Remploy to close factories March 7, 2012 Remploy – a specialist employment agency for people with disabilities – is planning to close 36 of its 54 factories in the UK, leading to the compulsory redundancies of 1,752 people. Remploy will close the sites before the end of 2012 as they are unlikely to become financially viable, the minister for disabled people Maria [...]
GE Healthcare buys Xcellerex March 7, 2012 GE Healthcare is taking over Xcellerex, a supplier of biomanufacturing technologies, to expand its antibodies and vaccines offerings. This is the first time GE has made an acquisition in the bioprocessing sector since August 2011, when it bought PAA Laboratories. Jeffries was the sell-side adviser to Xcellerex, its seventh mandate in the past year in [...]
Mulberry forks out for new boss March 7, 2012 Luxury bag designer Mulberry has spent £3.39m on welcoming its new boss from rival firm Hermès. The British label dished out 200,670 shares to its new chief executive Bruno Guillon, who paid just £2 for each £18.90 share – leaving Mulberry to pay for the remaining £16.90 per share. However, Guillon will only reap value [...]
German fund sells City buildings March 7, 2012 German real estate fund KanAm Grund has sold two City office buildings to Malaysian investment fund Permodalan Nasional Berhad (PNB) in another sign of overseas investors flocking to the Capital. KanAm said PNB had agreed to buy the European Bank of Reconstruction & Development’s head office next to Liverpool Street station.
Goldman sells off its entire LMAX stake March 7, 2012 INVESTMENT bank Goldman Sachs has sold out its investment in LMAX, the online trading platform owned by Betfair. The bank’s exit comes as the platform struggles to live up to its earlier expectations. Its chief executive left last year as trading volumes failed to live up to hopes. Betfair said that its decision to invest [...]
Indonesia hits miners with new ownership regulations March 7, 2012 INDONESIA is to take more of the profits from its vast mineral resources by limiting foreign ownership of mines in a move likely to scare off new investment in the world’s top exporter of thermal coal and tin. Under new rules announced on the energy ministry’s website, Indonesia will force foreign firms to sell down [...]
Antofagasta chief makes shock exit ahead of full-year results March 7, 2012 THE VETERAN chief executive of FTSE 100 miner Antofagasta, Marcelo Awad, has paid for the poor performance of the company’s flagship mine with his job. The Chilean copper miner made the shock announcement yesterday with insiders suggesting that the board thought Awad had “taken his eye off the ball” in failing to ensure the ramping [...]
John Lewis is upbeat on 2012 March 7, 2012 THE CHAIRMAN of John Lewis has predicted a modest recovery for retailers this year despite unveiling a sharp fall in annual profits. Charlie Mayfield told City A.M. the sector would shift from “decline to growth” this year following a “bloody difficult” 2011. He added: “I’m not in any way underplaying how serious the challenges are. [...]
Price matching was expensive but worth it March 7, 2012 NEVER knowingly undersold. It has been the guiding principle behind the John Lewis offering since 1925. Despite this the group still has an upmarket image, as exploited by a famous Dixons advert in 2009. “Step into middle England’s best loved department store… where an awfully well brought up young man will bend over backwards to [...]
CITY VIEWS: WHY IS JOHN LEWIS BEATING THE HIGH STREET? March 7, 2012 ANMOL CHIBBER | DZ BANK “It attracts the higher end of the market. The rich are getting richer while the poor are getting poorer. It is also known for its quality, service, and matching prices.” MICHAELA MORAN | BANK OF AMERICA “People know what they are buying at John Lewis. It’s reliable. You know you [...]
