Short sellers target high street firms July 4, 2011 BIG-NAME high street chains and consumer-driven firms currently account for eight out of the top ten most shorted stocks in the FTSE All Share index, according to DataExplorers. Short sellers have targeted the troubled firms, as high street chains struggle to battle tough market conditions and a slump in consumer spending. Troubled electrical goods retailer [...]
Cenkos chief Simon Melling steps down July 4, 2011 SIMON Melling, chief executive of mid-market stockbroker Cenkos, resigned after two years at the helm yesterday. The 50-year-old is believed to be leaving for personal reasons after a City career spanning 23 years. Melling became Cenkos’ chief executive two years ago after serving as its chief operating officer and finance director since its listing on [...]
Call to end referral fees July 4, 2011 Credit rating agency Moody’s yesterday urged UK motor insurers to follow AXA UK’s lead and stop taking referral fees from car injury claims. Moody’s said it believes AXA’s stance on referral fees was good for the industry and increased pressure on its peers to follow suit. The fees have led to a surge in personal [...]
StanChart PE spends £51m in Indian deal July 4, 2011 STANDARD Chartered Private Equity has snapped up a 10 per cent stake in Redington India, the IT supply chain manager, disclosures on the Bombay Stock Exchange showed yesterday. StanChart Private Equity, which is based in Mauritius, bought 39.7m shares at 91.89 rupees each for a total outlay of just over £51m. ECL Finance, an arm [...]
Poll shows more discord in the IPO markets July 4, 2011 CITY AT WAR A NEW poll of market players shows ongoing mistrust between the various parties involved in listing companies. The survey of 100 market participants in Europe showed particularly strained relations when it comes to bookbuilding, the behaviour of asset managers when taking stock in new issues and the role of independent advisers, according to [...]
Ikea growth is stunted by traffic rules July 4, 2011 IKEA said yesterday it was seeking to open three superstores in London but was being stymied by planning regulations. Chief executive Mikael Ohlsson (pictured) said he wanted to build his stores in the capital in run-down industrial areas. But he said traffic planning rules were standing in his way. The Swedish retailer already has four [...]
Casino would be mad not to fight deal July 4, 2011 IT’S hard to argue with Carrefour’s rationale for merging its Brazilian operations with Grupo Pao de Acucar (GPA), Brazil’s number one retailer. The combined company would be a force to reckon with, with almost a third (27 per cent) of the Brazilian grocery market and over $40bn in annual sales. Brazil is already Carrefour’s second largest [...]
Carrefour board supports plans for Brazilian merger July 4, 2011 FRENCH retail giant Carrefour yesterday said its board had agreed a merger between its Brazil unit and the country’s biggest retailer Grupo Pao de Acucar (GPA). But its rival Casino warned that it would block any deal using its controlling stake in GPA. The French groups, both massive brand names at home, are slugging it [...]
Travelodge to splash out £165m on new UK hotels July 4, 2011 HOTEL chain Travelodge today announced 22 new hotels, including five in London, as part of a £165m expansion across Britain. The company has also entered a partnership with clothing retailer Arcadia Group. This partnership will see the construction of a 96-room Travelodge hotel above the Topshop store in Princes Street, Edinburgh, with the establishment due [...]
Greggs set for frozen market in Iceland deal July 4, 2011 BAKERY chain Greggs said yesterday it has started a trial with Iceland Frozen Foods to test the potential for the supermarket to sell frozen Greggs branded sausage rolls for shoppers to bake at home. “This is a trial which will enable Greggs to assess the potential for its savoury foods to be sold into the [...]
