Kingfisher hit by French woes November 29, 2012 THE CHIEF executive of Kingfisher said uncertainty over the French government’s future tax policies had hit consumer confidence in its largest market, as it posted a six per cent drop in third quarter profit. The group, which runs B&Q and Screwfix in the UK as well as Castorama and Brico Depot in France, reported profits [...]
Asmussen warns that banking body won’t kick off until 2014 November 29, 2012 THE NEW European banking supervisory body, to be set up under the roof of the European Central Bank, will not be ready to operate fully before 2014, an ECB executive board member said yesterday. Making the ECB the supervisor for lenders chiefly in the 17 countries that use the euro would be the first of [...]
Eurozone retail sector suffers another sharp drop in sales November 29, 2012 RETAIL SALES continued to decline in the Eurozone in November, according to data out yesterday, making the month the 13th of shrinking volumes. Markit’s retail purchasing managers’ index rose slightly to 45.8, from 45.3 in October, but still indicated steady contraction, since it remained below the crucial no change level of 50. This came as [...]
IMF wants buy back of Greek debt settled November 29, 2012 THE INTERNATIONAL Monetary Fund will not disburse Greece’s next bailout tranche until the country completes a voluntary buy back of its debt, it said yesterday. Eurogroup finance ministers and the IMF agreed earlier this week to conduct the buy back as part of measures to make Greece’s debt sustainable and release urgent loans that help [...]
Toilet humour wins the day at business bash November 29, 2012 TO the Marriott in Grosvenor Square for the 14th annual Growing Business Awards this week. The ceremony was held to celebrate Britain’s brightest business minds, and in the spirit of 2012 was hosted by a British Olympian, Steve Cram. The night quickly went down the toilet, so to speak, with Better Bathrooms founder Colin Stevens [...]
Ladies who power lunch are celebrated at One Marylebone November 29, 2012 SOME of the City’s best-respected women flocked to One Marylebone on Wednesday, to enjoy a slap-up lunch and give themselves a well deserved pat on the back. The excuse for such a decadent afternoon was Red’s fourth annual Women of the Year awards. Representing the business ladies at the ceremony were shortlisters Lynn Rattigan, deputy [...]
Kcell and Megafon shrug aside Goldman Sachs effect November 29, 2012 In the end, the decision by Goldman Sachs to extricate itself from a leading position on the syndicate of banks advising Russia’s leading mobile telecoms group Megafon on its £7bn London and Moscow flotation didn’t turn out to be fatal. And although Goldman didn’t advise on the London flotation of Kazakhstan-based telecoms group Kcell, fears [...]
Aston Martin close to capital injection November 29, 2012 British sports car maker Aston Martin said it is in “advanced” talks with potential investors over an injection of capital into the business. Indian tractor maker Mahindra and Mahindra last week topped an offer from Italian private equity fund Investindustrial that had been agreed with Aston’s owner, Kuwaiti investment house Investment Dar, sources said. “We [...]
Barnett’s Ridley Park Paragon fund closes November 29, 2012 HEDGE fund manager Julian Barnett is shutting down his Ridley Park Paragon long/short equity fund, after two years in a torrid market, a source said yesterday. Barnett, who could not be contacted for comment, set up the $350m (£218m) fund in May 2010 after leaving his role as star fund manager at Aim-listed Polar Capital. [...]
Direct Line to cut 236 more jobs to save cash November 29, 2012 MOTOR insurer Direct Line yesterday said it was exploring plans to slash a further 236 jobs in a bid to reach its £100m cost cutting target announced in September. The firm, which recently revealed pricing for its public float, said the job losses would come across its commercial, risk and compliance and chief customer office [...]