Rees signs two-year deal May 24, 2010 RUGBY UNION: England flanker Tom Rees has agreed a two-year contract extension that will keep him at Wasps until 2013. Club captain Rees, 25, recovered from two shoulder operations to make his 100th appearance for the Premiership club this season. “Tom is a player who embodies what Wasps is about,” said director of rugby Tony [...]
The beginning of the age of austerity leaves markets cautiously optimistic May 24, 2010 THE markets’ wait to hear more details of exactly where the axe will fall on public spending has come to an end. Yesterday chancellor George Osborne kicked off the “age of austerity” with a list of £6.2bn in cuts for this fiscal year. But due to the extent of the shortfall in the UK’s public [...]
Miners and banks help FTSE overturn three days of losses May 24, 2010 BRITAIN’S top shares broke a three-day losing streak yesterday as miners spurred by upbeat comments from China, outpaced falls in oils led by BP as concerns lingered over the Gulf of Mexico oil disaster. The FTSE 100 ended 6.68 points or 0.1 per cent higher at 5,026.44, in choppy trade. The index is down more [...]
Dow slides on bank woes in Eurozone May 24, 2010 US stocks slid yesterday, driving the Dow to its lowest level since 10 February as fresh signs of Europe’s banking problems emerged. The Eurozone’s turbulence kept investors wary of taking on risk, after the S&P 500’s 4.2 per cent drop last week. Financial shares were among the day’s largest decliners, with the KBW Bank index [...]
FSA blocks banker from Nomura job May 24, 2010 JAPANESE bank Nomura has failed in its bid to recruit a former Morgan Stanley banker as one of its new global finance bosses amid a clampdown on executive appointments by the City watchdog. The Financial Services Authority (FSA) is understood to have blocked Nomura’s attempt to appoint John Hyman as its new co-head of global [...]
Private equity deals back after crisis May 24, 2010 PRIVATE equity buyouts in the latest quarter were higher than last year, but trade remains subdued compared to pre-downturn levels in 2007. The total value of UK deals in the first quarter 2010 was around a tenth of the 2007 peak of €45bn (£38.7bn at today’s exchange rate), according to figures published by Mergermarket. The [...]
Prada sales up in Asian market boom May 24, 2010 ITALIAN fashion house Prada posted a 26 per cent rise in first-quarter revenue yesterday – boosted by a storming performance in Asia. Prada, which also owns the Miu Miu label and Church’s shoes, said revenue in the quarter to the end of April grew above the group’s expectations to €366m (£314m). A 36 per cent [...]
Mulberry opens new flagship May 24, 2010 MULBERRY has secured a deal to move into a new flagship store in Mayfair in another sign that the luxury goods market is seeing a bounce back after the recession. The company has signed a 25-year lease for 50 New Bond Street on a rent of £1.4m a year. The company’s handbags, sported by the [...]
Aussie wine sees profit drying up in recession May 24, 2010 CHEAP Australian wine could become a thing of the past after hundreds of growers quit the business in the face of dwindling profits. Grape prices plunged by more than 30 per cent this year and an oversupply has led to 95m cases of wine sitting undrunk in warehouses. The strong Australian dollar has also meant [...]
Albemarle & Bond to open more new stores as pawnbroking forges ahead May 24, 2010 PAWNBROKER Albemarle & Bond is planning to open 15 new stores this financial year. Albemarle, which makes loans against gold jewellery and diamonds, said the group’s pledge book is growing at around ten per cent a year, as recession-hit customers trade in their possessions. Pawnbrokers have lately enjoyed record profits on the back of soaring [...]
