Monks Investment down 6pc December 5, 2012 Baillie Gifford’s Monks Investment Trust posted a dismal six per cent fall in its net asset value for the past six months due to bad stock selection, it said yesterday. The firm said not holding shares in the oil, pharmaceutical and technology sectors, which had performed well and led the benchmark index higher, had hit [...]
Banque Postale extends lending December 5, 2012 French state-owned Banque Postale plans to step up its mortgage lending to low-income borrowers next year. The bank said yesterday it was targeting €1bn (£810m) in housing loans to low-income borrowers in 2013. Banque Postale said its expansion would be backed with 300 hires from rescued rival Credit Immobilier over the next two years.
SEC report nears publication December 5, 2012 The US Securities and Exchange Commission’s staff has completed a study looking at whether rules implemented in 2010 were enough to shore up the $2.6 trillion money market fund industry, SEC commissioner Luis Aguilar said yesterday, without providing any of the findings. “I look forward to the report being published,” he said.
House of Fraser in Xmas spirit December 5, 2012 HOUSE OF FRASER, the department store group, yesterday revealed robust third quarter figures, boosted by the recent revamp of its stores. In an update issued to bondholders, the privately owned chain unveiled like-for-like sales growth of 5.4 per cent in the 13 weeks to 27 October. Online sales jumped by a staggering 50 per cent [...]
Home Retail bolsters board with IT veteran December 5, 2012 HOME RETAIL Group has appointed IT veteran Jacqueline de Rojas to its board after the owner of Argos stepped up its efforts to shift the retailer away from its trademark printed catalogue business and become a “digital-led” chain. De Rojas, who heads up technology and software firm CA Technologies’ UK business, joined Home Retail’s board [...]
NBGI backs £23.5m management bid for McCambridge cake division December 5, 2012 NBGI Private Equity has agreed to back a £23.5m management buy-in of the cake division of McCambridge Group, one of the largest producers of private label cake in the UK food industry. The business, which operates from four primary manufacturing locations in the UK and a further facility in Poland, will be renamed once the [...]
IAG November traffic rises on good results at British Airways December 5, 2012 INTERNATIONAL Airlines Group (IAG) yesterday posted a rise in November traffic, as strong growth at British Airways again made up for weakness at Spain’s Iberia. Traffic, measured in revenue passenger kilometres, rose by 3.6 per cent versus November 2011, while passenger load factor – a measure of how well it fills its planes – was [...]
Pirc raises flags over Sportingbet December 5, 2012 Shareholder advisory group Pirc has criticised Sportingbet ahead of the online bookie’s AGM this month, warning of a lack of independence on the board and hitting out at the executive pay plan. Pirc said yesterday that they oppose the election of board member Rory Macnamara, and claimed that exit payoffs for bosses are excessive. This [...]
Unite Group secures £116m sales December 5, 2012 Unite Group, the UK’s biggest student accommodation provider, yesterday said it had concluded the sale of four properties for a combined total of £116m. Two of the disposals, totalling £39m, were made to third party purchasers and two were sold to co-investment vehicles for £77m. It said the sales meant that the group was on [...]
Stagecoach is on track with 39pc profit rise December 5, 2012 SHARES in Stagecoach rose 5.9 per cent yesterday to 308.7p after the bus and train operator posted a 39 per cent rise in half-year profit. The firm said revenues rose 8.5 per cent to £1.4bn in the six months to the end of October, pushing pre-tax profit from £88.7m to £123.7m. Stagecoach’s train business, which [...]
