Grainger is upbeat on residential October 5, 2010 The largest quoted housing landlord, Grainger, said yesterday it expects the valuation of its cornerstone residential property portfolio to outperform the market when it issues its full-year results in late November. Chief executive Andrew Cunningham said the 13,000-property portfolio, about half of which is in London and the south east of England, would benefit from [...]
HARBINGER SELLS 14.1PC OF INMARSAT October 5, 2010 US hedge fund Harbinger Capital Partners has halved its stake in satellite operator Inmarsat, headed by Andy Sukawaty (above), ending constant bid speculation. Harbinger, which still holds 14 per cent of the stock, sold 65m ordinary shares at 630p per share or £410m, after deciding not to make a full offer.
Pandora lists in strong $2bn market debut October 5, 2010 Pandora, the Danish jeweller, made a strong debut in one of Europe’s largest bourse listings this year, worth up to $2.1bn (£1.3bn), as investors bought into prospects for its main product – charm bracelets. Analysts said Pandora’s high growth and strong margins made its initial public offering (IPO) attractive to investors hungry for new stock [...]
Gymboree hires Goldman Sachs to consider float October 5, 2010 Children’s apparel retailer Gymboree is understood to have hired Wall Street investment bank Goldman Sachs to begin a formal auction of the company, which could fetch more than $1bn (£628m). Sources close to the deal, who declined to be identified by name because they were not authorised to speak with the media, confirmed the move [...]
German carmakers speed ahead in popularity October 5, 2010 WHILE the flocks of motor enthusiasts descending on Paris this week for the 2010 Motor Show may suggest otherwise, prospects are less than rosy for the automobile industry. During July and August there were decreases of 18.6 per cent and 12.9 per cent in like-for-like sales, compared to the same months last year. With over [...]
Traffic rebound boosts BA October 5, 2010 FLAG-CARRIER British Airways (BA) reported a 1.3 per cent rise in air traffic during September, mainly on the back of a return in business travel, boosting its shares to a new two-year high yesterday. BA said that its premium traffic – business and first-class passengers – rose by 4.3 per cent, signalling an end to [...]
UK TV exports grow to £1.3bn despite tough trading conditions October 5, 2010 SALES of UK TV programmes on the international market soared almost 10 per cent to £1.3bn last year, buoyed by the success abroad of hit shows like the BBC’s Top Gear, according to the UK TV Exports Survey. Sales to the US alone reached £485m – a three per cent hike. Sales in Australia and [...]
AIA warns on risks as it launches IPO October 5, 2010 AIA Group, which aims to raise about $15bn (£9.4bn) through a Hong Kong listing, flagged a series of business risks including the collapsed bid from Prudential as it launched the share offering yesterday. AIA, the Asian life insurance business of American International Group, also said in the preliminary prospectus filed to the Hong Kong Stock [...]
FTSE hits a five month closing high, led by banks, miners and oil stocks October 5, 2010 STRONGER banking and commodity shares helped drive Britain’s top share index to a more than five-month closing high yesterday, after encouraging US economic data gave a boost to markets. The FTSE 100 closed 79.79 points, or 1.4 per cent, higher at 5,635.76, its highest closing level since 26 April, after a 0.7 per cent fall [...]
Economic stimulus hope boosts mood of investors October 5, 2010 US stocks rallied to nearly a five-month high yesterday on growing conviction that central banks will do even more to bolster struggling economies worldwide. The Bank of Japan lit the fuse overnight when it unexpectedly cut rates closer to zero. This move came as markets increasingly believe the US Federal Reserve will stimulate its economy [...]
