Burberry to target shoes and purses as recovery takes hold November 17, 2009 BURBERRY is targeting growth in non-clothing ranges like shoes and purses in the economic recovery, the luxury goods group said yesterday, as it posted a smaller-than-forecast fall in first-half profit. Profit for the six months to the end of September fell 24 per cent to £56.8m from £74.8m a year ago. The 153-year-old group, sketching [...]
Alchemy calls time on new investments November 17, 2009 Alchemy, the private equity firm that ousted its co-founder Jon Moulton two months ago, has closed its doors to new deals and is winding its existing portfolio down. The firm is understood to have stopped making any new investments – except bolt-ons to companies in its existing portfolio – and is expected to sell off [...]
Tesco finance unit shuns Lloyds and RBS assets November 17, 2009 Tesco is not interested in any assets bailed-out banks Lloyds and Royal Bank of Scotland will be forced to sell to satisfy EU antitrust worries, the head of Tesco Personal Finance said. Benny Higgins also said on the sidelines of the Euro Finance Week conference yesterday that Tesco might not launch a current account until [...]
C&W to raise 200m as it unveils demerger plan November 17, 2009 Telecoms group Cable & Wireless (C&W) is to split itself in two in a de-merger and tap the bond market to fund the deal. C&W will de-merge its worldwide unit, which supplies services to blue-chip companies in Europe, Asia and the US, from its international division, which provides fixed-line, mobile and broadband services in the Caribbean, [...]
FIGHT FOR CITY OPENS UP WITH A GOOD CUPPA November 17, 2009 IF THERE’S one City high-flier who finds it hard to say no to a new opportunity, it must be Stuart Popham, the jovial senior partner of legal giant Clifford Chance. Popham – in addition to his role at the head of the world’s largest law firm, his chairmanship of the CBI’s London council, and his [...]
CITY VIEWS: DO YOU THINK TRAIN FARES SHOULD BE RAISED ABOVE INFLATION? November 17, 2009 PAUL GIFFORD BANK OF ENGLAND“Generally I think it’s too much – to increase fares in this climate, when people are under stress is wrong. I guess their argument is that if you use the train to get to the City you’ve got the money to pay the fare. I think that they should put the [...]
Top bankers warn on the cost of new FSA powers November 17, 2009 Two top London bankers yesterday stepped up warnings that tightening regulatory rules on capital and bonuses too soon could stall economic recovery. HSBC chairman Stephen Green said that planned increases in capital ratios could “easily withdraw credit from the economy and cause a new credit crunch”. He added that “going over the top with risk-averse [...]
British Land’s asset value lifts November 17, 2009 BRITISH Land posted its first rise in net asset value since 2007 yesterday, fuelling hopes that the billions of pounds of distressed property loans jamming bank balance sheets may not be as toxic as first feared. The blue-chip real estate company said its net asset value rose 3.1 per cent to 372p a share in [...]
Barratt reports jump in buyers November 17, 2009 HOUSEBUILDER Barratt Developments said home buyers were coming back to the market, with private reservations per site up over a third on last year. The second largest housebuilder by market value saw net private reservations per site rise by 34 per cent, it said yesterday in a trading statement covering the 19 weeks to 8 [...]
Savills says performance this year will meet expectations November 17, 2009 GLOBAL real estate broker Savills yesterday said it expected its full-year performance to be in line with its expectations, as its European business continued to face challenging market conditions. Savills said greater-than-expected cost savings of £60m for the year had enabled it to continue investing in its business “without adversely affecting our performance expectations for [...]