Fall in London shopper numbers May 31, 2009 According to the latest data, UK shopper numbers fell by 2.4 per cent in May year-on-year, with largest falls in Wales and the South West (down 8 per cent). Footfall normally falls in May as a result of the two bank holidays and the lull in the early summer period, however this year the falls [...]
Samsonite in CVC rescue deal May 31, 2009 The world’s largest luggage-maker Samsonite has been thrown a last-minute lifeline by its private equity owner CVC, it said yesterday. Samsonite was on the verge of breaching its lending covenants before CVC signed a deal with lender RBS, giving the taxpayer-owned bank a stake in the US suitcase firm. Samsonite’s pre-tax profits plunged from $120m [...]
Hermes plans hedgie overhaul May 31, 2009 Hermes, the asset management giant which runs the BT pension fund, has demanded a more transparency and fairer fee structures in the hedge fund industry. Following a tide of calls for the sector to demystify as the credit crunch has rumbled on, the pension manager said it wants to set up a committee to push [...]
JP Morgan rules FTSE broking roost May 31, 2009 JP MORGAN Cazenove continues to dominate the FTSE broking world after gaining four new clients over the second quarter of the year, the latest adviser rankings guide from financial information company Hemscott has shown. JP Morgan Cazenove has a total of 228 clients, up from 224 at the end of the first quarter of 2009. [...]
City banks need same checks as MPs’ expenses May 31, 2009 Over the last few weeks, I suspect that the revelations about MPs’ expenses have shocked, disappointed and – in some cases – amused you. The tabloids have had a field day, as have the broadsheets, in particular, the Daily Telegraph. The paper has delighted in writing its front-page headlines in font so huge it is [...]
BEST OF THE BROKERS May 31, 2009 WOLSELEYDifficult trading across all business areas at Wolseley led Citigroup analysts to cut their earnings forecasts for 2009 by £67m to £293m and for 2010 from £387m to £293m. This has also led to a 26 per cent drop in estimated earnings per share for 2010. The broker has a “hold” rating on the stock, [...]
CITY MOVES WHO’S SWITCHING JOBS May 31, 2009 Old Broad Street ResearchThe investment funds research and consultancy firm has appointed Gill Hutchinson as head of investment consultancy and Nick Whalley as head of investment research. Hutchinson has managed the firm’s key investment consultancy relationships for many years, while Whalley joined OBSR’s research team in 2005. In his new role, he will be assisted [...]
Vanguard eyes Barclays’ iShares May 31, 2009 Barclays has received a $5bn (£3.1bn) counter-bid for its iShares exchange-traded funds business from US fund manager Vanguard, potentially scuppering the existing $4.4bn deal with CVC Partners. The bank has received interest from several parties for iShares, as well as the Barclays Global Investors (BGI) unit that houses it. Both are up for sale as [...]
Firms too vulnerable to defaults May 31, 2009 More than 350,000 small firms across the UK are relying on just one firm for over 75 per cent of their turnover, making them particularly vulnerable to defaults, according to research released yesterday. A survey of more than 500 small and medium enterprise (SME) manager owners by Close Invoice Finance – a subsidiary of FTSE [...]
EU moves to curb Microsoft May 31, 2009 The European Union is set to unveil another round of sanctions on Microsoft, in an attempt to change the software giant’s behaviour instead of just imposing fines on the company. The move would be the result of an investigation, initiated last year, into Microsoft’s bundling its own web browser with its Windows software. Sources have [...]
