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 [...]
Redrow’s family focus pays off February 23, 2012 Housebuilder Redrow said its recovery looked set to continue after a strong start to the second half as it reported an 80 per cent jump in first half profit, driven by a focus on higher priced family houses. The company delivered a pre-tax profit of £15m in the six months to 31 December on revenue [...]
Sears hopes sell-off will lift firm February 23, 2012 US retail giant Sears plans to raise about $770m (£489m) by spinning off more than 1,250 stores and selling some real estate, hoping to convince Wall Street that the struggling chain has enough assets to tap to pay down debt. The news boosted shares of the operator of Sears department stores and the Kmart discount [...]
Recession looms as EC slashes forecasts February 23, 2012 THE EUROZONE economy will contract by 0.3 per cent this year, according to updated forecasts published yesterday by the European Commission (EC). The forecast for a recession represents a sharp turnaround from the 0.5 per cent growth predicted just four months ago, as economic data since November has been much weaker than expected. The Greek [...]
