France lifts 2010 forecast for GDP January 18, 2010 THE French government has lifted its forecast for gross domestic product growth in 2010, almost doubling it to 1.4 per cent from 0.75 per cent previously, economy minister Christine Lagarde said yesterday. The new figures will be included in a budget update to be released tomorrow, which should also point to a slightly better-than-expected deficit [...]
Virgin Money beefs up team for offensive January 18, 2010 Virgin Money has appointed three senior executives as part of its efforts to build a retail banking brand. Finlay Williamson, who was previously a finance director at Royal Bank of Scotland, becomes the group’s chief financial officer. Williamson takes the reins from Dave Dyer who is moving over to become international development director for the [...]
Strand Hanson strikes a pact with Russia’s Renaissance January 18, 2010 CORPORATE finance boutique Strand Hanson has forged a strategic advisory alliance with Renaissance Capital, under which the Russian emerging markets investment bank is to take a 9.9 per cent stake in the business. The deal comes after a busy year for Strand, which was bought out by a management team led by chief executive Simon [...]
Richemont enjoys sales surge as consumers lap up luxury goods January 18, 2010 LUXURY goods group Richemont – owner of Cartier – said third quarter sales rose 2.6 per cent to €1.58bn (£1.39bn) driven by a three per cent rise in sales of specialist watches and a five per cent rise in jewellery sales. Asian sales levels jumped 25 per cent and despite sales in Japan dropping 12 [...]
Sales go GaGa for online fashion firm January 18, 2010 PARTY gear helped to generate 30 per cent rise in sales at internet fashion retailer Asos over Christmas. Lace and underwear as outerwear inspired by Lady GaGa has been one of the key sellers for the company. Chief executive Nick Robertson said: “I’m the happiest retailer in the UK, nobody else has produced figures of [...]
Sugar Puffs owner to join AIM as it looks to raise funds January 18, 2010 FOOD manufacturer Big Bear Group has confirmed plans to join the Alternative Investment Market (Aim) in a move which could value it at more than £75m. The owner of the Sugar Puffs and Fox’s Glacier Mints says it will use the cash raised to cut debt, develop its existing brands further and pay the costs [...]
EXTRA TIME FOR SHIRT DEAL January 18, 2010 NORTHERN ROCK has signed a new four-year sponsorship with Newcastle United, worth up to £10m. The nationalised bank will only pay the full amount if the club, currently in the Championship, play in the Premier League for the duration of the contract, which begins next season. The Rock said the deal was good value for [...]
NEWS | IN BRIEF January 18, 2010 HSBC battles for $900m Thai bank HSBC is fighting off rivals for an estimated $900m (£551m) stake in Thailand’s seventh largest bank, after state-owned Korea Development Bank joined the race for the 47.6 per cent stake of Siam City Bank yesterday. Thanachart Bank, based in Thailand, is also in the running. Final bids are due [...]
CITY VIEWS: SHOULD GOVERNMENT INTERVENE IN CROSS BORDER M&A? January 18, 2010 BRIAN TAAFFE | LEXIS NEXIS “I like the Cadbury brand, but it should be left up to the market. If everyone wins from the deal, then why not? If customers want to keep the Cadbury brand then it should be protected, but if shareholders are not interested they should win out.” MATTHEW PHILO | SCHRODERS [...]
Bermuda’s financial future is rocky January 18, 2010 TEN years ago Bermuda was still drunk on the unprecedented success of its conversion from a tourist haven to an international business centre. Scores of bankers and insurance brokers zipped down its narrow streets on expensive Vespa scooters and tills in local bars rang with money being spent by rich guest workers. But the UK [...]
