Spirit Pubs enjoys sales rise thanks to makeover success April 18, 2012 SPIRIT PUBS group, the operator behind chains including Flaming Grill and Chef & Brewer, said its managed estate continued to outperform the market, after profits rose seven per cent in the first half of the year. The company, which de-merged from Punch Taverns last year, said pre-tax profits increased to £20m in the six months [...]
Clarke will need more than £1bn to reverse curse of complacent incumbency April 18, 2012 LET’S keep things in perspective here. Tesco isn’t exactly struggling, although you wouldn’t know it from the bad publicity that has plagued it since a profit warning in January. Group profit of £3.83bn was up by five per cent last year on revenues that were seven per cent higher at £72bn. A distressed retailer this [...]
ANALYST VIEWS DID SPIRIT’S HALF-YEAR RESULTS MEET EXPECTATIONS? April 18, 2012 PAUL HICKMAN PEEL HUNT Results close to our expectation leave the business model continuing in strong growth, beating most of the pub sector. Technical downgrades may create some short-term weakness, and this represents a buying opportunity. Current trading continues strong, although no numbers are given as they would be artificially high, reflecting the Easter holiday. [...]
CITY VIEWS DO YOU SHOP FOR GROCERIES ONLINE? April 18, 2012 LUCY WALLCRAFT FIDELITY Sometimes I shop online for my groceries, but not always. When I do it’s because it is the most convenient way to get what I need. I mainly use Tesco if I shop online because it is the easiest to use.” SHARON GURNETT MCGRIGORS I don’t personally shop online for groceries. I’m [...]
HSBC tests City appetite for dim sum bonds April 18, 2012 HSBC saw strong demand from investors when it issued the first ever renminbi-denominated bond sold outside Chinese territory yesterday, raising 2bn yuan (£200m) in London. With investors subscribing for twice the issuance amount, the bank paid just three per cent interest on the three-year bond. Most of the debt was bought by European investors. The [...]
Nestle closes in on deal to buy Pfizer’s baby formula brands April 18, 2012 NESTLE, the world’s biggest food group, is closing in on a deal to buy Pfizer’s infant nutrition business for up to $10bn (£6.25bn) to boost its business in China and extend its lead in the world of formula milk for babies, sources familiar with the matter said yesterday. “Nestle is in the lead position and [...]
Dim sum breakfast in London April 18, 2012 Q What’s a “dim sum bond” and why is it a big deal? A “Dim sum bond” is the name given to a renminbi-denominated bond issued outside mainland China. Up to now, this has only happened in Hong Kong. The fact that it is now happening in London shows the degree to which Beijing is [...]
Glencore seals $6bn in Xstrata merger loans April 18, 2012 COMMODITIES trader Glencore has signed a $6bn (£3.7bn) syndicated loan backing its $90bn merger with miner Xstrata after raising nearly $11bn in syndication, banking sources said yesterday. The loan includes a one-year extension option and was underwritten by Citigroup and Morgan Stanley to show regulators that Glencore has enough working capital to fund the merger. [...]
BP agrees settlement April 18, 2012 BP has reached a $7.8bn settlement with more than 100,000 claimants over damage done by the Deepwater Horizon spill almost two years ago. The firm, which set out the terms of the deal in February, said the plaintiffs’ steering committee thought the agreement was “fair, reasonable and accurate”. It covers both economic losses and medical [...]
US corporate results round-up April 18, 2012 New Taco Bell menu boosts Yum YUM Brands, the food group behind Pizza Hut and KFC, saw its first quarter profits rise by 73 per cent despite slower trading in its China division. The Kentucky-based company’s profits climbed to $458m (£285.8m), boosted by a revamped menu at Taco Bell. US sales at the Mexican fast [...]
