Supergroup will go ahead with float February 28, 2010 SUPERGROUP insists its flotation later this month will go ahead despite the torrid times experienced by other firms planning IPOs this year. The owner of Superdry and Cult Clothing brands will only achieve the lower end of its initial valuation, according to analysts, however. The company hopes to raise £125m through the offering, valuing the [...]
House prices up 0.4 per cent February 28, 2010 House prices were 0.4 per cent higher than a year ago in February, marking the first annual rise since March 2008. House market analysts at Hometrack said prices rose a non-seasonally adjusted 0.3 per cent on the month but warned that the market did not appear poised for another boom. Prices were 1.0 per cent [...]
Saudis back Citigroup February 28, 2010 Prince Alwaleed bin Talal, a prominent Saudi investor in Citigroup, reiterated on Saturday his support of the bank’s management led by Chief Executive Vikram Pandit. “Prince Alwaleed emphasised his support of Pandit and Citigroup’s management,” Alwaleed’s Kingdom Holding said in a statement. Prince Alwaleed met Pandit in Saudi Arabia. Pandit also met the kingdom’s finance [...]
CBI: more job losses for City February 28, 2010 FIRMS in the UK business and professional services sector continue to shed staff as financial conditions in 2010 remain tough, according to a CBI survey. Prices for accountancy, legal and marketing firms have fallen since the New Year leading to a reduction in profits. Twenty-four per cent of companies said the value of business rose, [...]
Financial regulation needs analysis, not prejudice February 28, 2010 As Michel Barnier, the European Union’s Internal Markets Commissioner, prepares to make his first official visit to the UK this week, I would like to welcome him on behalf of the City. Despite reports that his appointment will damage our financial services sector – on the back of President Sarkozy’s perhaps rather provocative comments late [...]
VT investors divided over Babcock offer February 28, 2010 VT GROUP’S largest shareholder is demanding at least 750p per share from Babcock despite growing calls for the defence company to open its books to its shipbuilding rival. Invesco Perpetual is believed to be staunchly standing by VT chief executive Paul Lester in his refusal to engage with Babcock, which two weeks ago made an [...]
Earthquake and tsunamis in Chile kill more than 700 February 28, 2010 A MASSIVE earthquake and tsunamis killed 350 people in one Chilean coastal town, pushing the total death toll higher yesterday as the government tried to get aid to hungry survivors and halt looting. President Michelle Bachelet said at least 708 people had been killed and called for calm as people desperate for food and water [...]
Former Russian agent is close to buying Indie February 28, 2010 FORMER KBG agent turned media mogul, Alexander Lebedev, is on the verge of buying the loss-making newspaper The Independent and its sister paper The Independent on Sunday. The Russian businessman, who already owns London’s Evening Standard, will reportedly pay a token £1 for control of the papers, in exchange for his promise to invest millions over [...]
Bankers escape the City to avoid the UK super tax February 28, 2010 UP to 200 Credit Suisse investment bankers could be relocated to Switzerland in order to avoid the 50 per cent “super tax” implemented by the Government earlier this year. The tax covers bonuses awarded between 9 December 2009 and 5 April next year. Swiss newspaper NZZ am Sonntag also said UBS was considering a similar [...]
HEALTHY DEBATE February 28, 2010 President Barack Obama will muster the votes in the House of Representatives to force his flagship reform of US healthcare through without Republican support, House speaker Nancy Pelosi said yesterday. In a television interview, she said Democrats would succeed in passing a bill despite concerted Republican efforts to derail Obama’s top domestic priority ahead of [...]
