Travel and tourism is a global money-spinner May 31, 2010 YOU might not know it, but travel and tourism is one of the world’s most important sectors. Despite the downturn, it employs 235m people, which is equivalent to 8.2 per cent of all employment globally. Last year will go down in history books as the worst year ever for air travel demand, yet, that year, [...]
Travis starts work on BSS May 31, 2010 BUILDERS’ merchant Travis Perkins yesterday began four weeks of due diligence on BSS, the plumbing and heating supplies firm, as prospects of a counter-bid began to fade. Travis Perkins made a £533m play for BSS on Friday in a move that would see it overtake Wolseley as Britain’s biggest building products distributor. Some of BSS’ [...]
Savvy traders bet on return to inflation but euro fears linger May 31, 2010 SOPHISTICATED investors are betting on a return to inflation by shorting bond futures, according to Gibraltar-based trading outfit ProSpreads. ProSpreads, whose clients include numerous City executives, said 96 per cent of its customers holding fixed income positions were net short. The spreadbetting moves of savvy individuals are watched with interest as they often precede shifts [...]
Travis Perkins May 31, 2010 TRAVIS Perkins could be about to assemble a pretty impressive deal. Buying BSS makes good sense, allowing Travis Perkins to challenge Wolseley in UK heating and plumbing, with almost a quarter of the market. And together, the two firms will have much more clout, allowing them to bring wholesale materials in at a much lower [...]
SAGE WORDS?FOR CRISIS?INQUIRY May 31, 2010 INVESTMENT legend Warren Buffett will appear before the Financial Crisis Inquiry Commission in Washington DC tomorrow, after being issued with a subpoena forcing him to attend. The panel will quiz Buffett on the role of credit ratings agencies in the crisis, alongside six past and present employees of Moody’s.
Ultrapar eyes Shell assets May 31, 2010 BRAZILIAN oil company Ultrapar is set to submit an offer for Royal Dutch Shell’s European liquefied petroleum gas (LPG) arm alongside a string of private equity bidders. The Brazilian fuel and natural gas company is expected to submit a bid for the assets today, it is understood. Other possible bidders are thought to include private [...]
German ban shows danger of unilateral action May 31, 2010 FOR many months I, along with everyone else in the financial services industry, have been warning the UK government that we should not lead on regulatory reform without a clear idea of what is to be achieved and what is being planned elsewhere. The dangers of unilateral action were clearly demonstrated when Germany decided to [...]
Mandates fly out for privatisation of Irish state health insurer VHI May 31, 2010 ADVISORY mandates for the €500m (£422m) privatisation of Ireland’s national health insurance provider go out this week, with the sale likely to take place in 2012. The state-owned Voluntary Health Insurance company made a loss of €70m last year, but is predicted to turn a profit of €60m after a “substantial” but as-yet unspecified recapitalisation [...]
JP Morgan Caz is City’s top adviser May 31, 2010 JP MORGAN Cazenove continues to lead the City’s broker adviser tables, according to the latest quarterly rankings from Hemscott. The company has 244 clients, a gain of three since the last quarter and more than double its nearest rival. Second-placed Numis Securities gained five new clients to bring the total to 118, closing the gap [...]
The Labour Party needs to find a new name May 31, 2010 THERE’S a saying that goes something like this: “Anyone who wasn’t left wing in their youth, doesn’t have a heart; but anyone who isn’t a conservative as an adult doesn’t have a brain.” The process of taking on responsibilities forces one to realise that accountability, a small government, freedom, and more decision-making left in the [...]
