Hansteen sells industrials fund in £190m deal May 13, 2015 HANSTEEN, the property company chaired by Hambro Bank scion James Hambro, has sold a second batch of UK industrial estates to former Camden Lock Markets owner Brockton Capital. Brockton will join forces with Dunedin Property to take control of the 76 estates in Hansteen’s UK industrial property unit trust II as part of the £192m [...]
Discounts on delayed products to hurt US retailer Macy’s profit May 13, 2015 US RETAIL giant Macy’s yesterday forecast a lower second-quarter profit as it discounted merchandise received late due to a strike at West Coast ports and tourists spending less as the dollar stays strong. Shares of the company, which also reported a drop in first-quarter profit, fell three per cent to $63.40 last night Macy’s, which [...]
Bob Diamond re-elected as Atlas Mara director after facing a minor investor revolt May 13, 2015 Ex-Barclays chief Bob Diamond was re-elected as a director at his latest venture Atlas Mara – but only after a modest shareholder rebellion among voters. The chief executive was backed by 91.2 per cent of shareholders, giving him the support a solid majority. But that figure compares with more than 99 per cent for all [...]
ABN Amro chairman apologises for executive pay hike shambles May 13, 2015 BAILED out Dutch bank ABN Amro’s chairman apologised yesterday over a set of mis-judged pay rises offered to senior executives earlier this year. The lender had planned to float on the stock market, a move which would have recovered some of the €30bn (£21.7bn) used to rescue ABN and Fortis in the financial crisis. But [...]
Morgan Stanley fined $2m for incorrectly reporting short-selling positions May 13, 2015 US investment bank Morgan Stanley was yesterday fined $2m for incorrectly reporting its short-selling positions over a period of more than six years. Regulator Finra requires banks to report their short positions, to provide investors with transparency over activity in the marketplace. But Morgan Stanley failed to do this, and failed to implement a system designed [...]
Cadbury’s raider Nelson Peltz loses first ever boardroom vote over DuPont split May 13, 2015 Veteran corporate raider Nelson Peltz, who once besieged British chocolate maker Cadbury, lost a bitter boardroom battle for control of a US chemicals giant yesterday – his first defeat in a decade. Peltz, 74, lost a shareholder vote on his plans to overhaul the board of DuPont, a two century old company with offices in [...]
SABMiller falls flat as revenues lose sparkle after dollar woes May 13, 2015 Shares in SABMiller crept up yesterday as investors shrugged off the firm’s dollar woes and instead focused on the fundamentals. The world’s largest brewer saw its full-year results take a hit as the strong dollar weighed heavily on revenues. The firm continued to target the expanding markets of Africa and Latin America, spending $1.6bn (£1bn) [...]
Employment picture brighter with wage growth up and jobless queue shrinking May 13, 2015 AVERAGE weekly wages excluding bonuses rose by an inflation-busting 2.2 per cent in March, official figures published this morning showed – a welcome relief for consumers. Meanwhile, unemployment fell to another post-financial crisis low of 5.5 per cent – the best figure since July 2008. The number of vacancies rose to 733,000 between February and [...]
Sterling on rollercoaster ride through volatile data May 13, 2015 The pound rose 0.43 per cent against the dollar, to $1.5739 on the strong UK jobs market news, while it gained 0.21 per cent against the euro, pushing it to €1.4004. However, by yesterday afternoon it reversed those gains, as the Bank of England’s quarterly inflation report slashed UK growth forecasts. Last night sterling regained [...]
C&C profit plunges into the red as firm confronts competition May 13, 2015 C&C GROUP reported plunging profits yesterday as end-of-year results and fierce competition offset a double digit growth in revenues. The cider-focused beverage company which produces well known brands such as Magners and Bulmers recorded a pre-tax loss of €68m (£49m) in the year ending 28 February, down from a €95m profit the previous year. The [...]
