Tech titans deemed unlikely to spend on film and music January 2, 2013 TECHNOLOGY giants are likely to defy market speculation that they will spend their vast reserves on buying up media rights, according to specialists at professional services firm Deloitte. The likes of Apple and Google, which have plenty of cash at their disposal, have long been expected to use it to snap up content or media [...]
Ronaldo signs for new role January 2, 2013 CRISTIANO Ronaldo, the Real Madrid and former Manchester United footballer, has signed up to be the public face of a new project from Aim-listed Sports Stars Media. The company is launching a “crowdsourced” football tournament in an effort to increase exposure of its sports cartoon business, which is currently producing a show featuring Portuguese manager [...]
Sun European takes a shine to packaging January 2, 2013 SUN EUROPEAN Partners has snapped up two packaging companies including Lincolnshire-based Paragon Print & Packaging in a £400m spending spree. Sun European, an arm of US private equity firm Sun Capital, yesterday said it had bought a 49 per cent stake in Paragon from Equistone and LDC for an undisclosed sum. Sun European also completed [...]
Europe to review accounting rules after investor criticism January 2, 2013 THE EUROPEAN Commission plans to re-examine the use of International Financial Reporting Standards after growing criticism from the investment industry. A group of investors wrote to Michel Barnier, the European commissioner for markets, to complain that the IFRS accounting rules obscure potential problems at banks by keeping loan losses off the books until they occur, [...]
Labour calls for Small Business Saturday in UK January 2, 2013 BRITAIN should follow the lead of the US and designate a day to encourage shopping in local independent retailers, shadow business secretary Chuka Umunna said yesterday. The Labour MP wants 7 December 2013 to be the inaugural ‘Small Business Saturday’ in the hope it will focus consumer attention on local high streets. “We must do more to [...]
Delays hit key rail routes as fares balloon January 2, 2013 DELAYS and cancellations as well as above-inflation fare hikes greeted commuters returning to work after the festive break yesterday. As the price of a season ticket rose 4.2 per cent and the average fare increased by 3.9 per cent, some rail firms struggled to stay on track. First Great Western passengers endured the ongoing effects [...]
House prices edge higher in November January 2, 2013 THE HOUSING market saw another month of steady improvement in November, according to data from the Land Registry out yesterday. Prices edged up 0.3 per cent across England and Wales in the second last month of the year, capping off an annual increase of 0.9 per cent, the government body said, highlighting the slow but [...]
City office buildings go under the hammer January 2, 2013 THE London property market got off to a busy start yesterday after two City office sites exchanged hands. US group Hines said it has acquired Atlas House in the City (pictured left) from UBS Global Asset Management for £35m. Meanwhile Taylor Wimpey has bought St Dunstan’s House on Fetter Lane. The site has consent for [...]
Retail failures on the up amid weak demand January 2, 2013 THE NUMBER of retailers falling into administration rose by six per cent last year as the squeeze on consumer spending and the shift of spending towards the internet saw names such as JJB and Comet disappear from the high street. Figures published yesterday by Deloitte, the accountancy firm, show that 194 retailers fell into administration [...]
John Lewis boasts record sales in the Christmas trading period January 2, 2013 JOHN Lewis yesterday reported bumper sales over the festive period boosted by online orders, which now account for a quarter of the company’s total sales. The department store group reported £684.8m of sales for the five weeks to 29 December, including a record take of £31.7m for the first day of its sales in stores [...]
