Game Group to close 85 UK stores as sales plunge September 28, 2010 COMPUTER games retailer Game swung to a worse-than-expected first-half loss as it cut prices to hold market share, and said new technology products will take time to benefit its results. Game, which trades from over 1,300 outlets in nine European countries and Australia, said 85 UK stores would close because of difficult trading. The retailer, [...]
Withdrawals still a drag on Man’s profits September 28, 2010 THE WORLD’S biggest listed hedge fund, Man Group, has clocked up an eighth consecutive quarter of net withdrawals, as an improved performance from its flagship AHL fund failed to stem the outflow of private client money. Man, which in May agreed to buy GLG Partners in a $1.6bn (£1.01bn) deal, recorded net outflows of $600m [...]
ANALYST VIEWS: WHAT IS THE OUTLOOK FOR MAN GROUP? September 28, 2010 DAVID MCCANN | NUMIS “Flows, performance and fees were weaker than expected in the first half, but we remain positive on the stock as we believe the combined Man/GLG could become one of the most powerful forces in both product and distribution in the alternatives space, in which we expect structural growth in the future.” [...]
High street sales jump September 28, 2010 THE British high street enjoyed a surprisingly healthy September, according to the CBI’s distributive trades survey with the balance of retailers reporting that sales were higher compared to a year earlier rising to the highest level since May 2004. A net 49 per cent said that sales volumes were greater than a year earlier thanks [...]
Germany’s consumers optimistic September 28, 2010 GERMAN consumers are at their most confident in three years with further optimism expected next month thanks to the continued economic recovery, falling unemployment figures and only moderate inflationary pressures, market research firm GfK said yesterday. This month, the consumer confidence indicator jumped 6.9 points to 53.5, the highest level for around three years. Expectations [...]
US remains downbeat on economy September 28, 2010 US CONSUMER confidence fell to its lowest level since February in September, underscoring lingering worries about the strength of the economic recovery, while home prices dipped in July. The Conference Board’s index of consumer attitudes fell to 48.5 in September from a revised 53.2 in August, hit by a weak labour market and business conditions. [...]
Bank lender Takefuji files for bankruptcy September 28, 2010 TAKEFUJI said it filed for bankruptcy yesterday owing $5.1bn (£3.2bn), making it the biggest Japanese consumer lender to fail since a court ruling in 2006 forced the industry to repay borrowers for excessive interest charges. Takefuji, which had been considered at risk of failing as it lacked the financial backing of a big Japanese bank, [...]
Chile quake claims wreck Lloyd’s profit September 28, 2010 INSURANCE market Lloyd’s of London blamed its 52 per cent drop in profit yesterday on a spate of disasters including the Deepwater Horizon oil spill and the Chilean earthquake. Lloyd’s posted a pre-tax profit of £628m for the first half of 2010, down from £1.32bn a year earlier. Lloyd’s insurers including Catlin, Amlin and Hiscox [...]
Germany outlines new landesbank consolidation plan September 28, 2010 GERMANY drew up a framework for how to consolidate its troubled public-sector landesbanks but made little headway, agreeing to meet again on the matter in November. A meeting between Berlin and regional owners of landesbanks yesterday was a constructive start to consolidation talks but all options remain open, said deputy finance minister Steffen Kampeter. “All [...]
T-Mobile and Orange venture ahead of plan September 28, 2010 EVERYTHING Everywhere, the newly formed entity following the joint venture of T-Mobile and Orange, said it has completed its merger integration ahead of plan. It outlined ambitious plans to consolidate its position as the biggest network provider in the UK. The firm announced in its second quarter results it has grown its contract customer base [...]
