Samsonite in CVC rescue deal May 31, 2009 The world’s largest luggage-maker Samsonite has been thrown a last-minute lifeline by its private equity owner CVC, it said yesterday. Samsonite was on the verge of breaching its lending covenants before CVC signed a deal with lender RBS, giving the taxpayer-owned bank a stake in the US suitcase firm. Samsonite’s pre-tax profits plunged from $120m [...]
Fall in London shopper numbers May 31, 2009 According to the latest data, UK shopper numbers fell by 2.4 per cent in May year-on-year, with largest falls in Wales and the South West (down 8 per cent). Footfall normally falls in May as a result of the two bank holidays and the lull in the early summer period, however this year the falls [...]
WHEN DO YOU EXPECT THE UK ECONOMY TO STOP CONTRACTING? May 31, 2009 MICHAEL SAUNDERS CITIGROUPFourth quarter of 2009. A combination of reduced destocking, an improvement in financial conditions and signs that consumption and investment may become less weak. The conditions for a recession to end are not yet in place: we’re not there yet, but we’re on the way. JAMES KNIGHTLEY INGWithin three months. Over the last [...]
Shell cuts 350-450 staff in its senior management May 31, 2009 OIL giant Shell plans to cut 350-450 senior management roles as it restructures to cut costs and improve operational performance, it emerged yesterday. The cuts represent almost 30 per cent of Shell’s “Senior Executive Group” layer of management, the company posted on its website yesterday. Earlier this week the group announced a major restructuring but [...]
Sterling set for good summer May 31, 2009 THE pound is expected to continue to strengthen against both the dollar and euro this summer following last month’s rally, according to strategists. May marked the pound’s strongest rise against the dollar since 1985, as sterling rose almost 10 per cent over the period. Investors bet the worst could be over for the global economy, [...]
Surveys hint at slowish turnaround May 31, 2009 THIS week’s May purchasing managers’ indices (PMI) are expected to give a further boost to hopes of a recovery, with many economists now forecasting a return to positive growth in the second half of 2009, although they warn it will not be painless. All three PMIs are expected to show that the rate of contraction [...]
House market enjoys some spring stability May 31, 2009 HOUSE prices remained stable for the first time in 20 months last month, according to the latest survey by Hometrack. House prices remained unchanged in May, compared to month on month declines since the housing slump. A combination of stronger sales volumes, continued buyer interest and a dwindling supply of property for sale has provided [...]
Ashley enlists Harris for his Geordie exit May 31, 2009 SEYMOUR Pierce yesterday confirmed it had been appointed to achieve a rapid sale of Mike Ashley’s football club Newcastle United. Keith Harris, chairman of the City broker has advised on a number of football deals, including playing a pivotal role in selling Chelsea to the Russian tycoon Roman Abramovich in 2003. If the sale of [...]
BILL OF THE WEEK May 31, 2009 CHINESE food has long been a favourite of City slickers in search of (relatively) cost-effective comfort food at the weekend, particularly when there’s no excuse to put the bill on expenses. So it was off to Goldfish in Hampstead last weekend for this group of well-heeled locals, who chowed down on crispy duck, wasabi prawns, [...]
RAMSAY RUFFLES A FEW RIVAL FEATHERS May 31, 2009 AFTER years of back-stabbing and open mutual hatred, you’d have thought Gordon Ramsay would have checked his facts before starting a slanging match with arch rival Marco Pierre White. Both celebrity chefs have fed many a wealthy City mouth at the likes of Maze and Restaurant Gordon Ramsay and White’s Marco at Stamford Bridge and [...]
