Property pair worth 750m despite slump September 9, 2009 CANDY Brothers Nick and Christian, who build ultra-luxury apartments for the elite, are still worth a combined £750m despite the ailing property market, the head of their corporate finance group said yesterday. It had been thought that the pair’s wealth would have taken a hit in the recession as the kind of ultra-high specification properties [...]
Standard Life seals Bank of China deal September 9, 2009 INSURER Standard Life is in the final stages of selling a majority stake of its Chinese joint venture Heng An Standard Life to Bank of China. The group announced yesterday thatChinese regulators are set to approve the transaction, which would leave Standard Life with a smaller stake in an enlarged business. If approved, the deal [...]
August sales up at McDonald’s September 9, 2009 McDONALD’S August sales at existing restaurants rose 2.2 per cent globally, the group said yesterday, as strength in Europe partly offset weakness in the US and its outlets in other parts of the world. Closely watched same-store sales rose 3.5 per cent in Europe, helped by the UK and France. They were up 1.7 per [...]
Lloyds recruits new top banker September 9, 2009 LLOYDS Banking Group named former Goldman Sachs banker James Garvey as head of capital markets yesterday, one of the bank’s highest profile appointments since it was rescued with state cash. Garvey will head the capital markets and advisory business. He retired from Goldman Sachs as a partner earlier this year after spending 10 years at [...]
US loses status as the world’s most competitive economy September 8, 2009 TAX haven Switzerland has knocked the US off its position as the world’s most competitive economy, after the financial crisis exposed longstanding weaknesses in the giant economy. The UK, the world’s sixth-largest economy by gross domestic product, has slipped one place and now ranks a dismal 13th, according to the World Economic Forum’s (WEF) latest [...]
Profits spike at Kingfisher September 8, 2009 KINGFISHER, Europe’s largest home improvement retail group, yesterday rushed out first-half profit figures following an administrative error, though the better-than-expected results cheered investors and sent its shares to a two-year high. The group, which owns B&Q in Britain and Castorama in France, said it expects to report an underlying pre-tax profit of between £285m and [...]
HOW ENCOURAGING ARE THE EARLY PROFIT FIGURES FROM KINGFISHER? September 8, 2009 NICK BUBB PALI INTERNATIONAL “Next year may well be a big disappointment to fans of the ‘V-shaped’ recovery in the UK, but Kingfisher has a proven track record, balance sheet and self-help programme. We think it’s safe to push up our target price from 250p to 270p, given further upgrade potential on B&Q.” MATTHEW MCEACHRAN [...]
Price of gold hits $1,000 on uncertainty September 8, 2009 THE PRICE of gold powered through the psychologically-important $1,000 (£606) per ounce barrier yesterday, as the dollar’s weakness, concerns about economic recovery and fear of inflation underpinned sentiment. Spot gold rose to $1,007.45 an ounce in early trading, its highest since March 2008, when bullion touched a record high at $1,030.80. Meanwhile US gold futures [...]
PR PRO FULD CORNERED AT COUNTRY RETREAT September 8, 2009 SOMEONE has finally cornered former Lehman Brothers chief Dick Fuld, the “gorilla” of Wall Street, at his idyllic country pad in Idaho, just a week before the anniversary of the firm’s collapse. “You don’t have a gun; that’s good,” was Fuld’s opening shot to the Reuters reporter, before adding: “I’ve been pummelled, I’ve been dumped [...]
FA and Carlsberg extend deal September 8, 2009 The Football Association and beer brand Carlsberg yesterday announced they have agreed a further four year sponsorship deal. By the end of the new agreement, the sponsorship will have run for 19 years, one of sport’s longest-running commercial relationships. The new deal starts from August 2010.
