Rothschild shell in talks on debt restructuring October 5, 2011 BUMI, the mining group founded last year by billionaire financier Nathaniel Rothschild (pictured), said it was in talks over a possible restructuring of a debt facility. “Bumi has been informed that the facility will be due for repayment in the near future and that the borrowers are currently in discussions with a view to restructuring [...]
Microsoft may bid for Yahoo October 5, 2011 SOFTWARE giant Microsoft is considering making a fresh bid for Yahoo in its second attempt to buy the troubled internet company in three years, sources close to the situation told Reuters yesterday. Microsoft joins a number of other potential buyers looking at Yahoo, which has a market value of about $18bn (£11.7bn). Among the interested [...]
CITY STAR FORCES UP MAGNIER’S NEXT BID October 5, 2011 HE MAY yet succeed in snapping up Mitchells & Butlers on the cheap, but there were no bargains for racing tycoon John Magnier at the Tattersalls bloodstock auction in Newmarket yesterday. Forcing Magnier’s hand on Lot 35 was Lawrie Inman, the 30-year-old superstar futures trader, whose bid of 500,000 guineas pushed the Irish billionaire into [...]
SuperGroup in £9m profit warning hit October 5, 2011 SUPERGROUP yesterday shocked the City by revealing that its full-year profits will be hit by up to £9m after a supply problem at a key warehouse. The company, best known for its Superdry brand, saw its shares dive almost 30 per cent after the announcement. It said there had not been enough stock in its [...]
Trouble at home could hit global growth October 5, 2011 THE British tend to hate a success story, so the news yesterday of Supergroup’s supply problems and expected profit hit was inevitably met with we-told-you-so themed musings on the danger of rapid growth. Chief executive Julian Dunkerton’s attempts to reassure investors seem to have fallen on deaf ears – shares closed at just 707p yesterday, [...]
Mothercare raises alarm as its sales continue spiral downwards October 5, 2011 MOTHERCARE has sent further shockwaves through the retail sector by revealing its UK sales have been “well below” expectations. The retailer said a downturn in consumer confidence seen following the UK riots continued to knock trading over the last month. In an update that triggered a 42 per cent slump in its shares, Mothercare said [...]
Tesco sees UK sales hit by shopper woes October 5, 2011 TESCO yesterday reported its weakest six-monthly UK sales growth figures for 20 years as higher food and fuel costs took their toll on household budgets. UK like-for-like sales, excluding petrol and VAT, fell by 0.5 per cent in the six months to 27 August. The retailer said that underlying sales of food were up but [...]
ANALYST VIEWS: HOW SERIOUS IS TESCO’S RECENT SALES SLIP? October 5, 2011 DAVID MCCARTHY | EVOLUTION SECURITIES Our overriding impression is that the UK business remains disappointing and we are unconvinced that enough has been done to put it back on track. We are concerned strategically on Tesco. We had hoped that the Big Price Drop would be a significant event, but it looks increasingly disappointing. ANNA [...]
Sainsbury’s buoyed by fuel and clothing October 5, 2011 SAINSBURY’S yesterday reported a like-for-like sales lift, with clothing one of its top performers. The retailer’s sales were up 1.9 per cent excluding fuel in the quarter to 1 October. Its convenience stores business continued to grow at a rate of 20 per cent, with sales growth stronger than in its supermarkets. It said its [...]
Marston’s sales lifted by healthy pub food figures October 5, 2011 PUB chain Marston’s reported a sales rise yesterday, fuelled by the performance of its meal deals. The company said its “lunch for a fiver” offer and a free drink with a sandwich order helped the group improve its managed pubs food sales by five per cent in the year to the end of September. Including [...]
