London misses rates ballot December 14, 2010 RETAILERS across the UK will be balloted on whether they want to pay extra on their business rates to help bankroll local projects – but London has missed out because a rate has already been imposed. The government – under pressure from the British Retail Consortium (BRC) – has made it a legal requirement for rate-setting local [...]
Purchase of jeweller Amor adds shine to 3i portfolio December 14, 2010 PRIVATE equity investor 3i has added new sparkle to its European portfolio after buying German jewellery supplier Amor yesterday. Amor, which sells more than eight million pieces of affordable jewellery each year, has been sold by Pamplona Capital Management for an undisclosed amount. Pamplona acquired Amor in 2006 and has grown it into a significant [...]
Carpetright in profit blow as sales tumble December 14, 2010 CARPETRIGHT, the country’s biggest floor coverings retailer, said the outlook for 2011 looked poor as sluggish mortgage approvals meant housing market activity was unlikely to pick up quickly. British mortgage approvals, which are a key lead indicator for Carpetright, fell to 30,766 in October, their lowest monthly level in more than one and a half [...]
TUI opts not to pay a dividend after its revenues slump amid tough conditions December 14, 2010 TUI Group, the parent of Tui Travel, reported a 45 per cent fall in profits for the year to September despite a 14 per cent increase in operating earnings from tourism. The company reported a group profit of €114m (£135m) down from €206m a year ago and chief executive Michael Frenzel said it would not [...]
Renovo sees its losses narrow December 14, 2010 Anti-scar treatment firm Renovo’s losses have narrowed – thanks to lower operating costs from restructuring. The company said it remains well funded. Renovo, which had £51.8m in cash, cash equivalents and investments in September, said it would have at least £30m in cash when it reports data from a late-stage trial of its key anti-scarring [...]
Odds for a White Xmas slashed December 14, 2010 Bookmakers have shortened the odds on a white Christmas, as weather forecasters warn of an icy blast on its way later this week. With less than a fortnight to go until Christmas, temperatures are set to drop as winds from the north bring a band of rain and high winds tomorrow. The Met Office expects [...]
FTSE 100 nudges higher on oil firms but miners miss out December 14, 2010 BRITAIN’S leading share index pushed higher yesterday, led by energy stocks with BP boosted by Royal Dutch Shell bid interest talk. The FTSE 100 index ended up 30.46 points, or 0.5 per cent at 5,891.21, a closing level not seen since June 2008. “Volumes remain thin, but the FTSE keeps going up, with oils adding [...]
Dow surges to close at a two-year high December 14, 2010 US stocks cut gains to end mostly flat after a late-day sell-off yesterday as yet another cautious statement from the Federal Reserve on the economy offset strong retail sales data for November. The Dow Jones industrial average was up 47.98 points, or 0.42 per cent, at 11,476.62 – its highest close since 8 September 2008. [...]
Looking ahead to 2011: some likely winners and laggards December 14, 2010 FROM sovereign debt crises threatening the very future of the euro to currency wars and more quantitative easing, 2010 has been an eventful year in the foreign exchange markets. Currency traders will be pleased to hear that volatility, which has been so characteristic of the FX markets since the crisis, is unlikely to disappear any [...]
EURO’S RALLY IS DEPENDENT ON THE DATA December 14, 2010 DIRECTOR OF CURRENCY RESEARCH, GFT With the euro bears still fixated on sovereign debt problems, Monday’s 200 point rally in euro-dollar caught many currency traders by surprise and created a massive short squeeze. As Ireland appeared to be on its way towards finalising the EU bailout, risk aversion flows abated and credit spreads stabilised, leaving [...]
