Warren Buffett ups stake in reinsurer Munich Re October 19, 2010 US INVESTOR Warren Buffett has raised his stake in reinsurer Munich Re to above 10 per cent and plans to further expand the holding, the firm said yesterday. The world’s biggest reinsurer said in a statement that Buffett’s Berkshire Hathaway had repeated its assurances in a letter that the investment was financial, rather than strategic. [...]
Walkie Talkie work restarts after JV deal October 19, 2010 PROPERTY firms Land Securities and Canary Wharf Group (CWG) will team up to build the £500m Walkie Talkie project on 20 Fenchurch Street, the pair announced yesterday. Land Securities has sold the site to a newly-formed 50-50 joint venture with CWG for £90.2m, in line with the March 2010 valuation. Preparatory work on the cleared [...]
CITY VIEWS: DO SKYSCRAPERS ADD TO THE CITY SKYLINE October 19, 2010 BEN WATSON | XCHANGING “I think they are a good addition to the City. It adds to the impact that London has as a financial centre. Plus, there are a lot of people to fit in such a small space, so skyscrapers are a necessity.” DEAN LUMER | KNADEL “I think the new buildings are [...]
Whitbread’s profit boosted by discounts October 19, 2010 WHITBREAD profit jumped by 28 per cent to £151m in the six months to September, as its Premier Inn and Costa Coffee businesses boomed. Revenue rose 14.5 per cent to £805m as the company expanded its operations across the UK. Whitbread raised its interim dividend by 17 per cent to 11.25p to reflect the results. [...]
Blacks fields potential buyers October 19, 2010 CAMPING and hiking retailer Blacks Leisure yesterday confirmed it has received several approaches to take over all or parts of its business. Shares in the company rose 25 per cent to 42.50p following the news that Blacks has taken on financial advisers McQueen to help field potential offers. The share price gives the company a [...]
Sport retailers cleared by fraud probe but individuals are still under scrutiny October 19, 2010 SPORTS Direct and JJB Sports have been cleared by a fraud probe, although investigations into unidentified individuals continue, the two companies announced yesterday. Britain’s Serious Fraud Office (SFO) had been investigating both sporting goods retailers over possible price fixing and fraud. “No charges are to be brought against the companies or any companies within their [...]
Bubble back in Coca-Cola earnings October 19, 2010 COCA-Cola yesterday reported higher-than-expected sales and earnings, helped by its second straight quarter of improved drinks sales in North America. The world’s largest soft drink maker has made turning around the ailing North American market a top priority. It bought its largest bottler in the region, developed high-tech fountain machines that can dispense a hundred [...]
ANALYST VIEWS: WHAT IS THE LEGACY OF OUTGOING CHIEF ALAN PARKER October 19, 2010 NICK BATRAM | KCB PEEL HUNT The attraction of Whitbread is that not only has it proven to be a defensive investment during hard times but that it should be equally rewarding in a recovery. We don’t perceive the change in chief executive to weaken the story in any way. SIMON FRENCH | PANMURE Premier [...]
Betfair heads for the FTSE 250 as float expected to hit top end of price range October 19, 2010 BETFAIR’S £1.5bn float is expected to hit the top end of the firm’s price range, according to City figures. Sources close to the negotiations said the float is already oversubscribed by top institutional investors within its £11 to £14 price range. It is understood at least one major investor has increased its offer from £12.50 [...]
BP tells court it waives spill liability cap October 19, 2010 OIL giant BP yesterday told a court it was committed to waiving the legal cap on its liability from the Gulf oil spill, which could have limited the cost to the oil giant to $75m (£47.7bn) plus clean-up costs. “BP has chosen to waive the statutory limitation on liability under OPA,” BP said in a [...]
