Blue Inc to take on D2 shops January 5, 2012 Blue Inc, the fashion chain backed by Sir Stuart Rose and the Reuben brothers, is set to buy up most of the remaining shops from collapsed retailer D2 Jeans. The retailer will take on around 20 of D2’s outlets from administrator BDO, according to reports. D2, which was formerly owned by billionaire Sir Tom Hunter, [...]
Defiant Swiss bank boss: I will not quit January 5, 2012 UNDER-FIRE Swiss bank governor Philipp Hildebrand yesterday insisted he had no plans to step down, and vowed to fight accusations of insider trading that have been made against him “with all means”. Speaking at a press conference in Zurich yesterday afternoon, Hildebrand gave more details of the currency transactions made by his wife that have [...]
Dragon adds fire to fight for Blacks Leisure stores January 5, 2012 DRAGONS’ Den star and serial entrepreneur Peter Jones has thrown his hat in the ring for the troubled outdoor goods retailer Blacks Leisure, which was put up for sale last month. Jones, who is on the panel of the BBC reality TV show, has emerged as one of the four trade bidders to have tabled [...]
Bidders eye up Deutsche’s arms for sale January 5, 2012 BIDDERS for much of the asset management arm of Deutsche Bank are set to make initial offers by the end of this week. They will make indicative bids – which are not binding – giving Germany’s flagship lender a chance to consider the level of interest and the cash on the table. The bank, which declined [...]
Private equity fees boomed to pre-recession levels in 2011 January 5, 2012 BANKS reaped more in private equity fees last year than at any point since 2007, Dealogic figures revealed yesterday. The most lucrative client was Kohlberg Kravis Roberts, which paid $587m (£379m) of the $12.4bn paid globally – up 14 per cent from the $10.8bn paid in 2010, and accounting for 18 per cent of total [...]
MF Global UK clients set to get back cash this month – KPMG January 5, 2012 THE ADMINISTRATOR of MF Global UK plans to start returning to clients the $1.2bn (£774m) of cash and assets frozen at the collapsed broker as early as this month, in a move that will placate customers ahead of their showdown with KPMG next week. Richard Heis, KPMG’s joint special administrator of MF Global UK, said: [...]
Credit crunch hits British corporates January 5, 2012 WORSENING wholesale funding conditions are having the biggest impact on credit conditions for British companies since the end of 2007, according to the Bank of England’s latest survey of the UK credit landscape. The Bank said that the vast majority of non-financial corporates surveyed blamed tighter wholesale funding conditions for a deterioration in credit availability [...]
France sells €8bn of bonds but investor demand wanes January 5, 2012 FRANCE successfully sold €8bn (£6.6bn) of its debt at a closely-watched auction yesterday, but its borrowing costs edged higher and investor demand for its 10-year debt dropped sharply. France, which has been plagued by fears it could lose its much-coveted triple-A debt rating, sold €4.02bn of 10-year Oat bonds with yields up to 3.29 per [...]
Twin clamp-downs on health and safety culture and tax avoidance January 5, 2012 HEALTH and safety rules are a “monster” which damage the economy and the government must try to “kill off the culture for good”, Prime Minister David Cameron told an audience of small business owners yesterday. Cameron also called for large firms to pay their “fair share” of tax, joining the Deputy Prime Minister Nick Clegg [...]
Tullett cuts 80 brokers amid turmoil January 5, 2012 BROKER Tullett Prebon yesterday tried to reassure investors worried about the effect of global market turmoil on the City by unveiling a series of cuts it carried out late last year. The interdealer broker said last year’s efforts to slash costs – thought to include the loss of about 80 brokers in the US, Asia [...]