Bank of Japan offers 10 trillion in emergency funding to banks December 1, 2009 JAPAN’S central bank announced yesterday that it would offer banks more short-term funds in a plan designed to avert the world’s second largest economy slipping back into recession. Following an emergency meeting, the Bank of Japan said it was offering banks ¥10 trillion (£69.43bn) in three-month funds at a rate of 0.1 per cent. The [...]
HOUSE PRICES RISE AGAIN December 1, 2009 BRITISH house prices rose 0.5 per cent in November, according to the latest monthly Nationwide survey. This matched October’s increase and took the average house price to £162,764. Although a lack of stock and falling prices have underpinned price rises, analysts pointed out that the rise in UK house prices appeared to be moderating and [...]
M&B steps up board battle December 1, 2009 PUBS group Mitchells & Butlers yesterday ramped up its row with its major shareholder, billionaire investor Joe Lewis, removing his representatives from the board and appointing a new chairman in defiance of his wishes. Richard McGuire and Douglas McMahon, representatives of Lewis’s investment vehicle, Piedmont, have been told by M&B to step down. Simon Laffin, [...]
Greene King buys seven pubs as it reports increase in profit December 1, 2009 GREENE King, the brewer and pubs chain, has continued to weather the economic storm, reporting a three per cent rise in half-year profits. The firm, which brews the Abbot Ale and Old Speckled Hen brands, posted pre-tax profits of £62.4m for the six months to 18 October. Like-for-like sales in its retail business were up [...]
Wetherspoon to create 10,000 jobs by opening 250 new outlets December 1, 2009 PUBS chain JD Wetherspoon is to create 10,000 jobs over the next five years with the opening of 250 new pubs. The business, which currently employs 21,000 people and has 743 pubs across the UK, is investing £250m in the new outlets. Openings are planned in cities such as Sheffield, Newcastle and Liverpool, with the [...]
Tui confident on 2010 after loss narrows December 1, 2009 TUI Travel, Europe’s largest tourism operator, said it was on track to meet expectations for 2010 after revealing a second half pre-tax loss of £52m. The figure contrasted with a £267m loss last year, reflecting the positive effects of capacity cuts and price increases. Analysts greeted the news with cautious optimism. Revenue at Tui stayed [...]
Chicago Board Options Exchange is just days or weeks from a demutualisation December 1, 2009 THE Chicago Board Options Exchange (CBOE), the primary options-trading venue in the US, yesterday said it had struck a deal over ownership rights to the bourse that will knock down the last hurdle preventing a demutualisation “within days or weeks”. The CBOE, one of the world’s last big member-owned financial exchanges, will pay $2.1m (£1.3m) [...]
DIAMONDS AREN’T FOREVER December 1, 2009 Vice Chairman Nicola Bulgari sold a 1.33 per cent stake in Rome-based luxury jewellery firm Bulgari to institutional investors yesterday. The company said the senior executive decided to sell 4m shares to finance personal projects. Its stock on the Milan stock exchange closed down 2.8 per cent at €5.98 (£5.43).
Vivendi will sell its stake in NBC to GE December 1, 2009 THE French conglomerate Vivendi has agreed in principle to sell its 20 per cent stake in US media giant NBC Universal to majority shareholder General Electric for $5.8bn (£3.5bn). The move will allow GE, which owns the other 80 per cent, to push ahead with its proposals to create a $30bn joint venture with US [...]
Unite seeks 150m for investment arm December 1, 2009 UNITE GROUP, the student housing developer and manager, said yesterday its investment arm USAF was raising £150m to expand its property portfolio, in the latest indication that the student property market is thriving despite the downturn. The group has already secured £133m of its target from investors, it said, and has also received applications for [...]
