Aegon repays bailout in full June 15, 2011 LIFE insurance group Aegon yesterday bought back the final tranche of its shares held by the Dutch government since its €3bn (£2.6bn) bailout, returning it to private hands after three years. The life insurance and pensions giant repaid a total €1.13bn to the Dutch central bank, including the last €750m of its state aid in [...]
O BROTHER WHERE ART THOU? LATE TIP PAYS OFF June 15, 2011 THEY thought it was all over, but City A.M.’s tips finally came good at Royal Ascot yesterday, when Rhythm of Life beat Dubai Queen in the day’s final race. Ben Dascombe, otherwise known as The Insider on City A.M.’s racing column The Punter, had been tipping Rhythm of Life all day – mainly because the [...]
Banks and politicians must unite on Brussels June 15, 2011 WHAT do you think of when you think of Brussels? Incomprehensible bureaucracy? Plush expenses for MEPs? The greatest peace time project since the Second World War, bringing peace, prosperity and harmony to Europe’s grateful hordes? Or delicious delirium-inducing Trappist ales? Mine’s a Chimay Bleue, please. The chances are you don’t think about Brussels a lot. [...]
European Goldfields reduces losses June 15, 2011 London-based European Goldfields has said Greece would decide within three weeks on awarding the miner a permit to run two goldmines, a key project in the northern part of the country that has been delayed by a year. The company also posted a narrower pre-tax loss of $4.9m for the quarter ended 31 March. Sales [...]
Catalpa bids for Newcrest Mining June 15, 2011 Australia’s Catalpa Resources has made a A$298m (£194.5m) bid for Conquest Mining and agreed to buy interests from Newcrest Mining in a deal to create a A$1.1bn gold miner. The firms said they wanted to create a mid-tier gold company with strong growth prospects to fill a void left following a string of deals over [...]
Sainsbury’s sales rise but fuel costs bite June 15, 2011 UK SHOPPERS are spending £10 per week less on food now than two years ago because of the cost of petrol, Sainsbury’s chief executive Justin King (pictured) warned yesterday, as the supermarket said sales rose 0.9 per cent in the past quarter. Sales excluding petrol but including VAT rose 1.9 per cent, while sales ex-VAT [...]
ANALYST VIEWS: IS THERE ANYTHING TO FEAR IN SAINSBURY’S RESULTS? June 15, 2011 CLIVE BLACK | SHORE CAPITAL Its recent de-rating was broadly justified as its outperformance against the pack had ended. But performance convergence at a time of material capital investment must be a growing cause for concern. It needs a stronger momentum if margins are to build and returns grow to justify its capital expenditure. DAVE [...]
Game slumps after console sales tail off June 15, 2011 SHARES in Game Group plunged more than 13 per cent yesterday as slowing Wii sales and a lack of blockbuster games hit its forecasts. It warned its total sales for 2011 will be around three per cent lower than last year. Chief executive Ian Shepherd blamed a stagnant hardware market, with the next wave of [...]
New markets help Zara owner boost its profits June 15, 2011 SPANISH fashion group Inditex, the world’s biggest clothes retailer, posted a 10 per cent rise in net profit in the past quarter yesterday as its growing Asian presence offset gloom in Europe’s retail sector. Inditex, which owns brands such as Zara and Bershka, beat market expectations with a net €332m (£292m) profit in the past [...]
SALES GROWTH SLOWS AT H&Ma June 15, 2011 SWEDISH fashion retailer Hennes & Mauritz yesterday said its sales growth slowed to two per cent in May, less than half the level analysts expected, due to a sharp appreciation in the krone. H&M, the world’s second-biggest clothes seller with 2,300 stores in 40 countries, said turnover in the March to May quarter rose to [...]
