Hunt for $600m MF Global cash begins to produce results November 8, 2011 THE SEARCH for $600m (£373m) in missing customer money from defunct broker MF Global Holdings may begin with a lender in Chicago, it emerged last night. A Harris Bank branch office was the main repository for money from many of MF Global’s 150,000 customers, according to customers and representatives with smaller investment firms that introduced [...]
Babcock International profits soar as acquisitions yield benefits November 8, 2011 BRITISH defence services group Babcock International reported a 46 per cent rise in first-half profit yesterday, and said it expected to win significant contracts in coming months as military and engineering clients outsource activities to cut costs. Babcock, which maintains Royal Navy submarines, posted a pretax profit of £132.8m for the six months to the [...]
DTZ confirms talks with an Aussie bidder November 8, 2011 SHARES in DTZ rallied by as much as 50 per cent yesterday after the distressed property agent revealed that it was in advanced takeover talks with Australian engineering-to-property services group UGL. DTZ, which put itself up for sale last month, saw its shares collapse by more than 86 per cent on Monday, knocking £44m off [...]
Hammerson to start on office tower in April November 8, 2011 ANGLO-FRENCH property developer Hammerson plans to begin construction on its £485m Principal Place office scheme in April next year after the group said it expected to sign its first pre-let deal before Christmas. Hammerson said yesterday negotiations are progressing with law firm CMS Cameron McKenna to take up one-third of the 600,000 square feet of [...]
FRENCH LUXURY OUTFIT BUYS 007 SUITMAKER November 8, 2011 LUXURY French retail group PPR yesterday said it has agreed terms to acquire the Italian suitmaker that once clothed Pierce Brosnan’s James Bond (pictured), beefing up its presence in high-end men’s fashion. PPR, owner of Gucci and Yves Saint Laurent, did not disclose the price it paid for family-owned Brioni, but analysts estimate Brioni’s enterprise [...]
Border Agency chief quits and criticises Theresa May November 8, 2011 THE HEAD of the UK Border Agency resigned yesterday and accused Theresa May of misleading the public during the immigration controls row. Brodie Clark plans to pursue a claim for unfair dismissal on the grounds that May’s comments had made his position “untenable”. The Home Secretary had earlier told Parliament that Clark should “take full [...]
M&S predicts shoppers will flock at Xmas November 8, 2011 MARKS & SPENCER yesterday revealed a fall in first half profits after it chose not to pass on the full extent of spiralling costs to cash-strapped shoppers and battled with a “challenging” economic environment. Britain’s biggest clothing retailer reported underlying pre-tax profits of £315.2m in the six months to 1 October, 10 per cent lower [...]
CITY VIEWS: WILL MARKS & SPENCER STILL BE A MAINSTAY OF THE HIGH STREET IN 20 YEARS ? November 8, 2011 ANDREW BALLIE | KENEXA “Yes. The brand is strong and there is such loyalty among its customers. It defines retailing for the middle class – it even defines the food they eat” DAVID PHILLIPS | LLOYD’S OF LONDON “In 20 years, shopping will be done online and in out-of-town centres. If M&S can keep up [...]
CHANCELLOR COURTS CHINESE CASHFLOW AT BUSINESS AWARDS November 8, 2011 GEORGE Osborne didn’t exactly say “give me all your money” to the assembled business leaders at the Orange National Business Awards. No, he phrased it rather more elegantly than that. “We need to see cash coming out of corporate balance sheets and into real investment prospects,” if The Capitalist’s memory serves correctly. So no prizes [...]
Number one hotelier sees profits jump November 8, 2011 INTERCONTINENTAL Hotels Group, the world’s largest hotelier, yesterday beat expectations with a 33 per cent increase in third-quarter operating profit thanks to strong growth in China and the United States. InterContinental, which owns the Crowne Plaza and Holiday Inn brands, said operating profit rose to $153m (£95m) in the quarter to end September, from $115m [...]
