LME considers bids for bourse February 23, 2012 THE board of the London Metal Exchange (LME) yesterday considered bids for the world’s biggest industrial metals marketplace. But a partial climb-down on a controversial new trading fee it had planned to charge users could make it less attractive to suitors and threaten a potential sale. Around 80 per cent of the world’s metal futures are [...]
Fingleton steps down as OFT chief executive February 23, 2012 THE head of the Office of Fair Trading – the country’s main competition and consumer protection watchdog – is to step down later this year, the OFT said yesterday. OFT chief executive John Fingleton said he had not yet decided on his next career move and he did not set a specific date for his [...]
City upbeat as turmoil knocks Ashmore fees February 23, 2012 SHARES in emerging markets fund manger Ashmore climbed yesterday despite a slump in performance fees of nearly two-thirds. Analysts responded warmly after the group managed to beat first-half expectations at a time when market swings have hit fund mangers. Ashmore’s performance fees fell 61.7 per cent to £23m for the six months to 31 December [...]
MEET THE ADVISERS February 23, 2012 THE London Metal Exchange has hired Caroline Silver, one of the City’s leading dealmakers to advise on a potential sale. Silver is a managing director of Moelis, the fast-growing investment bank set up in 2007. The Durham University graduate joined the firm in 2009 following a brief spell at Merrill Lynch and 14 years at [...]
DAVID CAMERON PERFORMS BONUS U-TURN AT TOP BUSINESS SUMMIT February 23, 2012 TO MANSION House for a royal visit from HRH the Prince of Wales and Prime Minister David Cameron, who were all there for the Business in the Community summit. Cameron used his speech to claim that big business was a “powerful force for social progress” and to launch a scathing attack on “anti-business snobbery”. But [...]
Mall owner profits from Trafford buy February 23, 2012 CAPITAL Shopping Centres, the UK’s largest shopping mall owner, said last year’s Trafford Centre acquisition has helped drive underlying earnings, but it saw occupancy drop as retailers fell victim to tough economic times. CSC, which owns 10 of Britain’s top 25 shopping centres including Metrocentre in Gateshead, said profits excluding one-off items were up 43 [...]
Tesco eyes stake in Hi-Mart February 23, 2012 TESCO may bid for a controlling stake valued at about £570m in South Korean electronics retailer Hi-Mart, two sources with knowledge of the matter said yesterday, as the British grocer eyes growth markets to offset challenging times at home. Disposable incomes across much of Europe are being squeezed by rising prices, muted wage growth and [...]
New Argos boss handed free rein to shake-up firm February 23, 2012 THE NEWLY appointed managing director of Argos, the catalogue and shop chain, said he has been given a free rein to examine all options for the struggling business, including closing some of its 750 shops. John Walden, a 52-year-old American who started his job at the Home Retail owned business three days ago, said yesterday: [...]
BURBERRY SIGNS LEASE DEAL WITH DERWENT February 23, 2012 Burberry is expanding its footprint in London Victoria after signing a pre-let agreement with property developer Derwent London to take-up its entire proposed 127,000 square feet development on Page Street. The luxury brand will pay a rent of £5.3m per annum at the 11-floor building, located opposite its existing headquarters, also owned by Derwent.
Digital carries Centaur’s growth February 23, 2012 Centaur Media yesterday reported a three per cent drop in group revenue to £26.6m in the six months to 31 December despite growth in its digital operations. The business publishing and events group saw underlying digital revenues rise ten per cent, now accounting for 32 per cent of income. Underlying total revenues were up four [...]
