Burberry leads FTSE 100 up October 11, 2012 The blue chip index was up in early trading, led by fashion retailer Burberry and UK banking shares. The collapse of the merger talks between BAE and EADS and Direct Line’s £2.62bn float were the main talking points this morning. Nat Rothschild’s Bumi rose 15.35 per cent in early trading on the mid-cap index, as [...]
Ashmore lifted by fresh inflows October 11, 2012 Emerging market investor Ashmore said this morning its assets under management rose by 6.8 per cent in the three months to September, as inflows from Asian and Middle East government investors boosted the asset manager. Over its first quarter, assets increased to $68bn (£42.5bn). Positive investment performance accounted for $3.7bn, while inflows accounted for $600m. [...]
Bakries propose divorce from Bumi October 11, 2012 Indonesia’s influential Bakrie family have asked to cancel their shareholding in miner Bumi, offering to take back the Indonesian assets they brought in less than two years ago. In a statement this morning, Bumi, founded by Nat Rothschild, said that the Bakrie group proposed cancelling their 23.8 per cent shareholding in the London-listed miner. In [...]
Burberry confirms slowing sales October 11, 2012 Fashion retailer Burberry this morning confirmed that retail sales growth slowed in the second quarter, after warning on profits last month. In an interim trading statement, the fashion house said demand in the UK and China had slackened. The group said like-for-like sales grew by one per cent in the three months to 30 September. [...]
BAE and EADS tie-up called off October 10, 2012 BAE and EADS called off their £30bn mega-merger this afternoon, placing the blame squarely with the governments involved. Sources close to the deal say that Merkel refused to back the deal because of issues over state stakes. Yesterday EADS said there had been a breakthrough between the French and the English regarding a cap on [...]
FTSE 100 down on global growth concerns October 10, 2012 The leading blue chip index opened down this morning, consolidating losses overnight from the US and Asia on further warnings from the International Monetary Fund. Airline Flybe sank 4.85 per cent in early trading, while home shopping group N Brown fell 3.69 per cent. Shipping firm Anglo Pacific fell 3.2 per cent in early trading. [...]
IMF: Policymakers must act to restore confidence in Eurozone October 10, 2012 The International Monetary Fund (IMF) this morning urged Eurozone policymakers to restore confidence, reverse capital flight and reintegrate the euro-area to restore confidence in the global financial system. In its semi-annual global financial stability report, the IMF said it saw increased risks to the system, with the Eurozone crisis the “principal source of concern”. The [...]
Toyota to recall 7.4m vehicles globally October 10, 2012 Car manufacturer Toyota said this morning it is to recall 7.4m vehicles globally, due to malfunctioning power switches. The Vitz, Yaris and Corolla models are thought to be affected. The company will recall 2.47m vehicles in the US, as well as 1.4m from China and another 1.4m in Europe, making the biggest single recall since [...]
M&S clothing head joins Asos October 10, 2012 AIM-listed fashion retailer Asos this morning confirmed the appointment of ex-Marks & Spencer executive Kate Bostock. Bostock, former head of general merchandise at M&S, will join Asos in January as executive director for product and trading. Bostock announced her departure from M&S in July after a period of poor trading, although she did not officially [...]
Rupert Hume-Kendall lands promotion at Bank of America Merrill Lynch October 9, 2012 Rupert Hume-Kendall, one the most prolific dealmakers at Bank of America Merrill Lynch and short-listed for City A.M.’s investment banker of the year award has just been promoted to a new position within the bank, City A.M. has learnt. He will now be chairman of Global Corporate & Investment Banking for Europe, Middle East and [...]
