Kcell succeeds with London IPO December 12, 2012 LONDON saw another successful listing from central Asia as Kazakhstan telecoms firm Kcell’s initial public offering (IPO) priced yesterday. The deal came in at the bottom end of the price range, with the global depository receipts (GDRs) in London coming in at $10.50, pricing the 25 per cent stake in the firm at $525m (£324.7m) [...]
Deutsche chief probed in tax investigation December 12, 2012 PROSECUTORS yesterday raided Deutsche Bank’s Frankfurt headquarters as part of an ongoing investigation into possible tax evasion around carbon permits trading. Co-chief executive Juergen Fitschen and chief finance officer Stefan Krause are among 25 individuals involved in the investigation. Seven staff are believed to have been suspended last month, though other staff are still at [...]
Supergroup’s sales warm up from the cold December 12, 2012 SUPERGROUP said the colder weather helped to boost sales of its trademark coats and hoodies in the run-up to Christmas, despite reporting a near one-third drop in half-year profit that sent its shares tumbling yesterday. The Superdry owner posted a pre-tax profit of £13.9m in the six months to 28 October, down 31 per cent [...]
Zara’s new stores pay off for owner Inditex as sales boom December 12, 2012 INDITEX, the Spanish owner of clothing store Zara, seems to be defying the European economic downturn, yesterday revealing a 27 per cent rise in profits since the beginning of 2012. Net profit in the nine months to 31 October was €1.65 bn (£1.34bn), while sales have gone up by 17 per cent to €11.4 bn, [...]
Walmart eyes Turkish group December 12, 2012 WALMART, the American retail giant which owns Asda in the UK, is is understood to be eyeing a takeover bid for Turkish supermarket group, Migros Ticaret. The retailer has been in talks with private equity group BC Partners about acquiring its 80 per cent stake in the Turkish chain. A source close to Walmart told [...]
Stagecoach JV hit by lawsuit over US buses December 12, 2012 THE NEW York attorney general has complained that Stagecoach’s tourist bus services are anti-competitive. Twin America, a joint venture half-owned by Stagecoach, has been hit with an antitrust lawsuit brought by attorney general Eric Schneiderman and the US Department of Justice. The lawsuit alleges that the hop-on hop-off bus tour company has raised prices 10 [...]
Watch out for shrinking margins December 12, 2012 OPTIMISTIC words from SuperGroup’s chief executive and co-founder Julian Dunkerton couldn’t stop yesterday’s interim results from sending the owner of the Superdry clothing brand down by almost seven per cent. The market’s reaction may seem harsh. A profit warning this April, blamed on bad arithmetic, knocked the share price down by nearly 40 per cent, [...]
High street hit as customers shop online December 12, 2012 CUSTOMERS are increasingly deserting the high street to do their Christmas shopping online, according to two data releases out this morning. Last week, retailers saw 1.7 per cent fewer customers entering their shops than last year, according to the British Retail Consortium (BRC)-Springboard Footfall Monitor, out this morning. Shopping centres were hit especially hard with [...]
EU states’ debt equals €21,000 for each citizen December 12, 2012 GOVERNMENT debt across the European Union has bloated to the equivalent of around €21,000 (£16,972) per person, according to calculations released this morning by PwC. Total EU government debt has smashed past the €10 trillion mark, the big four audit group says, with the UK still in an unhealthy position. “At a time of slow [...]
Renault sells off its remaining stake in Volvo in £1.2bn deal December 12, 2012 FRENCH carmaker Renault yesterday said it was selling its remaining 6.5 per cent stake in truckmaker Volvo as it seeks to cut debt and boost its financial stability. The sale of the block of 138.6m Series A shares is being made via an accelerated book building, Renault said. Goldman Sachs is the sole bookrunner for [...]
