Analyst Views | What was your reaction to AB Foods’ trading update? September 10, 2012 DARREN SHIRLEY | SHORE CAPITAL ABF has issued an update that has confirmed strong momentum has been sustained through Q4… In our view, the continuing strength of ABF’s performance in an increasingly challenging consumer environment further demonstrates that Primark is possibly the most potent retail format in the UK. GRAHAM JONES | PANMURE GORDON ABF [...]
Dixons begins bond buyback September 10, 2012 DIXONS Retail yesterday launched a tender offer to buy back half of the £160m bonds it is due to repay in November, giving investors a further sign of confidence over its financial position. The electronics retailer, which earlier this week reported robust quarterly results, is offering to buy back £80m of its outstanding 6.125 per [...]
Betfair fights Cyprus ruling September 10, 2012 ONLINE gambling group Betfair has complained to the European Commission about restrictions on its business in Cyprus. Betfair argued yesterday that any ban on betting exchanges is discriminatory and disproportionate and so breaches EU law. “Current Cypriot law goes against European free market principles,” said Betfair chief legal and regulatory officer Martin Cruddace. The firm’s [...]
Lloyds joins SME loan price war September 10, 2012 CHEAP funds from the government filtered through to small and medium sized enterprises (SMEs) yesterday as Lloyds became the latest bank to cut borrowing costs. It comes a day after RBS announced a similar move to cut rates for manufacturing firms, while several leading banks cut mortgage rates last month. The Bank of England is [...]
HSBC pledges to lend £1bn to boost UK home improvements September 10, 2012 HSBC has pledged to make £17bn available for UK mortgage lending this year, including £1bn for home improvement loans. The figure is a £2bn increase on the amount the bank promised in January, reflecting the coalition’s recent proposals to relax planning laws for homeowners. The government last week announced plans to soften planning rules for [...]
LK Bennett hires former Emilio Pucci boss as its chief executive September 10, 2012 LK BENNETT, the upmarket clothing and footwear chain, said yesterday it has hired the former boss of Italian luxury fashion brand Emilio Pucci to be its new chief executive. Didier Drouet, who will take up the post with immediate effect, replaces Robert Bensoussan, the retailer’s executive chairman who has acted as chief executive since Margaret [...]
Galliford wins £100m cheap housing deals September 10, 2012 THE UK house-building and construction group Galliford Try said yesterday it has secured £100m worth of contracts in affordable housing. The group said that it has finalised a £23m contract on the Gallions Quarter development in East London’s Royal Docks after it was picked as one of the preferred developers for the scheme last year. [...]
City Views | What was your best olympic moment of 2012? September 10, 2012 EUGENIE ELEY REDBURN PARTNERS Watching Mo Farah winning his gold and being greeted on the track by his daughter was amazing; and of course Usain Bolt, that’s something I will never forget. SIMON WELLS ASPEN INSURANCE Luckily, I was there for Super Saturday, watching Jessica, Greg and Mo bring home the golds. Being a part [...]
Australian mining giants axe jobs as higher prices cut profit September 10, 2012 GLOBAL miners BHP Billiton and Xstrata have cut mining jobs in Australia as they fight against lower coal prices, higher costs and a strong Australian dollar. Takeover target Xstrata announced yesterday it is to cut 600 jobs across some of its Australian mines, the corporate headquarters in Sydney as well as some office-based jobs in [...]
BP divests Gulf of Mexico fields worth £3.5bn September 10, 2012 UK OIL major BP yesterday said it plans to sell interests in the Gulf of Mexico to Plains Exploration & Production (PXP) for $5.5bn (£3.44bn). The sale is part of a previously-announced plan to divest the assets and position its Gulf portfolio for long-term growth. Texan-headquartered PXP has bought interests in a number of fields [...]
