Tesco looks East for growth and plans new Chinese stores November 12, 2009 TESCO yesterday announced a £100m tie-up with Asian investors to build three shopping centres in China as the first stage of a larger building programme. Britain’s biggest supermarket has signed an agreement for a 50-50 venture with investors including HSBC Nan Fung China Real Estate Fund, Singapore’s Metro Holdings and Hong Kong’s Nan Fung Group. [...]
EU delays new asset valuation rule changes November 12, 2009 BRUSSELS has delayed the introduction in the European Union of radical new accounting rules for banks and insurers. The rules came into force across most of the rest of the world, except the US, yesterday. But the European Commission said it would not accept the changes until it had looked into them further and would [...]
MAGICAL KINGDOM November 12, 2009 WALT Disney posted a larger-than-expected rise in quarterly profit and revenue, boosted by strong performance at its theme parks, an improving ad climate and the media giant’s cable operations. Operating income at Disney’s cable networks grew 19 per cent, fuelled by growth at the worldwide Disney Channels. Net income in the fourth quarter rose to [...]
Kroes: I’m no bank slayer November 12, 2009 EU COMPETITION chief Neelie Kroes yesterday hit back at critics who have slammed her decision to enforce punishing break-up rules on Europe’s bailed-out institutions, insisting she is not a “bank destroyer”. Speaking in Amsterdam, Kroes – nicknamed “Steely Neelie” for her ruthless approach – said: “Our goal is not to break up banks. I am [...]
More pain for restaurants as firms cut back on Christmas November 12, 2009 THE number of restaurants falling into insolvency is set to rise again next year after one of the quietest corporate Christmases on record. The industry’s woes over the financial crisis have been well publicised by the difficulties experienced by the UK’s celebrity chefs. Gordon Ramsay revealed earlier this year that his restaurant empire had teetered [...]
CITY VIEWS: DOES SIR PHILIP HAMPTON’S ROLE AT ANGLO AMERICAN HINDER RBS? November 12, 2009 DANIEL FOSTER WILLIS“In theory, Hampton’s acceptance of a role at Anglo American shouldn’t have any effect on his ability to serve RBS. The bank needs to hire people who can help in the crisis, so I trust he can still do that despite taking on a second role.”HARRY MCINDOE BPL GLOBAL“RBS is faced with such [...]
How to get yourself headhunted November 11, 2009 PEOPLE in the City are beginning to shift their feet. After sitting tight in their jobs throughout the downturn, workers are sniffing out new roles in increasing numbers, according to figures from recruitment firm Morgan McKinley – it said yesterday that the numbers of those looking for a new position in October were up six [...]
ART IN THE CITY November 11, 2009 THE ANNUAL ING Discerning Eye exhibition, showcasing the work of unknown alongside established artists, opens to the public today at The Mall Galleries. Nearly 200 artists will display their artworks at this year’s exhibition, which attracted a record 2,300 submissions. The show will include pieces from award-winning artists such as Darren Baker, whose portraits include [...]
The best places to splash the cash with discretion November 11, 2009 MARCUS Wareing recently told City A.M. that ever since the start of the financial crisis, the phones have been ringing off the hook of his restaurant at the Berkeley Hotel with enquiries about the private dining room. “People are spending money,” he said. “They just don’t particularly want to be seen doing it.” It seems [...]
Japanese whisky, the spirit of Christmas November 11, 2009 IF JAPANESE whisky sounds like a joke – something akin to the Jamaican bobsleigh team, or Indian wine – then you clearly don’t know very much about spirits. At last year’s World Whisky Awards, Yoichi 20-year-old was voted the best whisky in the world, while Suntory’s Hibiki was voted the best blended whisky. If you [...]
