IMF bolsters its crisis-fighting fund to $456bn June 19, 2012 THE INTERNATIONAL Monetary Fund (IMF) has bulked up its war chest to $456bn (£290bn) after 12 new countries contributed cash. Emerging powerhouse China added $43bn to the crisis-fighting reserves, while India, Russia and Mexico provided $10bn each. The UK will put in $15bn. “These resources are being made available for crisis prevention and resolution and [...]
Business morale flops in France and Germany June 19, 2012 GERMAN economic confidence suffered its sharpest shock since 1998, according to the ZEW index released yesterday, while the INSEE measure of the French business climate was also shown to have slumped. ZEW measured the expectations that 350 financial analysts had for the future, just before the Greek election, when 34.1 per cent expected the German [...]
Whitbread sees sales stirred up by Costa Coffee June 19, 2012 WHITBREAD yesterday reported a robust rise in sales on the back of a strong performance at its coffee shop chain Costa Coffee and hotel group Premier Inn, sending shares up 6.3 per cent. Underlying sales rose 4.5 per cent in the 13 weeks to 31 May, boosted by a 8.4 per cent rise in like-for-like [...]
WHY ARE COFFEE CHAINS STILL THRIVING? June 19, 2012 KAREN RAYMENT SUMITOMO It’s a mystery to me – I don’t see the point in buying coffee when I can have it in the office. When you think about it for the price of a coffee at £2.50 then you could buy a sandwich instead. ALICE FROST INSURANCE TIMES I meet my clients in coffee [...]
Jubilee gives grocers £200m turnover boost June 19, 2012 BRITAIN’S grocery market grew 3.2 per cent in the 12 weeks to 10 June, boosted by an 11.3 per cent leap in the run-up to the Queen Elizabeth Diamond Jubilee celebrations, industry data revealed yesterday. Market researcher Kantar WorldPanel said supermarkets took an extra £213m in the tills in the week ending 3 June. “The [...]
Home Retail is lifted by Argos despite a slump at Homebase June 19, 2012 HOME RETAIL GROUP shares soared 23 per cent yesterday after the company surprised the City with better-than-expected sales at its embattled catalogue chain Argos. Like-for-like sales at Argos fell 0.2 per cent to £819m in the quarter to 2 June, after improved sales of laptops, tablets and ebook readers offset declines in TVs, audio and [...]
HOME RETAIL GROUP’S RESULTS SHOW SIGNS OF IMPROVEMENT? June 19, 2012 PHILIP DORGAN PANMURE GORDON A better-than-feared trading statement, although cash gross profits are still down for both businesses. We remain negative, as we believe that Argos has too many stores, too high a fixed cost base and is close to making losses. SIMON IRWIN LIBERUM CAPITAL Like-for-like sales are notably better than our forecasts…Our preference [...]
Hammerson to sell its offices to Brookfield June 19, 2012 HAMMERSON, the Anglo-French property developer, announced yesterday it is selling the bulk of its London office portfolio to Canada’s Brookfield Office Properties for £518m. The deal comes after chief executive David Atkins put the offices up for sale in February to focus on retail property in the UK and France. The FTSE 100 firm’s retail [...]
ADVISERS June 19, 2012 DAVID PATERSON HERBERT SMITH David Paterson, a partner and head of corporate at law firm Herbert Smith, was the lead legal adviser acting for Hammerson on the sale of its London portfolio. Paterson, who joined the firm in 1986, is longstanding adviser to Hammerson, acting on its £584m rights issue and on its conversion to [...]
Universal’s effort to buy EMI is knocked by competition probe June 19, 2012 THE £1.2bn takeover of debt-ridden record label EMI is still just out of Universal Music Group’s reach after the European Commission yesterday issued the music giant with an official statement of objections. Universal declined to give details of the EC’s protestations, saying in a statement: “We are preparing a detailed response to the Commission’s statement [...]
