EBay to open a pop-up shop for Christmas November 17, 2011 ONLINE retailer eBay is to open a Christmas “pop-up” store in London’s busiest shopping district. The store, located on Dean Street – a stone’s throw away from Oxford Street – will not directly sell anything but will feature display models with codes customers can scan with their smartphone if they want to make a purchase. [...]
Investec sees investment bank suffer November 17, 2011 INVESTEC could join the flurry of banks laying off staff if conditions worsen, managing director Bernard Kantor told City A.M. yesterday as the bank reported a small drop in profits. “As much as we don’t like to hire and fire, we have to live in the same world as everyone else,” he said. “It’s tough [...]
Savills buoyed by London and Asia amid Euro crisis November 17, 2011 PROPERTY agent Savills said it was on track to meet full-year expectations as its prime London residential and Asia Pacific businesses help offset its poorer performance in continental Europe. The group is cutting its presence in non-core markets as “macro economic issues have curtailed activity in many countries” and is instead focusing on stronger-performing France, [...]
South African billionaire in talks to take over Tower 42 November 17, 2011 SOUTH African billionaire Nathan Kirsh could soon be making a comeback to the City as the new owner of the Tower 42 skyscraper. Kirsh’s family office is understood to be in advanced talks to buy Natwest’s former headquarters on Old Broad Street, which would mark Kirsch’s first deal since selling a 29 per cent stake [...]
Shares dip after turmoil hits Close Brothers assets November 17, 2011 ANALYSTS responded cautiously after banking group Close Brothers said assets under management had sunk £1bn during the last quarter. Close said its asset management arm had fallen to a small loss. The division was running £8.6bn of cash at the end of October, down 10.4 per cent from 31 July. The banking division saw good [...]
Investors pick Amlin despite higher losses November 17, 2011 LOSSES from catastrophes this year are higher than previously estimated at Lloyd’s insurer Amlin, but it is charging higher rates for its business as a result, it said yesterday. Shares in Amlin jumped 6.3 per cent in trading and closed five per cent higher as investors welcomed its upbeat outlook on rates. About three quarters [...]
Glencore gets lift from coal and copper November 17, 2011 GLENCORE International said third-quarter trading in its marketing arm was “solid” as it posted a jump in metals output and announced it had become an oil producer yesterday. The trading update calmed the jitters of some investors, who feared the company could be hit by the market turmoil that triggered a quarterly loss at rival [...]
BHP Billiton urges caution as market outlook turns bleaker November 17, 2011 THE HEAD of mining giant BHP Billiton, Marius Kloppers, sounded a warning yesterday that trading conditions for commodities firms were worsening as the climate became tougher. Kloppers reassured investors at BHP’s annual meeting in Melbourne, Australia, that the environment was not as bad as during the financial crisis in 2008, but said the group was [...]
Double boost for Bumi as debt deal is sealed and output rises November 17, 2011 COAL miner Bumi, a venture between Nat Rothschild and Indonesia’s Bakrie family, said it was on track to hit its 2011 output goal after a 35 per cent rise in third-quarter production, with prices ahead of expectations. The company has been in sharp focus in recent months as Bakrie sought to seal a deal to [...]
Put up or shut up poser for Clarity’s new suitor November 17, 2011 A MYSTERY third-party bidder for software firm Clarity faces a “put up or shut up” deadline on Monday after Jon Moulton’s vehicle’s new offer was rejected. The Takeover Panel told the unknown suitor, which is in advanced negotiations with Clarity, that it must show its hand by 7am on Monday. The watchdog acted after Clarity, [...]
