EU SLAMMED OVER CITY POWER GRAB June 14, 2009 THE EUROPEAN Commission (EC) is being too hasty in its drive for pan-European regulatory reform, a House of Lords committee will warn this week, as fears mount in the City over encroachment from Brussels on the UK financial services sector. The House of Lords sub-committee on economic and financial affairs will say that the pace [...]
Kingfisher building on DIY June 11, 2009 Retailer Kingfisher expects Europe’s home improvements market to contract this year and to be “flattish” in 2010, but believes it will outperform rivals thanks to its scale. Chief executive Ian Cheshire yesterday said that demand for do-it-yourself (DIY) products like tools was picking up.
Boeing cuts demand forecast June 11, 2009 US aircraft maker Boeing has slashed its forecasts for new plane demand due to the industry downturn, and said it was focused on delivering existing orders rather than chasing new ones. The company said in a report yesterday it expected 29,000 new planes to be ordered worldwide over the next two decades, down from 29,400 [...]
Park Group reports profit spike June 11, 2009 Gift voucher firm Park Group said yesterday pre-tax profit rose 44 per cent to £6.2m over the past year, driven by growth in both the corporate voucher and Christmas savings divisions. Corporate voucher sales increased by four per cent over the year, while Christmas savings customer numbers were up over eight per cent. The group [...]
Tokyo Aim appoints J-Nomads June 11, 2009 Tokyo Aim, the London Aim market’s new joint venture in Japan, has approved six securities firms to operate as nominated advisers (J-Nomads) on the new exchange. Daiwa Securities, Mitsubishi UFJ Securities, Mizuho Investors Securities, Mizuho Securities, Nikko Citi Group and Nomura Securities have been approved as advisers, allowing firms to start preparing listing applications for [...]
CITY MOVES WHO’S SWITCHING JOBS June 11, 2009 Augusta & CoThe independent merchant banking group has appointed Rachael Luxton to strengthen its debt advisory and restructuring capabilities. Luxton joins as a director from the international corporate finance team at Citigroup. She is a specialist in restructuring and managing distressed debt situations, having previously advised firms including MyTravel, Fiat, Yukos and Alstom. Mercer Jerry [...]
BEST OF THE BROKERS June 11, 2009 TOMKINSGoldman Sachs upgraded Tomkins from “neutral” to “buy”, with a revised 12-month price target of 215p. The broker estimates the engineering company will generate a mid-cycle earnings margin of eight per cent and expects it to say in its July interim management statement that its consumer-end markets have stabilised, and its mid-year trading implies that [...]
NOW SHOWING SIX OF THE BEST June 11, 2009 PERFORMANCE: Tom Tom Crew A smash hit on Broadway, the Aussie group combining acrobatics, beat-boxing, drumming and scratch DJing are headlining the Southbank’s Udderbelly performance tent. ART: The Royal Academy Summer Exhibition The RA’s annual display and sale of thousands of works by artists from Britain and around the world. THEATRE: Kursk The Young Vic’s [...]
ITV attempts to cut debt through bond swap offer June 11, 2009 ITV HAS offered holders of its €500m (£425m) fixed rate notes the chance to exchange them for a mix of cash and new notes, as it attempts to reduce debt and refinancing risk. The broadcaster said it wanted to cut its £730m debt pile by redeeming 30 per cent of the notes, due in 2011, [...]
China poised to lead recovery June 11, 2009 CHINESE investment surged in May, fanning hopes the world’s third-largest economy may lead a global recovery, although a record slump in Japan’s first quarter GDP reinforced expectations any rebound would be slow. China’s investment pick-up, which came on the back of large government stimulus spending, offset surprisingly weak figures for exports and imports, which both [...]
