Stephen Patrick joins Rothschild June 3, 2011 Rothschild boosted its consumer and retail practice yesterday with the addition of former Colgate-Palmolive executive Stephen Patrick. Patrick, who was Colgate’s global chief finance officer from 1996 until January before becoming vice chairman, served in senior finance roles in Canada, Europe and Latin America for the company. He joins Rothschild in New York as a [...]
Canada regulator gives LSE nod June 3, 2011 The London Stock Exchange and TMX Group yesterday said Canadian competition authorities will not challenge the proposed merge of two exchange operators. The ‘no action letter’ from the regulator satisfies a condition of the 9 February agreement by the two stock exchanges to join forces in a $3bn (£1.8bn) deal. In a further review, under [...]
Investec lends more to industry June 3, 2011 Investec has increased its lending to UK manufacturers after its research showed significant growth in the sector, it said yesterday. It found that the value of UK manufacturing exports rose 15.4 per cent between 2009 and 2010, led by London, where exports rose 32.2 per cent, and Yorkshire and Humberside, where exports grew 15.8 per [...]
US employment growth slows sharply in May June 3, 2011 US employers hired far fewer workers than expected in May and the jobless rate rose to 9.1 per cent as high energy prices and the effects of Japan’s earthquake bogged down the economy. Nonfarm payrolls increased 54,000 last month, the weakest reading since September, the Labor Department has said. Private employment rose just 83,000, the [...]
Prada points to rising profits ahead of HK IPO June 3, 2011 Italian fashion house Prada saw its net profit double in 2010 and expects further gains in the current half year, it said in a regulatory filing as it prepares for an initial public offering in Hong Kong. The IPO of about 14 per cent of its shares will value the Milan-based fashion house at around [...]
WPP buys Brazilian firm as sales grow June 3, 2011 Advertising giant WPP has shrugged off the economic gloom to deliver more than six per cent like-for-like sales growth in the four months to the end of April. Martin Sorrell’s firm said a strong performance in the US, where revenue rose almost eight per cent, and in the UK, which saw more than a seven [...]
Government confirms Tote sale to Betfred for £265m June 3, 2011 The government has confirmed it has agreed to sell its betting operation the Tote to private bookmaker Betfred in a deal valued at £265m. The highly-anticipated decision sees Betfred’s rival Sports Investment Partners, the investment vehicle set up by Sir Martin Broughton, lose out on the prize. The decision is also likely to stoke tensions [...]
Laura Ashley and John Lewis see sales slide June 3, 2011 Major high street retailers Laura Ashley and John Lewis have both reported falls in sales over the past four months. Home and womenswear retailer Laura Ashley said total sales fell 4.5 per cent in the four months to the end of May as it closed loss-making stores and refurbished others. Like-for-like sales were down 1.3 [...]
Moody’s cuts Greek bank ratings on haircut fears June 3, 2011 Credit rating agency Moody’s has downgraded its ratings of eight Greek banks as it finishes its review of the heavily-indebted country. The National Bank of Greece and seven others have been downgraded to either B3 or B1 from higher ratings and all their outlooks have been moved to negative, the agency said in a statement. [...]
Chevron plant death toll rises to four June 3, 2011 Four people have now died at a fire at an oil refinery run by US major Chevron in south Wales and an investigation has been launched into the blaze. An explosion just after 6pm yesterday in a 730 cubic metre storage tank at the refinery in Rhoscrowther, near Pembrokeshire, killed four contractors, the police said. [...]