swiss Re for $1bn in insurance spat December 4, 2012 WARREN Buffett’s Berkshire Hathaway conglomerate is claiming up to $1bn (£620m) from reinsurer Swiss Re in a dispute over a life insurance deal they agreed in 2010. Berkshire Hathaway is “alleging damages of between $0.5 and $1bn”, Swiss Re said on page 73 of the third-quarter earnings statement it issued on 8 November, adding the [...]
Carney shows hawkish instincts by hinting at an interest rate rise December 4, 2012 THE BANK of Canada yesterday held interest rates at one per cent and hinted that a rate rise could come in the near future. That hawkish note comes despite fears the US “fiscal cliff” could send the world economy tumbling, and marks a stark contrast to the very loose policies of the Bank of England, [...]
Britons seeking sunshine drive profit up for Tui December 4, 2012 TUI TRAVEL, the holiday giant, said yesterday that package holidays are making a revival, helping to boost full-year profits for the firm. Chief executive Peter Long said: “We’re seeing a renaissance in demand for package holidays and a strong trend towards all-inclusive holidays with customers seeking greater certainty.” The operator of Thomson and First Choice [...]