Ted Baker to open China store March 24, 2011 Fashion group Ted Baker is to follow other British brands into China, in an attempt to tap into the country’s growing appetite for luxury Western goods. The announcement came as the company posted healthy annual profit figures. For the year to 29 January the group reported a sales rise of 14.7 per cent to £187.7m. [...]
AssetCo chief ousted after court defeat March 24, 2011 THE CHIEF executive of troubled fire engine provider AssetCo resigned with immediate effect yesterday at the request of the board John Shannon’s ousting is the latest twist in a rescue saga that saw AssetCo’s investors force through a £16m emergency share placement on Wednesday. Shannon, AssetCo’s largest shareholder after leading a management buyout in 2005, [...]
Centre Point tower sold March 24, 2011 NEW PROPERTY company Almacantar could turn some floors of the Centre Point tower into luxury flats, after buying the tower out of administration. Almacantar, set up last year by former Land Securities executive Mike Hussey, has exchanged contracts on the Grade II-listed tower near Tottenham Court Road underground station. The firm did not say how [...]
First quarter M&A back up to 2007 levels March 24, 2011 INVESTMENT banks have seen mergers and acquisitions (M&A) deals bounce back with a vengeance in the first-quarter of 2011, but one of the traditional stalwarts has fallen down the league tables due to its exclusion from major deals. Morgan Stanley has triumphed in first place on the basis of global M&A volumes – the value [...]
Report slams BAA delays March 24, 2011 HEATHROW operator BAA said it plans to invest £50m on revising its snow plans after an independent report into the winter travel chaos yesterday found that a lack of preparation, equipment and communication caused most of the disruption. The report by BAA non-executive David Begg said the firm’s slow response to the snowy weather must [...]
Solid sales for United Utilities March 24, 2011 UNITED Utilities, the largest listed water utility, said trading in the second-half had been slightly ahead of its expectations, putting it on track for a solid underlying performance for the year. The company said regulated revenue had continued the positive trend from the first-half, but would be slightly lower in the second, reflecting seasonal changes. [...]
Australia dilutes its mining tax March 24, 2011 AUSTRALIA’S booming mining companies including BHP Billiton and Rio Tinto have won a major concession over a plan to tax their profits, potentially saving them hundreds of millions of dollars and helping cool industry opposition to the tax. Australian treasurer Wayne Swan said yesterday the national government would repay current royalties that the miners pay [...]
BHP Billiton unveils $9.5bn expansion plan March 24, 2011 BHP Billiton yesterday revealed details of its $9.5bn (£5.89bn) investment plans for its iron ore and coal operations. The FTSE 100 miner announced a bigger-than-expected $80bn capital expenditure plan last month, which the firm said would pay for organic growth over the next five years rather than blockbuster acquisitions. BHP said yesterday its Western Australia [...]
Sirius shares rejoin AIM March 24, 2011 SIRIUS Petroleum’s shares closed flat at 5.62p yesterday, in its first day of trading on AIM since its shares were cancelled in February to allow for its first acquisition in Nigeria. The firm was yesterday re-listed as an investing company with no operations to allow the firm to change its investment strategy and pursue acquisitions, [...]
Sluggish sales hurt Imperial March 24, 2011 SHARES in cigarette firm Imperial Tobacco fell yesterday after the cigarette giant warned its revenue growth will slow. The company now expects first-half revenues to grow by two per cent a year, compared to five per cent in the last three months of 2010. The maker of Lambert & Butler, West and Gauloises cigarettes attributed [...]
