J Crew attracts £1.8bn private equity interest November 23, 2010 J CREW, the US fashion retailer, has agreed to a $2.86bn (£1.8bn) buyout by two private equity firms, although some analysts and bankers expect it could command a higher bid. Under the proposed deal, former investor TPG Group and Leonard Green & Partners would buy the company for $43.50 a share, a premium of more [...]
RECKITT BENCKISER APPOINTS CFO November 23, 2010 RECKITT Benckiser has named Liz Doherty as its new chief financial officer (CFO). She will join in January and have a period of handover with Colin Day, the outgoing CFO. Doherty was CFO at Australia’s Brambles Industries for two years and before that group international finance director at Tesco.
Blackstone calls Dynegy deal off November 23, 2010 Standard & Poor’s lowered its rating on Dynegy to “sell” from “hold” after the energy company and Blackstone Group announced they would abandon their merger agreement ahead of a shareholder meeting where the proposal was expected to fail. “We think the absence of buyers during a 40-day shopping period under the prior deal is indicative [...]
Housebuyers hit by fewest mortgage loans for 19 months November 23, 2010 MORTGAGE approvals hit a 19-month low in October, according to figures released yesterday by the British Bankers’ Association (BBA). The number of mortgages fell for the fifth consecutive month, sinking to 30,766 – the lowest since March 2009, down from 31,058 in September. Lending for house-buyers is now half the level of before the crisis. [...]
Jobs fears persist despite better than expected US?economic growth November 23, 2010 GROWTH in the US was higher than previously thought, it was announced yesterday. GDP growth was revised to 2.5 per cent for the three months to September, up from two per cent, said the US Federal Reserve (Fed). The rise was beyond the expectations of economists, who had predicted a slightly smaller rise. The Fed [...]
Japan jump won’t dent deflation November 23, 2010 Growth in Japan was stronger than expected in the three months to September, it was revealed yesterday. Yet Capital Economics warns that the jump is temporary, predicting that Japan will continue to suffer a prolonged slump. Japanese Consumer Price Index (CPI) figures are expected on Friday, with economists expecting a fall.
Polish rates in 17-month freeze November 23, 2010 Poland’s benchmark interest rate was kept unchanged yesterday, for the seventeenth consecutive month, according to the country’s Narodowy Bank Polski. The Monetary Policy Council voted to keep rates at 3.5 per cent, sticking to its “wait and see” policy in spite of inflation remaining at a 34-month low.
French business growth slows November 23, 2010 There was mixed news for France yesterday as business leaders signalled a slight decline in the economic outlook, in spite of positive growth figures released by Markit (see left). While the French Purchasing Managers’ Index (PMI) rose above the Eurozone average in November, the INSEE business climate index fell to 100 points, down from 104 [...]
CITY GENTS DON THEIR TOP HATS FOR RACES November 23, 2010 CITY firms will be flocking to Newbury Racecourse for its “gentlemen’s day” on Friday, with the venue reporting a 30 per cent year-on-year jump in corporate bookings from City firms. Firms signing up for the event include Cushman & Wakefield, Publicis and Arbuthnot Securities – but what, you may ask, is a “gentlemen’s day”, other [...]
It’s not easy to price in the actions of dictators November 23, 2010 YEONPYEONG island was obscured by smoke yesterday after North Korea launched an shell attack on the South Korean island, marking the greatest escalation of violence between the countries for decades. This is a dismal reminder that the line drawn between the two countries is still mired in dispute. It also caused the line on the [...]
