HAMMERSON BIDS ADIEU June 3, 2009 PROPERTY company Hammerson yesterday said it had sold its Les Trois Quartiers office and retail property in Paris to private equity real estate investor MGPA for €21m (£18.2m). The property was valued at €275m at 31 December 2008 and commands rents of €19.8m a year. The group has been trying to dump Les Trois Quartiers [...]
WPP says media is battling to survive June 3, 2009 GROUP M, the media-buying arm of WPP, yesterday slashed its advertising revenue forecasts for the second time this year, warning that many household names in the media will struggle to make it through the recession. Group M said that UK media investment will fall by 14 per cent in 2009, a steeper fall than the [...]
OUT OF OFFICE June 2, 2009 SISTER ACT AT THE PALLADIUMWhoopi Goldberg, star of the 1992 hit comedy Sister Act, has produced the new production of the singing nuns-in-habits taking the West End by storm (just in case it needed another musical). American actress Patina Miller has taken the baton from Ms Goldberg in this production as its star; with Sheila [...]
English wine comes of age June 2, 2009 KETTNER’S in Soho is one of the best-known wine bars in London, with a champagne list of over 100. So it was intriguing to hear that, for one week only, it was having an English Wine Festival. It was a small affair, with four wines on the list, but I was curious. If even Kettner’s [...]
Lending for home loans rises in April June 2, 2009 MORTGAGE approvals for house purchase rose in April for the third consecutive month, according to data released yesterday by the Bank of England, providing further evidence that housing market activity was recovering. But approvals remained at a level that suggests further house price falls are still ahead. The Bank of England said that the number [...]
Eurozone unemployment rises to near 10-year high June 2, 2009 EUROZONE unemployment rose to 9.2 per cent in April, its highest in almost a decade years, data showed yesterday. In April, 396,000 people in the Eurozone lost their jobs – more than analysts had forecast. ING economist Martin van Vliet said leading labour market indicators – such as surveys of hiring intentions – show further [...]
Sigh of relief as long gilts sell like hotcakes June 2, 2009 ULTRA long-term government bonds flew off the government’s shelves yesterday, assuaging fears about its ability to raise money after its last auction failed in March. The Debt Management Office (DMO), which auctions the sovereign bonds known as gilts, received £4.6bn of bids for the £2bn of 40-year debt it was offering, triggering its new post-auction [...]
WPP bonus approved but protest made June 2, 2009 WPP SHAREHOLDERS staged a significant protest against the company’s new bonus scheme yesterday, after a quarter failed to back proposals which could see chief executive Sir Martin Sorrell take home £60m over five years. Following its annual meeting in Dublin, the advertising and media group said that the Leadership Equity Acquisition Plan (LEAP) had been [...]
Candover in possible sell off June 2, 2009 CANDOVER, the cash-poor private equity group, is considering selling off assets one by one after interest in a rescue bid for the group appears to have waned. The group was considering a possible “run-off” of assets yesterday following speculation that French investment group Eurazeo had walked away from a possible buyout. Candover’s shares plummeted by [...]
UKFI backs Lloyds ahead of crucial annual meeting June 2, 2009 UK FINANCIAL Investments (UKFI) – the body which manages the government’s 43 per cent stake in Lloyds Banking Group – has confirmed it will not oppose resolutions at Lloyds’ annual meeting on Friday. The bank is likely to face significant shareholder ire over the takeover of HBOS, with some expected to vote against the re-election [...]
